You Can Downsize In London

31st May 2021 posted in Sellers Buyers

Given the level of activity in the housing market of late, it is fair to say there are many reasons to move home. A lot of buyers have cited the need to move to a larger home as the key factor in why they have moved house.

However, given the financial challenges many people have suffered of late, some buyers will move to downsize their home. Of course, downsizing isn’t just related to saving money, there is a range of reasons why someone would move to a smaller, yet more expensive, home.

Downsizing is often about simplifying your life. Selling a large home, with bedrooms you don’t use, to move to a smaller home makes sense for many people. Also, downsizing helps many households move to an area that appeals more to them.

While life in London is quiet right now, this won’t always be the case. Some buyers are looking at the long-game, and it could be some buyers are looking at the West Hampstead market with great intent right now.

Are you looking to move soon?

A survey conducted by Barratt London offers some interesting insight into what might happen next in the London housing market. Some of the key findings from the study include:

  • Two-in-three of people aged over 50 who live in London are open to, or already planning, downsizing
  • 76% of this group were empty nesters, meaning their children had moved out of home
  • 71% of this group owned their property outright
  • 70% of this group live in a property which has a minimum of three bedrooms

London still appeals for many reasons

While there has been a lot of talk about people exiting London, this survey suggests many households are keen to remain in the capital.

Overall, 67% of respondents agreed with the statement, “Downsizing presents an opportunity to move to a different area” but only 32% of those over 50 agreed with the statement, “Downsizing means moving further away from London”.

Notably, this desire drops even further amongst the over 50 residents of Zones 1 and 2 in the capital

Why do people want to downsize?

With so many households keen on downsizing, there must be reasons. The following responses were found in the survey:

  • 74% of respondents who are over 50 cited financial motivation in downsizing
  • 54% of this group cited reducing the cost of property maintenance
  • 46% of these respondents cited lowering household bills
  • 36% of this group said they plan to finance their retirement by downsizing
  • 27% of this group said they planned on releasing equity

There were other reasons too, with health and lifestyle being a common response:

  • 20% wanted to improve their well-being
  • 12% said they plan on leading a healthier lifestyle
  • 9% want greater access to parks and green space
  • 14% want to improve their immediate environment

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.