A third (33%) of those opting to move home in the current market are downsizers, research by Quickmove Properties has revealed.
Quickmove Properties surveyed those who had sold over the past year, and found that half had moved to a bigger home, while 17% moved to a similar sized property.
The average age of those who had moved to a bigger home came in at 39, while those downsizing had an average age of 60.
The most common move when downsizing was to a house with one or two fewer bedrooms, with 19% stating they wished they had made the move to a smaller home earlier.
Two-fifths (40%) said that downsizing reduced their mortgage payments by 50% or more.
The majority (21%) were also able to cut their other household outgoings by as much as 20%, although for some (12%), they were again able to cut this cost by more than half.
The majority (80%) of downsizers released equity of up to £150,000 when making their move.
Mark O’Dwyer, sales director at Quickmove Properties, said: “In current market conditions, downsizing and releasing equity can provide you with the financial security to ensure that your bills are paid and any increase in the cost of your mortgage is more easily managed.
“However, financial stability isn’t the primary factor behind our decision to downsize and, in fact, the vast majority do so due to lifestyle factors such as an empty nest, retirement and for age or health reasons.”
He added: “This is very much the case when it comes to downsizing – or ‘rightsizing’ – to modern park home developments, where like-minded people enjoy detached, bungalow-style living in easily maintained luxury homes.
“Many park home buyers find these safe, welcoming and ready-made communities hugely appealing, after living in a larger empty home for some time. No wonder so many wish they had made the move earlier.”
