Is Now The Right Time To Downsize?

19th April 2021 posted in SELLERS

The events of the past year have left many households examining what is essential to them. There is no denying space matters. Most studies looking at property buyer behaviour focus on people looking for more space.

However, there is also a realisation many people are considering downsizing with their next housing move.

It might be you consider downsizing as something undertaken by the elderly, looking to simplify their life. This is a form of downsizing, but it is far from the only reason people move to a smaller home.

Sometimes downsizing offers better value for money or provides an opportunity to be closer to the people or things you love.

Many households must make tough financial decisions this year, and it is likely downsizing is an option many will consider. If you are looking for guidance on downsizing and how it might be the right time for you to move, please get in touch.

Nick Wooldridge of Stack Property Search said; “But the biggest hurdles in our experience are emotional rather than practical – the fear of change, reluctance to let go of the past, and the emotional hoops that will have to be jumped through to decide what to replace the family home with.”

Location means a lot when it comes to downsizing

One of the most important things to consider when downsizing is the location. Mr Wooldridge said; “The pandemic has made many people much more aware of the importance of being close to family – if not actually co-habiting! The idea of the extended family living within range to offer support to each other has become a clear trend. Being within a 15-minute drive is a great aspiration, close enough to 'pop', but not so close as to cramp each other's style.”

We believe Baldock is well situated, not only for what it offers in its own right, but for its access to other towns and villages. You can base yourself here, and find yourself in many great locations in next to no time.

Recent study backs up the demand for downsizing

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

Rightmove information also suggests an increase in downsizing

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

In line with Government guidelines, our Baldock Branch is open and our experienced team is working hard to support you.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email baldock@country-properties.co.uk  or ashwell@country-properties.co.uk.