A third of those opting to move home in the current market are downsizers.
However, according to research, it’s not the increased cost of borrowing or living, but the fact they live in an empty nest which is prompting their decision.
A survey by park home specialist Quickmove Properties asked 6,889 UK home sellers who had sold over the last year, how the size of their home changed during the latest move.
Half said they had moved to a bigger home, while 17% moved to a similar sized property as their previous home. However, a third (33%), had chosen to move to a smaller home.
The average age of those choosing to climb the ladder to a bigger home came in at 39, while those
downsizing had an average age of 60.
The most common move when downsizing was to a property with one or two fewer bedrooms than
before, with 19% of those surveyed saying they wish they had made such a move earlier.
The main reason to downsize was due to an empty nest – either as a result of kids leaving home or they had suffered a bereavement.
Reducing or clearing the mortgage debt, retirement, reduced mobility and the need for a home which is easier to maintain were also reasons.
Sheldon Bosley Knight’s director of residential sales, James Morton said: “Moving house is not always about getting a bigger property. We see a great number of people who wish to move to something smaller and generally this comes from kids having left the nest.
“Although interest and mortgage rates are higher than they have been for some years, we are still seeing plenty of interest from both buyers and sellers – there is plenty of life out there and as long as the price is right, property is selling.
“So, if you are thinking of downsizing and would like our help selling your current property and finding the next one for you, please pop into one of our branches or give our teams a call and see how we can get you moving.”