A large number of people selling their homes are trading down in order to release some of the equity locked into their property, suggests property website assertahome.com.
A survey by the online estate agency found while two-thirds of househunters are buying homes more expensive than the ones they are selling, one-third of sellers have chosen to move to a cheaper home to get their hands on some extra cash.
Homeowners doing so are on average releasing a whopping £112,000 of equity as they are move down the property ladder, the survey says.
Majority (54%) of people to trade their home for a cheaper one because they want to change to a less pressured lifestyle or repay their mortgage.
Some 19%, however, are using some of the equity locked into their homes to help fund their retirement.
Divorce or children moving out and leaving their parents with a empty-nest are also pushing some people to move into a smaller and cheaper house, assertahome.com says.
Jim Buckle, managing director of assertahome.com, says: "There is so much focus on people moving up the property ladder that those trading down are often overlooked.
"The downshifters looking for a better quality of life are the largest group and we were surprised how many of them there are.
"Britons are clearly far more likely to make radical lifestyle changes than ever before," he concludes.IFAonline
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