Published: 19/05/2021 By ARIn recent times, many house buyers have cited the need for more space as the crucial factor in a property purchase. Given everything that has taken place in the past year, it is no surprise that many households are looking for more space.
However, there are other factors to consider when moving home. Financial aspects must be taken into consideration, and a lot of people have endured a trying time in the past year. It is not unreasonable to see many people moving to smaller property as part of a downsizing focus.
There are many reasons to downsize
Of course, you don’t need to downsize for financial reasons, there are other reasons why people downsize their property. You might look for a smaller home in a nicer or more expensive area. You might have grown tired of the work required to keep your home in great condition.
If you are looking to downsize, you will be pleased to hear Leeds is a great option.
With Leeds being the largest city in West Yorkshire, some people might be surprised that the city is second in terms of the savings it is possible to make when downsizing property. The average saving on offer in Leeds, for losing one bedroom, is £91,693. For comparison, this saving is more money than you would need to buy a one-bedroom property in Huddersfield.
The largest saving on offer, as you would expect, comes from downsizing from a five-bedroom home to a four-bedroom property. Leeds is ranked third in this regard, with a saving of £152,031 on offer.
Vlatka Lake, Marketing Manager at Space Station, said: “Downsizing is a popular option for homeowners who no longer need a three, four, or even five-bedroom property after their children grow up and fly the nest. It’s fascinating to see that savings in certain areas across Yorkshire from downsizing by just one bedroom is enough to buy a one-bedroom property in other locations across Yorkshire and the Humber. You’re almost always going to save money by downsizing and there are storage options available if you don’t have quite enough room for your possessions in your smaller home.”
Is downsizing a suitable solution for you?
A survey conducted by Barratt highlights some of the key reasons why people are looking to downsize.
With so many households keen on downsizing, there must be reasons. The following responses were found in the survey:
- 74% of respondents who are over 50 cited financial motivation in downsizing
- 54% of this group cited reducing the cost of property maintenance
- 46% of these respondents cited lowering household bills
- 36% of this group said they plan to finance their retirement by downsizing
- 27% of this group said they planned on releasing equity
- 20% wanted to improve their well-being
- 12% said they plan on leading a healthier lifestyle
- 9% want greater access to parks and green space
- 14% want to improve their immediate environment