Bournemouth and Sunderland have been named among the best value areas for homeowners looking to downsize, according to research from Confused.com.
With the average British homeowner saving up to £64,500 by downsizing, Confused.com mortgages analysed the price difference between different house sizes nationwide to find the areas with the best value.
The coastal town of Bournemouth came out on top, with an average saving of over 60% when downsizing.
Bournemouth has an aging population, which could make it a popular destination for those looking to relocate in retirement.
In second place was Sunderland, with an average saving of just under 60%.
In Kingston upon Hull, the average saving was around 25%, making it the city with the smallest potential savings.
The city with the second-smallest potential savings was Milton Keynes at 26.3%. Its proximity to London means that demand for housing is high in Milton Keynes, so prices for smaller homes might not be as affordable as in other places.
The biggest potential savings were to be found by dropping from a four-bedroom to a three-bedroom property, at 47.5%, which could save £109,786.
Downsizing from a three-bedroom house to a two-bedroom house could also earn a saving of 34.5%, with a price difference of £59,380.
The step with the lowest saving was between a one-bedroom property and a studio apartment, at just 8.5% and a price difference of £11,091.
