Almost 2.5 million last-time buyers plan to downsize, according to new research from Prudential.
Four in 10 homeowners over the age of 55 plan to sell their property, which is up from 38 per cent from six months ago.
Three quarters of them want to move to somewhere smaller. The average amount of capital they hope to free-up as is £87,600. Having too much space appears to be the main driver for downsizing.
The Index suggests many last-time buyers are looking for a change, with 35 per cent of those planning to sell saying they will relocate to another town or city within the UK.
Meanwhile, house prices in Yorkshire are predicted to rise by 3.5 per cent next year, according to property consultant Jones Lang LaSalle. This compares to a forecast of 1.5 per cent in prime central London. However, the figure falls just below JLL’s forecast of an average four per cent increase for the UK overall. The highest rates of growth in 2015 will be in Greater London at 5.5 per cent and the South East, five per cent. The future looks bright, as JLL believes Yorkshire property values will increase by 19.9 per cent over the next five years. Leeds, York and Harrogate are expected to outperform this regional rate.
Countryside properties continue to command a substantial price premium over urban homes, according to the latest research from Halifax.
On average, properties in rural areas are £46,575, or 26 per cent, higher in price than those in towns and cities. The rural premium is greatest in the West Midlands at £88,781 compared to £17,570 in the North East. Despite the higher prices in the countryside the gap with urban prices is narrowing. Martin Ellis, housing economist at Halifax, says rural homes were out of the reach for many.