With downsizing unlocking an average of £209,000, we reveal the best and worst regions for homeowners looking to move into a smaller property.
Once the kids have left home or retirement kicks in, downsizing is often the sensible choice – saving space and freeing up cash.
In fact, estate agent Jackson Stops found that downsizers can free up an average £209,000.
With this in mind, This is Money spoke to property experts and estate agents to determine the best – and worst – areas for downsizers.
The research looked at factors such as crime figures, health care and proximity to countryside.
Here are the best and worst cities for those looking to relocate – all property prices are from Rightmove, unless otherwise stated.
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The best areas for downsizers
East Lindsey, Lincolnshire
Although it isn’t a well-known part of the country, East Lindsey recently made headlines when it was voted the best place for downsizers by estate agent Hamptons.
With homes costing an average of £228,000, the region is located close to the Lincolnshire Wolds Area of Outstanding Natural Beauty and several busy market towns.
Options for downsizers: While detached properties are worth around £331,000, the average Victorian cottage sells for approximately £160,000.
North Norfolk
Often referred to as ‘Chelsea by the Sea’, North Norfolk was the childhood home of both James Blunt and Stephen Fry.
The area has 90 miles of sandy beaches and 125 miles of waterways.
Options for downsizers: Detached houses fetch £458,000 and terraced properties are available for an average £257,000.
Arundel, West Sussex
Famed for its 11-century castle, Arundel also offers boat trips along the river, a cathedral and impressive Georgian period properties.
However, some larger homes are situated on steep slopes, which may not be ideal for older people, according to This is Money.
Options for downsizers: Despite average house prices of £490,000, buyers could bag a two-bed flat for an average £199,000.
Tendring, Essex
Although parts of Essex have a reputation for attracting younger people and those leaving London, the borough of Tendring has a great deal to offer retirees.
For example, its colourful beach huts and sea front make it appealing for those seeking a slower pace.
Options for downsizers: A typical semi-detached goes for £257,000, according to the research.
East Devon
With many downsizers in their fifties, East Devon is particularly popular with this demographic thanks to its impressive selection of pubs and restaurants.
This is Money noted that the town of Sidmouth is a favourite, with its festival and houses overlooking the bay.
Options for downsizers: While the average property was £371,000 last year, buyers can pick up a terraced property for £289,000.
Torridge, Devon
Located in north-west Devon, Torridge often attracts nature lovers, thanks to its waterfalls, sandy dunes and woodlands.
According to This Is Money, the fishing village of Appledore is a popular choice with downsizers who appreciate its hidden lanes and narrow streets.
Options for downsizers: Buyers could bag a terraced house for an average of £251,000.
Dorset
When speaking to This Is Money, one estate agent claimed that Dorset is popular with three types of downsizers: those Down from London (DFL), families seeking highly rated schools, and nature lovers.
In particular, the experts praised the region’s walking trails along the Jurassic Coast.
Options for downsizers: If you’re looking for a semi-detached property, you can pick one up for £340,000 – far cheaper than the average £500,000 in the South East.
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New Forest, Hampshire
Spanning almost 560 square kilometres, the New Forest National Park is a popular spot with nature lovers thanks to its woodlands and river valleys.
The researchers also point out that the region has its more luxurious features, with high-end hotels and restaurants.
Options for downsizers: Homes have an average price tag of £392,000, compared with £765,000 in London.
Herefordshire
With walks alongside the River Wye, proximity to the Black Mountains and popular fishing spot, Herefordshire is popular choice for people looking to relocate.
However, the experts recommend that downsizers requiring transport links to bigger cities focus on the east of the county.
Options for downsizers: While the average property price is £339,000, terraced homes stand at £219,000.
The worst areas for downsizers
At the other end of the scale, here are the regions where homeowners stand to make the smallest profit by downsizing.
Milton Keynes, Buckinghamshire
According to This is Money, Milton Keynes offers “precious little of beauty” to those who pass through its roundabouts.
Likewise, the researchers claim that the city’s ample supply of galleries, museums and cinemas aren’t enough to tempt many people to move to the area.
Property prices: Homes have an average tag of £351,000, with semi-detached properties coming in at a slightly higher £357,000.
Northampton, Northamptonshire
As well stating that Northampton doesn’t “compare favourably with all the lovely villages” in the surrounding areas, the researchers found that Northampton offers downsizing savings well below the national average – £87,000.
That said, the experts point out that property prices are reasonable compared with London, which is less an hour away on train.
Property prices: According to the researchers, semi-detached properties go for an average £267,000.
Hull, East Yorkshire
Despite what the researchers describe as Hull’s “reputation for dowdiness”, This is Money does praise the city for its street art, independent music venues and museums.
Likewise, the report points out that the city possesses an “alternative bohemian vibe” before slamming its “ugly housing” stock.
Property prices: With prices for a semi-detached at approximately £186,000 and terraced homes going for £123,000, you’ll likely save around £40,000 by downsizing – again, far below the national average.
York, Yorkshire
Unlike some entrants in the ‘worst regions for downsizers’ list, York attracts significant praise from the researchers.
According to This is Money, many downsizers from the south flocked to York during Covid thanks to its “cobbled lanes, quirky markets, interesting lifestyle shops and excellent schools”.
But, as the experts point out, downsizers “will need deep pockets” and savings will likely be relatively small.
Property prices: For many relocators, the sums simply won’t add up, with the average semi-detached worth £340,000 and terraced properties fetching £342,000.
Edinburgh
With cultural events such as the Festival Fringe and award-winning restaurants, Edinburgh’s appearance in the list doesn’t reflect its attractiveness as a place to live, rather its limited saving potential for downsizers.
In fact, research from Confused.com found that homeowners would save just £87,600 by relocating.
Property prices: Average property prices in the city last year were £330,000, down two percent.
Belfast
With what they describe as a “paltry” savings potential of £61,000, the researchers believe that downsizing in Belfast is “hardly worth the upheaval”.
However, This is Money praises the city’s strong schools, green spaces and good bars – before stating “Belfast is not for everyone”.
Property prices: According to research from home.co.uk, the average property goes for £252,000.
Liverpool, Merseyside
As well as being the home of the Beatles, Liverpool is thriving thanks to its film studios, new football stadium and strong university quarter.
However, figures from Confused.com reveal that homeowners would save just £87,600 by downsizing.
Property prices: Typical prices for a semi-detached are £234,000, with terraced properties fetching £158,000.
Luton, Bedfordshire
According to the researchers, “most of us go to Luton to catch a plane to somewhere more appealing”.
However, This is Money does acknowledge that property prices are a fraction of those in London, which is a little over half an hour away on train.
Property prices: According to figures from Confused.com, downsizers can expect to make £110,000 by relocating – again less than in other parts of the country.
Cambridge
The researchers found that investing in Cambridge could prove risky thanks to unanswered questions over its future as a tech hub.
Despite plans to transform the city in the UK’s version of Silicon Valley and build almost 35,000 properties, the quality of these new homes remains to be seen.
Property prices: The average price of a semi-detached is £651,000, with Confused.com finding that homeowners could save £125,000 by moving to a smaller property