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General
Downsizing in the North East: is now a good time to make the move?
House prices in the North East are outperforming the national average. Here's what that means if you're thinking about downsizing.
House prices in the North East are outperforming the national average. Here's what that means if you're thinking about downsizing.
Many downsizers are of the older generation, preparing for the next stage of their life and moving feels rather stressful and sometimes unnecessary if you have been living somewhere for a long time. But with the way the market is right now, now might be the perfect time to reconsider.
One of the main reasons the North East is a good place for downsizers is the historically low running costs of the home. Lower energy costs, maintenance costs, and council tax bands.
With lower house prices, there is an opportunity to release equity from your home to support your new retirement lifestyle.
This can often be the main hurdle that downsizers come up against: living a full life creates a lot of clutter, and packing it all up and making the tough decisions about what to keep and what doesn’t make the cut.
The trick to tackle this is to take the home room by room rather than doing it all at once. Start with things that carry less emotional weight, like the garage or the spare room where clutter tends to pile up out of sight.
This can be another sticking point, as humans are creatures of habit, so a big change like moving home can feel that bit more daunting. The good news is the North East has plenty of retirement-friendly properties coming onto the market all the time. Many people assume that once the decision is made, there's no going back, but it doesn't have to be that final. You can start by simply looking at what's available and making a list of your musts. It also helps to note what you don't mind compromising on, as this narrows the search and makes the whole process feel far more manageable.
Many people think it's not worth the hassle, and no home move is completely stress-free, but the temporary stress is the gateway to years of a better lifestyle: lower bills, less time spent on maintenance, and equity released for retirement or family often outweigh a few weeks of disruption. Framed as a fresh start rather than a loss, downsizing is often less daunting in practice than it seems on paper.
Downsizing isn't just about moving to a smaller space, it's about moving into the next chapter with less stress and more freedom. With the North East market currently working in sellers' favour, and a little planning to ease the worries above, now could be a better time than you think to make the move.
Thinking about downsizing? Get in touch with the Estatio team for a free, no-obligation valuation. We'll help you understand exactly what your current home could achieve, and what your options look like from there.
Tel: 0800 779 7791
Email: hello@estatio.co.uk
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