Table of Contents
Downsizing can be the most distressing or liberating move of your life. Leave it too late and it can cause all kinds of heartbreak and sacrifice; But go early and you can reap many benefits.
Cut back sooner and, not only can you free up funds for luxury cruises or family holidays (and those higher school fees), you can reduce your bills and get the buzz of moving out of the way while you’re on the front foot.
You can also take advantage. Lows in England and Wales could unlock an average of £305,090 when moving from a four-bed home to a two-bed home, according to analysis by Savills Research.
Based on a life expectancy of 20 years for those aged 65, the average copywriter can provide a tax-free income of £1,218 a month for the rest of their life.
Despite these advantages, workforce reductions have fallen to their lowest level in a decade.
In the last 12 months, 95,969 descendants were active on the market – a 60 per cent drop from 153,795 in 2021-2022 and 48 per cent below the pre-pandemic average, according to Savills.
Lows also made up a smaller proportion of the market: 9.6 percent in 2023-2024 from 13.3 percent at the 2018-19 peak.
Reducing earlier and, not only can you free up funds for luxury cruises or family vacations (and those higher school fees). Photo: Olivia and Andy Church who sold to buy a villa in Spain
This may not be because the appetite for downsizing is decreasing, but rather that the barriers to doing so are increasing.
This includes a lack of suitable homes to move into and the now prohibitive stamp duty costs, according to Lucian Cook, Head of Residential Research at Savills.
The fact that adult children are living with their parents longer due to high property prices and rental costs is another obstacle, according to Simon Roberts of estate agent Strutt & Parker.
Mortgage rates are higher than they were five years ago, and from April, first-time buyers face stamp duty on a house worth more than £300,000 instead of £425,000.
However, a small but growing number of younger households are navigating these obstacles and choosing to downsize early.
Roberts says the tide has been turning since the pandemic as homeowners continue to rank lifestyle higher than assets.
‘People prioritize vacations over living in a big house. Additionally, the spread of hybrid work means they have more flexibility of where to live and are reconsidering what convenience means.’
Real estate agent Jackson-Stops reports that Downsizer clients are up 23 percent year-on-year, especially younger ones.
And analysis from another broker, Hamptons, shows a growing share of Downsizer transactions, following higher mortgage rates and the rising cost of living.
Most descendants pay in cash and do not take out a mortgage. If they downsize early, they may have a loan, so they have to relocate to the new place. If more people are downsizing a mortgage, it likely indicates they are doing so sooner.
Claire Carter of real estate agents John D. Wood points out another factor confirmed by the bureau’s national statistics data: divorce among those over 60 is on the rise. “I’m seeing more people shrinking their 60s and 70s because of separation,” she says.
Here are four ‘young’ basses bucking the trend, although not because of divorce.
A lock and go floor for more time in Spain
In two weeks, Olivia and Andrew Church will move from their four-bedroom home in the Surrey village of Ewhurst to a three-bed flat 11 miles away in the center of Guildford.
At 48, Olivia is an especially young newsroom, but with Andy a young 65, the time is right for her to move ‘back to the city.’

Olivia and Andrew’s church will move from their four-bedroom home in the Surrey village of Ewhurst to a three-bed flat, while they will also be able to spend time in their villa under the Spanish sun.
“Andy’s two children have moved away, and so has my son Oscar,” says Olivia, a former legal secretary who, like Andy, a retired stockbroker, is not functioning at the moment. ‘Living in a big house with many unused rooms is a waste of money.
“We didn’t want to leave it too late and be a burden on our children.”
Olivia and Andrew plan to spend more time at their four-bedroom villa in EstePona on Spain’s Costa del Sol once they have downsized.
“Now, however, we will all gather under the Spanish sun,” says Olivia.
Your new side apartment is within Langton Priory, making it the perfect lock and go property for long stays in Spain. It costs £925,000 through Strutt & Parker.
“Living close to the station will be ideal for taking the train to London to see the children,” he adds. ‘I like being able to walk to cafes and shops, and Andy’s ex-wife is just around the corner so it’s perfect. Life is short, so we decided to be proactive and do it sooner rather than later.
Living mortgage-free with an egg nest
At 53, psychiatrist Matt Angell is a very young descent.
But like churches, he is also planning ahead by moving from his three-bedroom home in Mill Hill, in leafy north London, to a two-bedroom 15th floor flat in Wembley Park in north-west London.

