Property gold rush expected as 18 million Britons set to inherit homes | Property | Life & Style

Research of 2000 adults in the UK found 36 per cent of people across the country will be inheriting a property – equivalent to 18.64 million people.

But a whopping 67 per cent will choose not to live in the property they are inheriting, totalling 12.49 million UK adults.

And of those not wanting to live in these homes, most plan to sell as soon as possible.

55 per cent will sell the property as soon as possible so they can re-invest the money in a different asset of their choosing – equivalent to 10.25 million people across the country.

The reseat was compiled by bridging lender MFS, who that more than a third of UK adults will be inheriting property in some form.

But with so many planning to sell, there may be concerns of a property crash, with a large number of homes coming on to the market within a relatively short time frame.

This is particularly true in London, with 70 per cent of people in the capital saying the property they will inherit is located in a different part of the country to where they want to live, causing them to want to sell.

However, not all of those inheriting property are thinking of selling, and many who are will be likely to change their minds.

And one in four have no idea what to do with the real estate being passed down to them.

Paresh Raja, CEO of MFS, commented on the findings: “We are about to witness a momentous transition of property wealth from the older generations to millennials and Generation X.

“With a significant proportion of UK adults not wishing to live in the property they are due to inherit, it is vital they give full consideration to find the best approach available – this could be a quick sale or a short-term refurbishment project in order to take full advantage of the potential of their new property.

“Importantly, a range of options exist for those inheriting real estate, and it is clear that greater awareness and education is needed so that people are able to make informed investment decisions.”

Those who do want to sell on their newly acquired homes should be aware of recent research into what most homebuyers found the biggest turnoffs when purchasing a property.

Research by property experts has found for Britons looking to make a move on the property ladder, noisy neighbours are in fact the most off-putting thing when house hunting.

A study of 1084 Britons revealed a loud neighbour is the number one reason they would withdraw from a house sale.

Shockingly, a massive 70 per cent of those…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *