How to downsize in style

The way we live is changing. And this shift, for many, has brought one question into sharp focus: where do you really want to be at this particular stage in your life? It’s an exciting prospect.

Much has been written about upsizing and the race for space towards larger gardens and home offices, but what about downsizers – or, more accurately, “right-sizers”, a better term for those choosing to move to a smaller, more easily maintained home? Starting a new chapter in life, removing the high costs of keeping a larger property, simplifying daily routines or just taking a leap into the unknown are all reasons that motivate people to right-size in the current climate. 

A key driver for a large proportion of Savills buyers who have decided to right-size is the desire to be closer to family, says Andrew Perratt, head of UK Residential. “The past three years have made many people realise they want to be nearer their children or grandchildren. Although the current market might not seem the ideal time to make the move, actually the lack of properties available means those that are priced correctly are likely to sell. Releasing these homes onto the market is critical to market recovery.”

Freeing up equity to help children or grandchildren get on the housing ladder, or to help with school fees, is another primary factor behind downsizing. The contribution from the “Bank of Mum and Dad” totalled £8.8bn in 2022, increasing by almost £4bn since 2019, as a result of a more stringent mortgage market and higher deposit requirements.

Yet this capital might also open up a new lifestyle of travel, or the pursuit of other interests. Such passions may well be focused around the cultural or artistic hub of an urban centre, and many small regional towns are thriving, especially those close to a national park or Area of Outstanding Natural Beauty.

Easier access to sailing typically draws right-sizers to Chichester or Lymington, while having the South Downs within easy reach makes Winchester a popular option, says Perratt. “Many people might have been moving out of cities to gain more living space, but being able to walk to the theatre, a coffee shop or a restaurant is increasingly important to today’s downsizers. The social element of the traditional high street, with the family butcher or grocer, is something that always gets discussed.” Good public transport links and healthcare facilities are also key.

Locations such as Oxford, Cambridge, Winchester, Worcester, Brighton, Exeter and Tunbridge Wells have always attracted downsizers, while Edinburgh, though bigger, has enough charm to keep any right-sizer happy. Wherever you look, right-sizing is on the up, says Alistair Heather, who heads the Bath office. “Bath has long appealed for its architecture, culture and genteel pace of life, but one of its true strengths is that it is a place where it’s very easy to meet people and grow a social network,” he says. “It’s possible to feel comfortable here very quickly, which is reassuring when people leave a long-held family home and community.”

There’s a real sense, Heather says, of “What do we want to do with the next stage of our lives and where best can we achieve this?” Properties sought by right-sizers range from apartments in elegant Georgian townhouses to new-builds within historic conversions that offer the latest technology and modern comforts. Energy efficiency has become a major driver for downsizing, as homeowners have had to adjust to bigger heating bills. As the cost of maintaining a grand period home has increased, there is high demand for large lateral apartments and new duplexes, too.

Open-plan living, ultra-fast broadband, on-site gyms and concierge services are all new possibilities for many buyers seeking to enhance their home environment. “One thing downsizers don’t want is a home that needs a lot of work,” says Heather. Wherever you choose to relocate, make sure to enjoy your new way of living. Size really does matter.

ANDREW PERRATT
HEAD OF UK RESIDENTIAL
+44 (0) 20 7499 8644

Pictures from top: a misty morning at King’s College, Cambridge (Alamy); the Oxford skyline at dusk (Alamy); the charm of Winchester (Alamy); and Thermae Bath Spa (Visit Bath)