Downsizers ?Driving Force? in UK Housing Market
A property marketing website says that downsizers are the biggest driving force in the UK property market at the moment.
According to online property marketing giant Rightmove, members of the baby boomer generation are choosing to sell off large family homes and downsize into smaller properties.
Cash Buyers Have Strong Bargaining Power
This means that the market is currently being driven by a swathe of cash buyers with strong bargaining power ? a fact that has been blamed for the house price stall reported last month.
A survey for the popular home selling site revealed that four out of ten buyers are looking to trade down, while just a quarter of buyers are looking to move up the ladder.
The information has implications for anyone currently trying to sell their home as marketing efforts for smaller homes are often targeted at the first time buyer or young family market, whose needs are distinctly different from those of the downsizer.
Reappraise Property Marketing to Appeal to Older Audience
Homeowners who are looking to sell homes at the lower end of the market may wish to reappraise their strategy, looking at whether the existing property photography, brochures and virtual tours will appeal to the older buyer.
Sellers should consider targeting marketing more towards lifestyle buyers ? staging spaces to appeal to those who wish to be able to enjoy the whole of their home, for example turning a playroom into a relaxing reading space or a smaller bedroom into a study or studio space.
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