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Retiring UK residents downsizing and enjoying the extra income

A recent survey from Prudential suggests that 81% of pensioners are looking to trade in their family homes in favour of smaller properties. This has been attributed to either reducing bills, increasing income or simply to enjoy the benefits of retirement in a smaller abode.

When a family has moved out, retirees are seeking to save an average monthly income of £168 and they are likely to invest this into some home improvements – whether they have age related physical limitations, which may lead them to make alterations to their bathroom; they want to invest the money in some bespoke furniture; or whether they simply want the luxury and durability of engineered flooring. Liverpool house prices have fallen by approximately 8% when compared to the national average. This may be good news for first time buyers, but can represent a dip in the investment of retirees.

This could represent the small percentage of pensioners in the UK who prefer to continue living in their family home and take advantage of growing retail and contract sectors to make home improvements.

Whilst the DIY savvy may relish the challenge of installing new features to their houses, the average elderly couple may enjoy their retirement by having less work to do to maintain their homes. The increase in their budget, and the fact that they have fewer rooms to beautify, means they can focus their efforts on a few small rooms, rather than attempting to make less money spread over a larger area.

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