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How Downsizing Shapes Housing Market

April 19th 2021
By: Intercounty
How Downsizing Shapes Housing Market

You might have seen a few headlines and stories about downsizing in the housing market of late. There is a strong chance you will have seen these headlines and decided it isn’t a relevant topic to you.

However, you might be surprised at how relevant downsizing is for you, and every household looking to make a move in the property market.

If you are looking to buy a home, perhaps something a bit bigger than what you own now, you are looking for a suitable property. It might be that a household who is downsizing has placed this home on their market.

Without households downsizing, your choice of suitable properties might be lower.

If you are looking to sell your home, you need to connect with the most suitable buyer. It might be that the best buyer for your property is someone or a family who currently has a larger home, and who is looking to buy a home like yours.

You don’t need to be downsizing to benefit from downsizing.

At Intercounty, we aim to connect you with the right people and homes. Whatever move you make, we will ensure you make an informed decision.

Downsizing figures are rising

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

There is growing demand for retirement property

According to the Associated Retirement Community Operators, again a body who have a vested interest in the market, suggests 85% of retirement property providers experienced an increase in sales and lettings in autumn 2020 compared to the previous year.

The same study also provided the following returns:

  • Higher sales and lettings in 2020 compared to 2019 were stated by 30% of respondents

  • 25% of respondents said they saw sales and lettings at least 50% higher in this field

Rightmove information also suggests a movement in this manner

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

If you have any questions about the housing market, or you are keen to move on and need guidance, we can assist you.

For all property services, please feel free to call us on 01279 757250 or why not email us at bishopsstortford@intercounty.co.uk. With considerable experience in the local property market, and free valuation services, we look forward to helping you make your next move in style.