Property Sale Solutions stated that it was becoming increasingly common for older people to move into a smaller home and use the extra money to supplement their pensions.
The firm said that since larger homes also had had bigger council tax, insurance and overall running costs, downsizing was a good way of reducing their expenditure and having extra money to use.
Ben Whitaker, managing director of Property Sale Solutions, added that some were using the extra money to buy an overseas property, saying: “They can go and spend it on what they want, whatever it is that they decide is most appropriate for them.”
Recently, the Financial Services Authority suggesting that downsizing to a smaller property could be a more effective way of generating extra income than releasing equity.
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