Hotspots in Britain seeing an uptick in downsizing: Experts identify thriving areas where homebuyers are profiting from smaller dwellings
Downsizers are shaking up the traditional housing market, ditching the old-favorites for surprising new locations. Here are some of the unexpected dream destinations that homeowners over 50 are flocking to for smaller, manageable properties.
Savor the Hustle and Bustle
This quaint one-bedroom cottage, close to shops, eateries, and independent businesses, awaits you in Framlingham, East Suffolk clarkeandsimpson.co.uk. Traditional dream destinations such as the Cotswolds and the Malvern Hills have taken a back seat, with locations like East Suffolk, Peterborough, and Milton Keynes capturing the limelight. It appears that larger, rural, and remote areas that were once popular amongst downsizers have given way to more urban and well-connected locations.
Richard Donnell, executive director at property portal Zoopla, notes that this shift reflects changing priorities. "Gone are the days when pensioners spent their retirement tucked away in a remote village," he says. "Today, people want to be active. They want to be close to big cities or on good transport lines."
Relocating for Value and Convenience
East Suffolk takes the top spot as the favorite destination for downsizers, with 48% of all moves in the past year being from those moving to smaller homes. The average downsizer spends £284,900 on their new home here, with some unlocking as much as £245,900 in equity Mortgage Calculator: Check fixed rate costs - and repayment vs interest-only, making it a worthwhile investment.
Crawley, a commuter town with excellent train links to London, is another popular destination for downsizers, with an average spend of £284,900 per house and the release of £139,300 in equity Previous 1 Next Mortgage rates are falling: Should you hold out for a better deal? We've found a leasehold flat to buy: Should the extra costs persuade you?.
The Trend Towards Busy Rural Areas
Modern-day downsizers are not just seeking cost savings, but also desirable locations that appeal to retirees who are in the active years of their golden years. Areas like Oadby and Wigston, a local authority area just south of Leicester, encompass green spaces, cultural attractions, and excellent transport links. It's no surprise that 42% of all moves in the area are made by downsizers.
Scotland, with its scenic landscapes and low cost of living, also proves popular amongst downsizers. Cities like Stirling, with its castle and beautiful views, are short drives from Glasgow and Edinburgh, offering the best of city living at a fraction of the cost Exclusive Inside the 'greenest' new builds in Britain... but the homes in Kent start at £1.25m.
The rise of remote working has further fueled this trend, with many downsizers seeking locations outside of overpopulated cities, but still close enough to enjoy the urban amenities when desired.
For more insights on downsizing and the cost of living in various locations, you might find this information Mortgage Calculator: Check fixed rate costs - and repayment vs interest-only and We've found a leasehold flat to buy: Should the extra costs persuade you? useful.
*Data on the popularity of areas among downsizers analyzing the share of moves by those giving up at least one bedroom by local authorities in the UK over the past year
*Data on the downsizer profiles provided by Hamptons, differentiating between aspirational and enforced downsizers and the tendency for younger downsizers
*Data on the equity released by downsizers and the average spend of downsizers in various locations based on Hamptons data analysis
- The increasing preference among downsizers for urban and well-connected locations is evident in the trend toward places like Framlingham, East Suffolk, which boasts shops, eateries, and independent businesses close by.
- Zoopla's executive director, Richard Donnell, remarks that the shifting priorities of today's retirees prioritize activities and proximity to major cities over isolation in remote, rural locations.
- East Suffolk is a popular destination for downsizers, with 48% of moves in the past year being individuals moving to smaller homes, and an average downsizer spending £284,900 on their new property.
- The commuter town of Crawley, boasting excellent train links to London, is another favorite destination for downsizers, with average homes costing £284,900 and downsizers unlocking £139,300 in equity.
- Oadby and Wigston in Leicester, a local authority area, appeals to retirees with its green spaces, cultural attractions, and excellent transport links, with 42% of moves being made by downsizers.
- Scotland, with its scenic landscapes and low cost of living, is also a sought-after destination for downsizers, with cities like Stirling offering the best of city living at a discounted price.
- Remote working has accelerated the trend of downsizers seeking locations outside of crowded cities while still allowing access to urban amenities.
- To learn more about the cost of living in various locations for downsizers, resources such as mortgage calculators and articles on leasehold flats may be helpful.
- For insights into downsizer profiles, one might refer to data provided by Hamptons, which distinguishes between aspirational and enforced downsizers and discusses the tendency for younger downsizers.
- Information on the popularity of areas among downsizers, including data on the share of moves by those giving up at least one bedroom by local authorities in the UK over the past year, can be found.
- Additionally, data regarding the equity released by downsizers and the average spend of downsizers in various locations can be analyzed through Hamptons' data analysis.
