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Downsizers in Britain want to help offspring get on housing ladder

Home owners in Britain 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 aged 55 and over by full service estate agency Yopa 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.

While 23% of downsizers would like to spend more on their kids, more than twice as many would rather indulge themselves. Some 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.

Having a garden, or outdoor space is the most desired feature with 33% revealing that this is the one thing in their home they wouldn’t want to give up, followed by 13% saying it is a car parking space.

The top destinations to move to for downsizing, according to Yopa’s 2019 Downsizers Guide, are Fareham in Hampshire, Chester, Solihull in the West Midlands, Rushmoor in Hampshire, Trafford in Greater Manchester, Rochford in Essex, Ribble Valley in Lancashire, Anglesey in Wales, and Chichester in West Sussex.