Imagine having fewer rooms to clean, cheaper bills to pay and spending less on your home each month. There was a time when downsizing was the reserve of older people once their children had flown the nest. However, today people do it for many reasons such as those related to personal finances, priorities and lifestyle choices. But what does this mean in the context of New Malden?
Let’s start off with the basics – how much cash could you free up? In New Malden, the average two-bed costs £31,698, three-beds cost £5,.16 and four-beds cost £255,000. In crude terms, this means that each room a homeowner sacrifices could free up around £112,000 – useful if you are thinking about retirement or if your circumstances change.
Those deciding to downsize will need to find a place to put all their ‘stuff’. The contents of a three-bedroom property will not fit into a one bedroom, so you will either need to sell a few items or put them into storage. On the plus side, selling some of the things you have accumulated over the years provides the opportunity to declutter and make extra money.
Downsizing used to be synonymous with a reduction in homeowners’ standard of living. However, today it is seen as the opposite. More people are deciding to downsize in order to have more money in the bank, whether that’s for holidays, cars or just having a bit extra for a rainy day. If you would like to talk about the possibility of downsizing in New Malden, pop into our office for a friendly chat.
When downsizing, each room you sacrifice could free up around £112,000.
Annual sales by house type
This chart shows the number of sales over the last few years. We’ve split it by major house type so you can see what impact each kind of property has had on the market. While there’s nothing particularly surprising, given the nature of our area, it’s nonetheless interesting to see how the patterns have changed over time.
House prices over time in our area
Prices in the local area change a lot on a quarterly basis. In this chart, we look at how the average price of properties on the market have changed over time. There’s a lot of volatility but the overarching story it tells reflects the day-to-day reality.
How local people get to work in our area
How do you get into work every day? Well as you can probably see from this chart, you’re in good company. Given the nature of our local area, there’s no huge surprise in the pattern. However, what is interesting is how much of a reflection commuting patterns are of the local market.
