Full list of the best places in Britain to downsize your home | UK | News

A growing number of Britons are considering downsizing this year as rising living costs, mortgage pressures and the need to release equity in their homes create financial distress.

While some older homeowners are downsizing to reduce their inheritance tax liabilities, others are looking to unlock money during retirement, especially after children leave home.

Hamptons research last year showed downsizers now represent the largest group of buyers in Great Britain, accounting for 37 per cent of all home buyers.

Yorkshire Building Society collected data from 1,000 adults last year and found that nearly 50 per cent of homeowners would consider downsizing within two years if the government introduced a scheme offering support.

Rewards and challenges

The process brings stress but also offers significant rewards. Turning a new leaf in interesting new surroundings means escaping the numerous costs and maintenance demands that larger properties entail.

But adjusting to life in a completely different property isn’t the only big change facing downsizers.

As well as the often difficult task of parting with once-valuable properties, downsizers also have to factor in costs such as estate agents, solicitors and conveyancing, survey and moving fees and stamp duty.

Expert advice on where to move

But should you take the plunge? Where to minimize? When we spoke to experts we found some of the best places to camp in the UK.

Stratford-upon-Avon, Warwickshire

The Royal Shakespeare Company calls this town home, making it perfect for theater lovers. Getting around is easy, with quality bars and restaurants close to the centre, while the river provides peaceful walks.

“Stratford upon Avon has always attracted downsizers, particularly because of its geography,” says Hamish Scott of the Hamptons. “Many people looking to downsize are looking to get closer to where their children or grandchildren are settled and may be scattered across the UK. Stratford has the advantage of being two hours away from London, Manchester, Bristol, Bath and Liverpool and not too far from the Cotswolds, but offers better value for money. The average selling price is around £400,000.”

Ayr, South Ayrshire, Scotland

Recent property developments may have diminished the appeal of this south-west Scottish seaside town, but much remains attractive. There is easy access to Glasgow and the airport, while the Gaiety Theater hosts regular music and theater performances. The Citadel Entertainment Center offers fitness facilities and classes, along with numerous shops and restaurants.

The long sandy beach and promenade provide seaside appeal. The town is an excellent base for exploring the region’s coastline, islands such as Arran and Bute, as well as cycling and walking opportunities. Attractive properties such as Rozelle and Belleisle add greenery. The birthplace of Robert the Bruce has a rich history with castles and monuments to explore nearby. Prices for a modern two-bedroom flat with attractive beach views start from £110,000.

Donaghadee, County Down, Northern Ireland

This small historic town, about 18 miles from Belfast, is very popular with downsizers. Independent shops, restaurants, cafes and bars abound, while beautiful walks, fishing and cycling attract visitors. Developing rowing, swimming and sailing groups are suitable for those who are more energetic.

However, train service is not available; Without a car (35 min drive from Belfast) you’ll need to take a bus to Bangor for trains to Belfast. Flights from Belfast Airport to London take 85 minutes. The average price is £286k.

Exeter, Devon

Which? ranked this cathedral city as the UK’s top downsizing destination in 2023 due to its manageable size and perfect mix of accessible amenities and healthcare offering a high quality of life.

Relatively affordable for the southwest, decent parks are located alongside Dartmoor and nearby beaches.

“Exeter is a lively but compact city, ideal for those who enjoy a walkable lifestyle with easy access to the countryside with the nearby Dartmoor and Devon coastline,” says Nick Jane from the Savills Exeter office. “Excellent transport links include direct trains to London in just over two hours and access to the M5. Offering great value for money, the city also benefits from a developed shopping and cultural scene centered around Princesshay Shopping Center and seasonal events at Exeter Cathedral Green.” Average selling price is £424k.

Denbigh, North Wales

Research from Hamptons estate agents shows Denbighshire in north-east Wales is becoming a popular downsizing area. This historic market town offers affordable housing (a mix of period cottages, modern houses and rural retreats) along with good amenities in an attractive historic setting.

However, the area is plagued with flooding problems, so any planned property purchase requires thorough and careful research. The seaside resorts of Rhyl and Prestatyn are nearby. Properties are sold for an average of £361 thousand.

Wimbledon, southwest London

Wimbledon, which has a significant budget, attracts not only tennis enthusiasts but also long-term downers. Central London proves to be a simple environment while maintaining a green and friendly atmosphere. Beautiful, well-proportioned homes and a really active community define the town, with pockets of housing from £1 million to £2 million, Wimbledon Park from £2 million to £4 million and Wimbledon Village from £4 million to £20 million.

“Wimbledon blends village charm with great connections,” says Christopher Burton, Knight Frank Wimbledon Sales Manager. “It was recently named the country’s best high street by Knight Frank. It offers first-class health, leisure and dining options and is the only station in London with train, tram, tube and Thameslink and a direct connection to Eurostar. It’s just 19 minutes from Waterloo. In terms of cultural offerings, there’s New Wimbledon Theatre, Wimbledon Quarter and, of course, tennis.”

Llandrillo-Yn-Rhos, Conwy, Wales

Reasonable property prices, coastal beauty, a friendly community and proximity to the amenities of the larger seaside town of Colwyn Bay explain why Llandrillo-Yn-Rhos (also known as Rhos-on-Sea) attracts downsizers.

Snowdonia is located nearby, making an excellent base for walkers or cyclists, while there are plenty of water sports opportunities on the coast. Independent shops, cafes, bars and restaurants offer good options. However, the summer months bring crowds and the health situation of the region may improve. Average sale £248K.

Cambridge

Vibrant Cambridge has long attracted the attention of downsizers, proving particularly attractive to older homebuyers who are moving from rural areas and retaining easy access to the countryside. The city base provides better access to healthcare facilities, among other amenities.

“Cambridge is a highly desirable place to live, blending a beautiful historic center with modern amenities,” says Ed Meyer of Savills Cambridge. “The city has a vibrant independent dining and shopping scene and excellent cycling and public transport links, including high-speed rail links to London. Cultural life is vibrant with live music, theatre, local concerts and the recent addition of the Everyman Cinema, all contributing to an outstanding lifestyle.” The average house can be bought for £500 thousand.