This is how much houseowners in Portsmouth could save by downsizing
New research has shown how much people in Portsmouth could save by downsizing their home.
PensionBee is encouraging homeowners to look at whether they could free up thousands of pounds towards retirement savings by moving to a smaller property.
The data, sourced from Zoopla, shows that in Portsmouth people could save up to £269,301 by downsizing from a five bedroom house to a three bedroom house, and £147,861 by moving from a three bedroom house to a one bedroom house.
The city was ranked 10th in the UK for the best average saving available with £104,291.
London came out on top with £417,881 average savings, followed by Brighton & Hove with £156,636 and Bristol with £148,069.
In Portsmouth the average house prices were as followed:
5 bedroom house – £549,374
4 bedroom house – £440,998 (saving of £108,376)
3 bedroom house – £280,073 (saving of £160,925)
2 bedroom house – £214,689 (saving of £65,384)
1 bedroom house – £132,212 (saving of £82,477)
Romi Savova, chief executive at PensionBee, said: ‘Our research shows the considerable amount of money that could be tied up in your home.
‘Given the stamp duty holiday there’s arguably been no better time to downsize, especially if you’re approaching retirement and looking to grow your income.
‘Increasing evidence suggests that the majority of us aren’t saving enough for retirement, and where it might not be possible to make larger pension contributions, property can help bridge the gap.
‘As our data indicates downsizing could release a significant sum, right across the UK, so it’s something that could be worth considering if you want to boost your retirement fund.’