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Freshers’ Week – Is It Time To Consider Downsizing?

Universities are this week welcoming students to a socially distant freshers’ week, marking the start of the 2020 academic year. First year university students typically opt to move away from home, a chance for students to ease into life on campus, and for parents to reclaim the extra room, arrange a complete DIY makeover, or review if the excess space is indeed necessary and consider downsizing. 

The UK economy suffered its largest slump on record between April – June due to Coronavirus, and Chancellor Rishi Sunak formally declared the UK in recession in August 2020. Households may be on a reduced income as part of the furlough scheme, and some may have lost income altogether due to redundancy. Moving down the property ladder may be a viable option in times of financial uncertainty, especially if the surplus space isn’t necessary, and with kids flying the nest to start university, it might be prudent to think about downsizing

The real benefit of downsizing is the financial freedom it generates, economising and moving to a smaller property can be financially liberating, paying off or reducing a mortgage, reducing debts or clearing loans can make a huge difference, especially if finances are tight due to redundancy. It may be a chance to plan for a holiday, wedding, release capital in preparation for retirement or supplement income during retirement. The opportunity may be beneficial for long term health and well-being, and the increased cash flow may allow for reduced working hours or even full-time retirement.

The Covid-19 pandemic has resulted in a reduction in rail travel, employers are still actively encouraging staff to work from home, to safeguard social distancing measures. The decrease in commuters has given rise to commercial outlets also looking to downsize office space, and remote working opportunities may be appealing, especially to those thinking of moving to the countryside, or a scenic coastal location. Leaving the memories behind can bring about a host of emotions including sadness and grief, indeed, moving home in general can be a stressful event, however, deploying the services of The Property Group is a cost-effective strategy, wherever you are thinking of moving, we sell properties in a timely and stress-free manner, for the best possible price.

With interest rates set low, a temporary freeze on stamp duty, there has never been a better time to think about downsizing. PLG will arrange for 3 local agents to attend, we assess the market and guide you on a strategy for marketing. Furthermore, if you are a frontline worker, and worked tirelessly during the period of lockdown, you can take advantage of our promotion for a discount starting from £500 off your selling fees. You will not be tied into a lengthy contract, our residential property sales service offers a no sale no fee guarantee, and once we find you a buyer, we will progress your sale through to completion. To find out more call us on 0330 124 7434.