Will Downsizing Play A Part In Your Next Move?

It is natural to hear something and think that it doesn’t matter to you. There has been a recent study on downsizing in the housing market.

For many people, this is a relevant topic. With an ageing population, and many households re-evaluating their finances of late, moving to a smaller home makes sense for many people.

However, if you are looking to buy a larger home, the thought of downsizing will seem like the opposite of what matters to you.

Of course, the people who intend to downsize will sell their current home, which is normally a larger property. This might be the style of property you are looking to buy.

Also, someone who is downsizing needs to find a smaller property to buy, and this might be the sort of house you currently own.

Just because you aren’t downsizing doesn’t mean that downsizing has no relation to you. At Atkinsons, we aim to bring buyers and vendors together. We know the different needs in the property market, and we will ensure you connect with the right people and homes.

There is a growth in people looking to downsize

A study by Audley Group indicates a growing number of older homeowners are considering downsizing sooner than they intended to. Admittedly, this research has been carried out by a retirement homes developer, so there is a likely bias to their findings.

The survey of people aged 55 or older found:

• 34% of respondents wished to live in a better area

• 29% of respondents wanted to live closer to their family and friends

There is growing demand for retirement property

According to the Associated Retirement Community Operators, again a body who have a vested interest in the market, suggests 85% of retirement property providers experienced an increase in sales and lettings in autumn 2020 compared to the previous year.

The same study also provided the following returns:

• Higher sales and lettings in 2020 compared to 2019 were stated by 30% of respondents

• 25% of respondents said they saw sales and lettings at least 50% higher in this field

Rightmove information also suggests a movement in this manner

While there has been considerable focus on larger homes, Rightmove information suggests bungalows have been in significant demand. Their findings suggest:

• The number of properties sold in 2020 was 7% higher than for 2019

• There was a shortage of bungalows listed for sale, falling 10% on the 2019 figures

• By comparison, the drop for houses was only 3% in this time period

• The average asking price for property rose by 4% to £317,583

If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.