Downsizing in Erith: What You Would Actually Release
Selling at the £360,000 Erith average and buying at £252,000 releases about £97,300 after costs. Fees, stamp duty and moving take roughly £10,700 of it.
The introduction costs you nothing. If you go ahead, we may be paid a fee by the firm we introduce you to. There is no obligation.
Selling at the £360,000 Erith average and buying at £252,000 releases about £97,300 after costs. Fees, stamp duty and moving take roughly £10,700 of it.
Running the downsizing numbers in Erith
Start with the gap. Selling at £360,000 and buying at 70% of that, £252,000, leaves £108,000 before costs. Costs are the part people underestimate.
Agent fees at 1.5% are £5,400. Stamp duty on the purchase is £2,600. Total £10,700, leaving £97,300 in hand.
Where the sale proceeds go
The commercial page for this town sets out the introduction itself: Equity release in Erith.
Downsizing against releasing equity
A lifetime mortgage at 65 on the same property would release about £122,400. Downsizing nets £97,300. The difference is that downsizing costs you the house, and equity release costs you the estate.
Over twenty years that £122,400 release grows to roughly £431,294. The downsizing figure does not grow at all, because there is no debt.
What the move costs beyond money
Council tax follows the property, not the person. Band D in Erith is £2,366, and a smaller home may sit in a lower band. Check the band before you offer, not after.
Downsizing works best when you are not in a hurry.
Moving within London rather than out of it keeps you near family and known services. The average price across the county towns we cover is £732,469, against £360,000 here.
What a move within Erith looks like
The schools families ask about here are St Fidelis Catholic Primary School, Christ Church (Erith) CofE Primary School, Northumberland Heath Primary School and Leigh Academy Bexley. 1 local school was rated Good or Outstanding overall at its most recent graded Ofsted inspection. Ratings age between inspections, so read the latest report before you rely on one.
On getting about: Erith to London Cannon Street takes about 35 to 45 min.
By price, Erith ranks 319 of the 320 London locations we cover, at £360,000 against a county average of £732,469. Band D council tax here is £2,366, against an average of £2,121 across the towns we cover in the county.
Is Erith right to stay in?
Erith is an affordable, regenerating Thames-side town.
The full local guide covers schools, transport and the market in detail: Erith property and area guide.
- Among the most affordable in Bexley
- North Kent line to Cannon Street & Charing Cross
- Elizabeth line close by at Abbey Wood
- A Thames-side setting; the pier & riverside
- Lesnes Abbey Woods & the bluebells on the doorstep
- The town centre is still a work in progress
- No Underground station (mainline rail only)
- Some local schools are mid-rated
- Tidal & surface-water flood risk on low-lying land
- Riverside flats/new-builds need lease & flood checks
| Who it suits | Out of five | Why |
|---|---|---|
| Downsizers | ★★★☆☆ | Riverside and town-centre flats put shops, the station and the Thames within easy reach at accessible prices, convenient, though the town centre is a work in progress and some low-lying spots need a flood check. |
| First-time buyers | ★★★★★ | Among the most affordable prices in the borough, flats from around £200,000 and terraces in the £300,000s, in a regenerating town with good transport and green space; a genuine way onto the London ladder. |
| Property developers & investors | ★★★★☆ | Regeneration, riverside new-builds, competitive yields and the Elizabeth line close by at Abbey Wood make Erith one of the more interesting value plays in south-east London, though do your due diligence on the specific scheme and area. |
| Commuters | ★★★★☆ | The North Kent line runs direct into Cannon Street and Charing Cross (via Woolwich and Greenwich), and the Elizabeth line is close by at Abbey Wood, a solid commuter base, though there is no Underground station in the town itself. |
| Families | ★★★☆☆ | The riverside, Lesnes Abbey Woods and an Outstanding Catholic primary (St Fidelis) are real pluses, but several local schools are mid-rated and the town centre is still regenerating, weigh schools and setting carefully for a specific address. |
Erith is known locally for Erith Pier & the Thames, and Lesnes Abbey Woods. Erith Pier, the longest pier in London, and the riverside gardens, at the heart of the town's maritime heritage and its regeneration on the south bank of the Thames.
Practical detail for Erith: the DA8 & DA18 postcode district, Erith (Southeastern, North Kent line), direct to Cannon Street & Charing Cross via Woolwich; no Underground; Elizabeth line close at Abbey Wood and nearest A and E is Queen Elizabeth Hospital, Woolwich (a drive); Darent Valley, Dartford also within reach, verify with NHS.
Erith has history behind the price. In Domesday & medieval, An ancient fishing and trading settlement on the south bank of the Thames.
Erith at a glance
| Downsizing line | Erith figure |
|---|---|
| Sale price, local average | £360,000 |
| Purchase at 70% of value | £252,000 |
| Estate agent at 1.5% | £5,400 |
| Stamp duty on purchase | £2,600 |
| Legal and moving | £2,700 |
| Total costs | £10,700 |
| Net released | £97,300 |
| Lifetime mortgage alternative at 65 | £122,400 |
Figures are local averages used for illustration. Confirm your own numbers before acting on them.
Ask about Erith
Three details is all we need. You are told before anything is passed to a partner firm.
Your checklist
- A real valuation of your home, not the £360,000 average
- The council tax band of the property you are buying
- Total moving costs of about £10,700
- The equity release comparison, in writing, before you decide
The introduction costs you nothing. If you go ahead, we may be paid a fee by the firm we introduce you to. There is no obligation.
Check broadband before you make an offer in Erith
Broadband speeds can vary street by street in Erith, so check the exact address before you commit. Ofcom's free checker shows which broadband speeds and mobile coverage are available at any UK property.
We can introduce you to a specialist who can combine your mobile, broadband and utilities into one bill. There's no fee for the introduction.
We don't provide these services ourselves. Switching household bills is not a regulated financial service, so FCA protections and the Financial Ombudsman do not apply. We'll only pass your details to the specialist if you ask us to. See our privacy notice.
Questions people ask
How much would I release by downsizing in Erith?
Is downsizing better than equity release?
What are the costs of moving?
How do I check broadband speed at a property in Erith?
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