Around 2.5 million people are looking to move to a smaller home when they retire, with the south of England dominating the downsizing destinations.
Cornwall, Arun district in West Sussex and North Somerset are the most popular areas people relocate to when they retire, says new research.
And around 2.5 million people are looking to downsize when they retire, according to the latest Prudential Downsizing Index.
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%).
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.
Here are the top 10 retirement destination hotspots in England and Wales.
|
Local authority |
Net gain of residents over 65 |
|
Cornwall, Isles of Scilly |
603 |
|
Arun, West Sussex |
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 |