Where to downsize in England – in style

Downsizing – also known as “right-sizing” – can usher in a raft of exciting new freedoms. Whether you’re starting another chapter in life, looking to remove the high costs of keeping a larger property, simplifying your daily routine or taking a leap into the unknown, right-sizing can be a welcome change. It might mean moving to the heart of a buzzy city – not necessarily into a smaller home, just a different one – with more opportunities for entertainment and socialising. It will also help to free up family housing stock: those over 60 account for more than half of all owner-occupier housing wealth across the UK, while those over 75 hold almost a quarter.

Looming tax changes might also incentivise homeowners to think about downsizing over the next five years: from 2027, private pensions will be included in the value of an estate for inheritance tax (IHT) purposes, while the freezing of the nil rate band for IHT until 2030 will mean that more estates are subject to the levy. “Downsizing can also be an avenue to support children and grandchildren on the housing ladder,” says Nick Maud, director of residential research at Savills. So where might the new breed of downsizers opt to live?  

Whether the priority is staying close to friends and family or improved access to shops, restaurants and entertainment, downsizers are keen not to drift too far from the excitement of urban life, says Maud. And while many will stay relatively local, others might follow their grandchildren – particularly if they’re helping with increasing school fees.

“With schooling such a draw in Bath for families from London and elsewhere, we’re seeing this trend more often,” says Luke Brady of the Savills office in Bath. “But the city is ideal for downsizers in its own right, thanks to its café culture, parks galore, myriad food and artistic festivals, and theatres. The rugby is also a pull.” The historic Somerset city is compact and walkable – and it’s only one hour and 20 minutes to London by train.  

Downsizers often snap up new high-spec properties in converted historic buildings, with parking. These include Hope House on Lansdown Road and Holburne Park, a Georgian-style scheme in Bathwick, near the city centre. “Most downsizers spend £1.5 million to £2 million,” says Brady. “They don’t want to compromise on proportions of rooms, but they do require more manageable outside space.”

Significant entertaining room is non-negotiable for many downsizers in Winchester, another picturesque and liveable city, according to Haley Prescott of the Savills office there. “It’s the acreage and the upkeep that downsizers want to lose – but those moving from large country houses might still want three to five bedrooms.” Others will choose to move into the city and spend £800,000-£1.5 million on a home within walking distance of the theatres, shops and cafés. “Winchester is always vibrant,” Prescott says. “It’s hard not to feel connected to everything going on.” 

Downsizers might also choose to move to one of the sought-after nearby villages with a good pub and a strong sense of community – Easton or Sparsholt – or to a market town such as Stockbridge or Alresford, spending up to £2.5 million. Alfred Homes’ boutique developments of spacious detached properties in locations such as Compton, Alresford and Twyford are also popular. 

In Tunbridge Wells, another favourite, downsizers want to be within a 15-minute walk of the picturesque town centre, located on the northern edge of the High Weald. Although they can hop on the train for a 55-minute ride to London (or head down to the seaside in Hastings in 35 minutes), there’s everything you need on the doorstep, including two theatres, a thriving restaurant scene and all that the Pantiles has to offer, from independent shops to festivals and weekly live music in the summer months. “There’s also an incredible community here, with chess, bridge, golf and cricket clubs, as well as the Lawn Tennis Club,” says Natasha Selbie, director of Savills Tunbridge Wells.

Downsizers might hail from London or Sevenoaks, says Selbie, but most frequently they come from the locality, typically favouring high-scale turnkey developments such as Post Office Square and The Potteries, which has a concierge service and parking. “Most will spend between £600,000 and £1 million on a two- or three-bedroom property, large enough to host friends or family,” Selbie adds – proof that downsizing can be a highly sociable affair.

Read more on housing wealth held by those over 60 from Savills 

NICK MAUD, SAVILLS DIRECTOR OF RESIDENTIAL RESEARCH
Nick.maud@savills.com

LUKE BRADY, HEAD OF SOUTHERN RESIDENTIAL REGION, SAVILLS BATH
LBrady@savills.com

HALEY PRESCOTT, SAVILLS WINCHESTER
Haley.prescott@savills.com 

NATASHA SELBIE, RESIDENTIAL DIRECTOR, SAVILLS TUNBRIDGE WELLS
NSelbie@savills.com