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April 18, 2024
PI Global Investments

Where ‘young’ downsizers go to live the dream (and release the most cash)

The best downsizing locations

The most popular location for younger downsizers aged 50 to 60 is East Lindsey, according to research by Hamptons. With the coast on the east and the Lincolnshire Wolds (an Area of Outstanding Natural Beauty) to the west, nearly one in five people making the move to this area were in their 50s.

Homes cost an average of £235,000 in East Lindsey, so downsizing from an average-priced detached property would release around £220,000.

Many downsizers won’t be looking for an average home, however.

A key part of making the jump is to move to a property that is less maintenance and closer to local amenities, so a terraced house or a flat may be more suitable. Terraced houses cost £157,000 (releasing just over £300,000 if selling the average detached UK property), while flats cost £106,000.

Another hotspot is Torridge, in the south west, with those aged between 50 and 60 accounting for one in six movers. Property is slightly more costly here than in East Lindsey: the average house costs £309,000, while £230,000 would get you a terraced house and £153,000 could buy you a flat.

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