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Wanting to stay in their own home rather than downsizing led to the majority (80%) of over 55s questioned to opt for equity release instead of moving home, according to new research from Standard Life and Age Partnership.
In addition, in the survey of more than 1,000 UK adults who have taken out equity release, nearly one in ten (9%) said the reason they chose not to downsize was because of the cost associated with moving including stamp duty. In 2018 the average cost to buy and sell a property in the UK was £10,2101, this includes an average bill of £1,800 for Stamp Duty.
Laura Laidlaw, Head of Customer Communications at Standard Life said: “For an increasing number of people, property – often the home they live in – could be the answer to freeing up extra money. Either to supplement income in later life or to gift to loved ones.
“Our research would suggest that the emotional aspect of remaining in your home is what leads many to opt for equity release. A lack of supply, the pressure of moving and the costs of downsizing mean for many, it is not always a practical choice.”
1 https://mybigmove.co.uk/cost-of-moving-house2
Media enquiries
For further information, contact:
anna.penson@citypress.co.uk
T: +44 (0)203 773 9545
M: +44 (0)774 214 2411
Methodology
Standard Life and Age Partnership customers were emailed with an invitation that contained a link to an online survey. 1,084 customers took part the survey.
Notes to editors
Standard Life announced its entry into the equity release market in a partnership with retirement finance specialists Age Partnership in March 2019.
What is equity release?
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