More than a quarter of homeowners now want to downsize in retirement - so they can live in smaller, more manageable properties and free up extra cash.
Millions of homeowners who would like to downsize are being put off because of the expense of moving and stamp duty, a new survey suggests.
However, 22 per cent say they have not been able to make this move because it is too expensive – and a further 13 per cent blamed the cost of stamp duty in particular. An additional 12 per cent said they wouldn't free up enough cash to make it worthwhile. The cost puts older homeowners off moving from homes that may no longer suit their needs and creates a dearth of suitable properties for growing families to buy.
RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, says: 'The costs associated with a move will soon eat into any profit you may make from a sale.
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