People in the North West looking to downsize are four times more likely to spend their extra cash getting their kids on the property ladder, rather than supporting them through their education, according to new research.
A survey of 1,000 home owners from across the UK that are aged 55 and over found that property takes precedent over education, with only 6% saying they would support their children through university compared to 22% wanting to help them get on the property ladder.
23% of people wanting to downsize would prefer to spend money on their kids, whereas over 45% said they would spend on themselves. 49% of respondents said they would treat themselves to more holidays. In addition, 52% would save the money for a rainy day and 17% would spend more money on personal hobbies.
When it comes to downsizing, it’s hard to compromise on the features that have made the perfect home for so long, whether that’s beautiful views, a spacious kitchen, or a spare bedroom.
The top destinations to move to for downsizing, according to Yopa’s 2019 Downsizers Guide, are the Ribble Valley in Lancashire, Chester, Solihull in the West Midlands, Trafford in Greater Manchester and Chichester in West Sussex.