Top towns for downsizers

Mortgages and Home

Updated on 14 November 2014 | 5 Comments

Huge number of people over 55 plan to downsize, with many looking to move to a new town.

The latest Prudential Downsizing Index has revealed that 2.5 million people are looking to downsize when they next move home.

More than 40% of over 55s plan to sell their current home, with 75% of them looking to downsize.

The top reason for wanting to downsize is that their current property simply has too much space (61%), while the convenience of running a smaller home is also a big factor (58%).

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Retirement hotspots

Around a third of downsizers want to use the move to a smaller property to coincide with relocating to a different town or city within the UK.

Analysis of data from the latest Census shows that Cornwall, Arun and North Somerset are the most popular retirement destinations in England and Wales for people aged 65. How about the rest of the top 10?

Local authority

Net gain of residents over 65

Cornwall, Isles of Scilly

603

Arun

366

North Somerset

333

Gwynedd

311

Eastbourne

280

Tendring

273

New Forest

264

Cheshire East

262

Conwy

256

Worthing/Wiltshire

247

And these are the places that older people are most likely to be leaving:

Local authority

Net loss of residents over 65

Birmingham

651

Brent

388

Bromley

361

Leeds

337

Ealing

332

Southwark

313

Harrow

302

Haringey

299

Newham

289

Are you planning to downsize? Will you relocate as well? Tell us in the comments below.

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More on housing:

Surveyor body predicts that house prices will recover

Halifax: house prices still slowing

Nationwide says house price growth slowing

Cambridge and London city hotspots for house prices 

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