June 2017 – Page 2 – Glastonbury Property News

When it comes to making the most of your home, it is important to consider what you need from your home and what your home offers you. It may be that a smaller or more suitable property is better for your needs and here are 10 reasons to downsize your Mid Somerset home.

Your property is too large for your needs
Circumstances change in life and just because a home was perfect for you five or ten years ago may not mean it is right for your needs these days. If your children have left home or you no longer need as many rooms for activities, work or hobbies, it may be that downsizing your Mid Somerset home is sensible because this will allow you to have a home that is ideal for your needs.

Your running costs are too much
While the space and comfort of a large home are attractive, there are costs involved with larger homes. Whether this is your mortgage payments or the costs of heating your large home, you may find that downsizing allows you to pay less each month, which can provide you with money for savings or to make the most of your life.

You want a better retirement
Different people have different aims and goals for retirement. If financial freedom and flexibility are more appealing for you than having a large home for your retirement, downsizing your Mid Somerset home can allow you to have the money you require to fully enjoy your retirement.

You want your children to benefit now
While having a home to pass on to your children is a great legacy for any parent, it may be that selling your current home, downsizing and passing the money earned to children now can help them achieve their goals in life, while also allowing you to see these benefits. If your children are leaving home to go to college or University, the additional space and the chance to prove them with financial backing may be the ideal combination and incentive to down size your Mid Somerset home.

You may have debts
A lot of people have financial issues, concerns and problems these days and downsizing your property may be the ideal solution to removing these problems from your life. The peace of mind that comes from dealing with debt is of considerable benefit to most people, and downsizing can provide you with the platform to fully enjoy life.

Buy a holiday home
While Mid Somerset provides an attractive lifestyle for many people, it may be that you are looking for something different. If the thought of owning an additional property abroad appeals to you, downsizing your current property may allow you to buy a more compact home in the area while also having the chance to own property in another country or climate.

You may be concerned about your environmental impact
Big homes can have a big impact on the environment. If using energy in a smart manner and reducing your carbon footprint matters to you, downsizing your Mid Somerset home can be of benefit.

You want a simpler life
Sometimes having a large house is just too much hassle and work. Downsizing can force you into removing clutter and leading a more focused life. This is definitely an outcome that appeals to many people, making downsizing an attractive proposition.

Personal circumstances may have changed
There may be personal circumstances why a person is looking to downsize property. If a relationship comes to an end, selling property and buying smaller or more fitting properties can enable people to move on with their life and find new freedom and opportunities.

You don’t want a high level of capital in one property
If you consider your home to be an investment, you may wish to diversify your assets slightly. It could be that downsizing and buying smaller properties or even buying a smaller property and investing the return into other assets will give you a more confident approach to your investments for the future.

Many people are looking to downsize their home these days and these are 10 common reasons as to why people in Mid Somerset are downsizing.

About Tom Morgan

Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk

With a population of over 11,000 people (according to the 2011 census), Street is the largest village in England, and like many areas in this part of the country, there is a good level of demand for property. It may be that there isn’t a large supply of available property in Street, which will always have an impact on property prices but even with that in mind, it is likely that the level of demand for homes in this part of Somerset would have a natural impact on the prices of the area.

Prices are on the rise in Street
As of June 2017, the average value of property in Street is listed as £250,220 while the average price paid for property in Street stands at £217,960. Comparing this to the Glastonbury figures for the same time period indicates that Street is more affordable, which leads many people to believe that Street offers greater value for money. The June 2017 average value of property in Glastonbury stands at £296,985 while the average price paid for Glastonbury property is £278,956.

Returning to the average price paid for property in Street as of June 2017, standing at £217,960; this represents an increase of 3.01% in the past 12 months. By comparison, the average price has risen by 3.88% in Glastonbury in the same time frame, so there isn’t too much of a difference, but again, for people looking to buy, there are aspects to the market in Street which makes it more attractive.

The past 12 months have been eventful in the UK property market
It would be fair to say that 2016 and 2017 has been fairly tumultuous in the United Kingdom and there have been a wide range of predictions and forecasts surrounding the property market. With Brexit, a General Election and a great deal of uncertainty, many observers suggested that there would be a fall in property prices and that buyers would be pulling out of deals due to uncertainty. This hasn’t materialised and post General Election we hope there will be a period of political normality and stability to help property markets across the country.

Of course, given that Street is a large village; it is less likely to be impacted on by the variable factors that can influence a property market. The shortage of properties being supplied to the market will always help to retain property prices, particularly when there is always likely to be a level of demand in the home. This is the more pressing influence on the Street property market in the past 12 months, and it is a key component of why property prices have remained in good shape.

Street is always going to be an area in demand where people want to stay and the movements of the Street property market over the past 12 months are in line with this.

Month: June 2017 Page 2 of 3

10 reasons to downsize your Mid Somerset home

About Tom Morgan

How have property prices changed in Street in the last 12 months

About Tom Morgan

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