New research from Lloyds Bank has revealed that families whose children have left home could make a tidy sum of £110,000 by moving to a smaller residence.
The survey showed that those who downsize make an average of £109,659 by switching to from a three-bedroom house to a flat or bungalow – enough for several luxury holidays, a shiny new sports car or perhaps even an investment in a rental property… (okay, we’ll stop fantasising now).
However, despite the impressive numbers, 45 per cent are not considering moving to a smaller property, with community ties, space for grandchildren and avoiding the hassle of moving being cited as the most frequent reasons for staying put.
Children leaving home is a joy for some and a heart wrenching loss for others – but 63 per cent of those questioned said that after their kids’ has departed, they were enjoying making the most of their newfound independence.
31 per cent said that it had given the chance to travel more, and many were busy transforming their spare rooms into home offices or hobby rooms. 19 per cent, however, admitted to leaving their offspring’s bedrooms unchanged.
Those that did want to downsize said that they were aiming to reduce bills and monthly outgoings, with 73 per cent planning to invest the additional cash from the move. 15 per cent of (very generous) respondents would also give some of the windfall to their immediate family.
Lloyds believe that the research shows that becoming an empty nester is a time for opportunity. ‘Contrary to the belief that this time in a parent’s life is lonely, a lot of empty nesters are now enjoying life since their kids have flown the nest by being able to travel more and chase lifelong dreams,’ explained Andy Mason, Lloyds Bank mortgage products director.
‘It is also encouraging to see a significant number of homeowners looking to downsize and release funds for their future; movement at this end of the ladder is important to keep the housing market healthy.’
If you’ve ever considered selling up and going smaller, it’s certainly food for thought…