Over half of over-55s in Northern Ireland planning to downsize

By Lauren Burns

New research suggests that over-55s in Northern Ireland are the most likely to downsize to a smaller property of all the regions in the UK.

The research from Prudential says that 63 per cent of over-55s in Northern Ireland plan to sell their property and purchase a smaller house. In the whole of the UK it is estimated that there are over 4million homeowners over the age of 55 who plan to move to a smaller property, though the research suggests that financial reasons are not the main consideration. Of those who indicated that they were planning to downsize, only 28 per cent said they were considering the house move for financial reasons, with the main reason being cited actually being convenience (74 per cent).

Older homeowners are often drawn to smaller, more easily managed houses that are centrally located, and more convenient for their day to day travelling needs. They do also however expect to make money as a result of downsizing, with those who took part in the research indicating that they stand to earn an average of £112,000 after they sell their property and buy a smaller house. Approximately 10 per cent of downsizers expect to make over £200,000.

If you are buying and selling a property in Northern Ireland and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt at their Belfast or Bangor offices by clicking here.