15
Apr
Middle class 'looking to sell up and downsize'
A large number of middle class homeowners with properties worth
over £500,000 are selling up and moving into smaller homes, it
has been stated.
Commenting on the downsizing trend, co-owner of debt information
service the Homeowners Advice Centre Chris Jenkins said there are a
number of factors prompting this group to sell their homes more
than others.
One of them is the greater difficulty of trying to rent out such a
property instead of selling it, he stated.
Listing another reason, Mr Jenkins added: "Despite the fall in
property values, this group do tend to have a large amount of
equity that allows them to offer the kind of discounts that
quick-sale companies are looking for when they are buying."
Such a situation could enable those looking for properties in that
price range to pick up a bargain.
According to the latest Land Registry figures, house prices in
England and Wales dropped by 16.5 per cent in the year to
February.