At 53, psychiatrist Matt Angell plans to move from his three-bedroom home in Mill Hill, leafy north London, to a two-bedroom flat on the 15th floor in Wembley Park in north-west London.
At Regal London Properties’ Fulton & Fifth Development, two minutes from Wembley Stadium and Wembley Park transport links there are 800 new flats. Two beds are from £595,000 and there is an on-site cinema, gym, swimming pool and golf simulator.
Matt’s move is inspired by a change in his work life and the need to free up capital, plus he was also fed up with paying for a house with rooms he didn’t use.
“I wanted to be mortgage-free and have money for a retirement nest egg,” he says.
‘Wembley Park is more affordable than my old area.
‘I am also setting up my own business, expert therapists, and will be using office space in the development which will be separate from my home.
‘In the future, I hope to slow down my work a little and spend more time in Italy, where my girlfriend is from, so that she can let go of the flat.
‘Making the move now, downsizing my stuff, means I won’t have to deal with upheaval in 15 years. Will I miss the space? No, I don’t particularly want guests in the house!
Lower bills and my own space
For service coordinator Sharon Patterson, 61, downsizing has meant finally getting a home that’s hers. But it has also freed up funds for her to use.
After living for 30 years in a three-bedroom house in Hemel Hempstead, Hertfordshire, with his mother, son and brother, he sold it in 2023.

For service coordinator Sharon Patterson, 61, downsizing has meant finally getting a home that’s hers.
‘My dad helped me buy my house, it was a very sociable place for everyone to meet, so it was a difficult decision to finally sell and live alone. But I also felt stressed all the time and just needed my own space,’ says Sharon.
“I cared for my father through Alzheimer’s and after he died I felt it was the right time to downsize.”
Sharon bought a two-bedroom flat for £248,500 in Barratt Homes’ Kingsbrook development in Aylesbury, Buckinghamshire and found her mother a flat nearby. “I have now halved my bills to £50 a month, my council tax is much lower and my mortgage is £560 a month instead of £1,000.”
Your downstairs flat will also be ideal if your arthritic knee worsens. ‘Living alone has been a big change, but now I can have things the way I want them. Your 60 is the new 40, and I didn’t want to watch life just float by.
Courted by a smart bungalow
It’s the perfect time to downsize when the kids have left home, but sometimes you need an incentive to make it happen.
Garry and Sam Sibson, both 54, have three children between them and are empty nesters. They had the typical midlife dilemma of ‘What’s next?’ and how to move on from their four-bedroom house in Roadsby, Leicestershire.

Garry and Sam Sibson, both 54, have three children between them and are empty nesters
“We were hit with so much space, even the dogs had a bathroom,” says Sam, an insurance employee. “We’re still quite young and thinking about buying a maker, but renovation is too expensive these days, and we’re too young for a retirement scheme,” says Garry, a council worker.
It was when Sam saw Lavender Mews, a smart little bungalow development in nearby Syston with prices from £425,000, that he began his downsizing plan.
“We loved the look of the bedroom bungalows, designed to be energy efficient and high specification,” says Garry.
‘Upstairs is a large master suite with Sam’s dream dressing room, and downstairs two more bedrooms and bathroom so my parents, in their 80s, can come and stay without using stairs.
‘As it costs £15,000-£20,000 to move in, we knew we didn’t want to have to do it again in the next few years and the ground floor rooms may also come in handy for us in time too. It will be cheaper to run, frees up a bit of money and is very low maintenance.
‘We moved in in March when it’s over and we think that, like the “last roll of the dice” house, it’s quite nice, with all the extras like the eco-friendly heat pump, wardrobe and new top-of-the-range kitchen appliances that we wanted. ‘
Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund this money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
(Tagstotranslate) DailyMail