More people looking to downsize to smaller properties, says estate agent

Estate agent Savills has seen an increase in people looking to downsize to smaller properties since last September.

The property firm surveyed agents representing its 130 UK offices and found more than half (53%) had seen an increase in the number of downsizers on their books.

Andrew Perratt, head of UK residential at Savills, said: “Equity-rich older homeowners are some of the best placed to moved in today’s market as they are less likely to be impacted by higher mortgage costs.

“Most will have enjoyed significant house price growth over their period of ownership, while owners of large family homes will have seen their properties appreciate substantially over the course of the pandemic, meaning they are sitting on a significant reserve of equity.

“Across our network, our downsizer vendors are telling us that they will prioritise using the extra equity to help family with their finances, or to supplement a retirement fund and reduce overheads.

“While realistic pricing is crucial in today’s market, we are still seeing a shortage of larger family homes.”

Finding the right next home seems to be the biggest barrier to those who have made the decision to downsize, according to 79% of Savills’ agents.

The majority of agents (61%) said that their downsizers are planning to remain locally based.

Popular criteria for downsizers looking to move included homes being in good condition, cheaper to run and lower maintenance overall, the findings indicated.

Being able to have room for family or friends to stay over were also high on downsizers’ wish-lists.