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Headline: Downsizers Prop Up Property Market

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Austin and Caroline Bendall, aged 65, are selling their impressive five-bedroom house in Putney through Savills at £1.895m to buy a pied a terre in Putney and a house on the South Downs, preferably with a view of the sea.

After a lifetime as a management consultant, Austin now keeps a few directorships and does consulting.

FFS ..... An extremely painful and cringing article throughout .....

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Around here it's these downsizers that have been on the market for over a year, waiting to sell for 'what it's really worth'.

For them to be able to cash out, it means more overall debt taken on by younger purchasers.

At a time when the mortgage market is a shadow of its former self, someone is going to be disappointed! :rolleyes:

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The unspoken implication is that the oldies should sell up and give the money to the kids to prop up insane prices and this will somehow keep the whole house of cards standing until we're back to peak prices.

It looks to me more like asset value implosion - no different to Victorian aristocrats gradually selling off their estates until their descendants were living in a bedsit in Earl's Court wistfully gazing at engravings of the 'old family place'.

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http://www.telegraph.co.uk/property/retire...rty-market.html

..and this will support prices

right you are then

B0llox

This would only be the case if they are buying a more expensive smaller house or not selling their existing house.

Any increased demand for cheaper houses will be matched by decreased demand for expensive ones

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they are buying TWO houses and selling one so ergo they must be supporting the housing market without the drawback of having to get a mortgage. Greedy so and sos - is one house not enough :angry:

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Around here it's these downsizers that have been on the market for over a year, waiting to sell for 'what it's really worth'.

For them to be able to cash out, it means more overall debt taken on by younger purchasers.

At a time when the mortgage market is a shadow of its former self, someone is going to be disappointed! :rolleyes:

The only ones left on the market near us are those hoping to cash out. The rest dropped their price until they got a buyer.

Tatty looking sale boards, and grey-haired couples pottering about the front garden struggling to keep up with the weeding at their 4-bed house. Limed-oak cottage style kitchen and a peach bathroom suite awaits inside and the asking price is 40K higher than the same house down the road went for. It's not that the agents aren't badgering them to drop the price either, but the tiny conservatory they had put on the back makes it 'worth more'.

Some of these houses were one the market when we started looking two years ago, and even then the agents were asking us 'what do you think of the asking price?', begging to have actual buyer feedback to slap them in the face with. They've got some real sale data now, and they still aren't budging!

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