15 Apr

Middle class 'looking to sell up and downsize'

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.

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