London homeowners are leading the national shift towards downsizing, with more residents in the capital planning to move into smaller properties than anywhere else in the UK, new research shows.
A study commissioned by Sold.co.uk found that 34% of Londoners with a mortgage or owned property intend to reduce the size of their home within the next decade. That compares with 27% in the West Midlands and 26% in the South West.
The findings come as Londoners face the highest housing costs in the country. According to the Office for National Statistics, the average price of a home in the capital stands at £566,000 – 91% higher than the UK average of £296,000 – despite recent price falls.
The research also found that 39% of London homeowners are considering moving to reduce household expenses, while half said they wanted a more manageable property that better suits their lifestyle. Nationally, 24% of respondents said they plan to downsize within the next ten years, with a third of those hoping to do so within the next 12 months.
DOWNWARD SPREAD
While downsizing is often associated with older homeowners, the trend appears to be spreading to younger age groups. The survey found that 25% of both 18-24 and 25-34-year-olds plan to move into smaller homes, compared with 32% of those aged 55-64.
Matt Gerrish (main picture, inset), property expert at Sold.co.uk, says: “London’s housing market plays by its own rules. Space costs a premium so people are starting to question whether they really need it all.
“We’re seeing more homeowners choose comfort and financial breathing room over the burden of maintaining oversized properties. It’s no longer about having the biggest house on the street, it’s about living within your means and enjoying life without the stress of massive bills.”
SMALLER AND SMARTER
And he adds: “From Hackney to Hounslow, Londoners are going smaller and smarter – choosing convenience over clutter.
“As the cost of living continues to bite, the capital’s downsizing trend looks set to become the new normal for city dwellers determined to make their money, and their space, go further.”
