Where downsizers can make the most money by moving to s smaller home
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Looking for a smaller home? This Surrey town gives the most bang for your buck when downsizing – we reveal the rest of the top ten
- The top regions to downsize and release equity have been revealed
- Findings based on the move from a four-room home to a three-room home
- Leading the way is Surrey’s Elmbridge with a potential windfall of £805,428
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The areas that provide the greatest bang for your buck when you’re downsizing have been revealed.
The survey by estate agents Jackson-Stops identified the best regions to downsize in England and Wales.
It highlighted the areas where movers would free up the most money after moving from a typical four-bedroom detached house to a smaller three-bedroom semi-detached house.
The top areas that give movers the most bang for their buck in downsizing have been revealed
Sites in Surrey, Hertfordshire and Kent are among the best areas for those looking to free up equity through downsizing
The research suggested that by moving from a detached house to a semi-detached house, movers could be left with a typical windfall of £205,157, up from £8,681 since January and £44,226 since 2020.
The amount that could be released has risen on profits since the start of the pandemic, although reports suggest house prices may be starting to fall.
However, there are major regional differences and the broker listed the areas where such a move could free up the most money.
Leading the way is Elmbridge in Surrey, a district that includes Cobham and Weybridge, with an average windfall of £805,428.
The neighborhoods with the largest price difference between a detached and semi-detached house have been mapped out
Surrey has been in the top three twice, as a leading location for those who can get the most power out of downsizing.
Tim Firth, of the Jackson-Stops branch in Weybridge, explained: ‘Surrey tops the charts for a reason.
‘The long-term growth of the large family housing market here has left the apartment and smaller housing market far behind. It means the gap in value can feel huge and can be a hugely lucrative move for avid downsizers looking to make money while home prices stay high, getting a more manageable size home in the process.
‘Detached homes have always been so sought after in Surrey, as a melting pot for families and high earners leaving the capital, often their first stepping stone to the countryside.’
How the price difference between a detached house and a semi-detached house has changed since 2017
Downsizing in Surrey’s Weybridge
Topping the list of the best places to downsize and free up equity is Elmbridge in Surrey.
The district includes Cobham and Weybridge, and could provide downsizers with a typical area windfall of £805,428.
For those looking to downsize in the area, this three bedroom semi-detached property in Weybridge is for sale for £675,000. The sale is supervised by Martin Flashman real estate agents.
This three bedroom semi-detached house in Weybridge is for sale for £675,000 through Martin Flashman estate agents
Separately, this three bedroom semi-detached house is listed for £575,000. Sales are handled by Jackson-Stops.
This three bedroom semi-detached property is for sale for £575,000 through Jackson-Stops
Mr Firth of Jackson-Stops added: ‘Families will move here and stay for decades. It’s not like London where postcodes can be much more volatile. Older sellers I speak to have been here for 30 or 40 years, with established roots and a social life they don’t want to run away from in their downsize. They can move just 20 minutes away, or to a remote village, but never too far away.
Many reducers say they’ve been thinking about it for years, but the prospect of heating and maintaining a large house with four or five beds during an energy crisis was the push they needed to finally move in. shrink.’
Popularity of the homelands
With the exception of London, the top 10 locations that left buyers the most after downsizing from detached to semi-detached were all located in the home countries, with Elmbridge once again topping the charts alongside hotspots in Hertfordshire, Kent and Surrey.
Newcomers to the list, not present in the percentage difference ranking, include Windsor, Guildford and Cambridge, all of whom are left with a healthy £430,000 or more from the move.
Downsizing is popular among the over-55s, with 24 percent of households in this age group. It is the equivalent of 2.9 million homes.
Tomer Aboody, of real estate lender MT Finance, said: ‘Downsizing can help free up equity to drive savings and help cover rising costs. At the same time, it frees up much-needed single-family homes for those trying to climb the ladder.
‘A smaller building would not only be more manageable for downsizing in terms of maintenance, but also cheaper in use and heating.’
