Downsizing and how to spend your equity.
- Over 8.1 million owner occupiers in England and Wales now own their homes outright. This constitutes 52% of owner occupiers. This rises to over 90% of those aged 65 or more.
- The following figures are based on sales price data from the Land Registry. Downsizing from a 4 or more bedroom home to a 2-bedroom apartment could release, on average, over £250,000. The amount varies by region.
- Freeing up under-occupied homes would help ease some of the housing stock issues in the market. Downsizers will also reduce their ongoing costs and in many cases would be left with a large pot of equity.
- You can use the equity to launch children onto the housing ladder. You can purchase an investment property or a holiday home. You can take a holiday of a lifetime. You can boost the pension pot. Independent financial advice should always be sought. Source: #Dataloft (https://dataloftinform.co.uk/), Land Registry, MHCLG, based on sales in last 12 months, ONS, UK Finance
What would it mean to residents of Harlow & Surrounding areas?
Downsizing and how to spend your equity.
Looking at the Harlow and surrounding areas, the average price of a 4 bedroom property is £598,966.
The average price pf a 2 bedroom property is £290,657.
Therefore, those of you lucky enough to be mortgage free could bank on average £308,309.
Of course, these figures are all based on average figures, and please take independent financial advice before doing anything! However, just think what you could do with £300,000!!
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