THE FINE ART OF DOWNSIZING

Whether it’s because of an empty nest or other changes in circumstance, many homeowners are re-evaluating where and how they want to live, and seizing the opportunity to forge a new life

Words by Liz Rowlinson

Opposite: with its scenic waterways, friendly size and handsome Georgian buildings, Bath is a favoured destination among right-sizers THE WAY WE LIVE IS CHANGING, thanks in large part to the pandemic. And this shift, for many, has brought one question into sharp focus: where do you really want to be at this stage in your life? It’s an exciting prospect.

Much has been written about upsizing and the race for space towards larger gardens and home offices, but what about downsizers – or, more accurately, “right-sizers”, a better term for those choosing to move to a smaller, more easily maintained and not necessarily more affordable home? Starting a new chapter in life, removing the high costs of maintaining a larger property, simplifying daily routines or just taking a leap into the unknown are all reasons that have motivated people to right-size over the past two years. For many, a sense of excitement prevails and the current sellers’ market makes this the perfect time to make such a positive change.

A key driver for a large proportion of Savills buyers who decided to downsize in 2021 was the desire to be closer to family, says Andrew Perratt, head of Country Residential. “The past few months have made many people realise they want to be nearer to their children or grandchildren, and also that it’s actually the ideal time to make the move. In recent years, the uncertainty of trying to sell a property in a slow market was a daunting prospect because of the months it might take, but since market conditions changed in the summer of 2020, a quick sale at a premium price is far more likely.”

Freeing up equity to help children or grandchildren get on the housing ladder or pay school fees is another primary factor behind downsizing. Savills estimates approximately £10bn was handed down the generations in this way in 2021. Yet this capital might also open up a new lifestyle of travel or the pursuit of other interests you now have more time for. Such passions may well be focused around the cultural or artistic hub of an urban centre, and many small regional towns have thrived during the pandemic, especially those close to a national park or Area of Outstanding Natural Beauty.

Easier access to sailing typically draws right-sizers to Chichester or Lymington, while having the South Downs within easy reach makes Winchester a popular option. The Hampshire city’s book group and bridge club were also important draws for one new resident. “Many people might have been moving out of cities to gain more living space, but being able to walk to the theatre, a coffee shop or a restaurant is increasingly important to today’s downsizers,” says Perratt. Good public transport links are also key.

Small cities and towns such as Oxford, Cambridge, Winchester, Worcester, Brighton, Exeter and Tunbridge Wells have always attracted downsizers for these reasons, while Edinburgh, though bigger, has enough charm to keep any right-sizer happy. Wherever you look, right-sizing is on the up, says Alistair Heather, who heads the Bath office. “Bath has long appealed for its architecture, culture, manageable size and genteel pace of life, but one of its true strengths is that it is a place where it’s very easy to meet people and grow a social network,” he says. “It’s possible to feel comfortable here very quickly, which is reassuring when people leave a long-held family home and community.”

Right-sizers arrive in Bath from all parts of the country, with London a key feeder city, but current market conditions have prompted an uptick in demand in London, too, as some right-sizers seek to swap large family houses in the suburbs for flats in the heart of town. As Perratt explains: “Some people might not have planned to downsize quite so soon, but are now thinking, ‘Why wait? There has never been a better time to sell the family home.’”

Financial reasons aside, Heather says, there is a real sense of, “What do we want to do with the next stage of our lives and where best can we achieve this?” In common with Bath, the former spa town of Cheltenham attracts families for the quality of its schools, but it ticks all the boxes for right-sizers, too, says Chris Jarrett, head of the Cheltenham office. “An early-retired couple decided to move here recently because it was equidistant between their children in the southeast and Wales,” he says. “Far from being a compromise, the decision was driven by the desire to live in a cosmopolitan place with great restaurants and festivals, and the fact the Cotswolds is on the doorstep. Downsizing was more about what they were gaining than what they were losing.”

Properties sought by right-sizers range from apartments in elegant Georgian townhouses to new-builds within historic conversions that offer the latest technology and modern comforts. Energy efficiency has become a bigger consideration, too, as the cost of heating and maintaining a large period home looks set to soar with the rise in gas prices. There is high demand for large lateral apartments, duplexes, and – increasingly during the pandemic – houses. Open-plan living, ultra-fast broadband, on-site gyms and concierge services are all new possibilities for many buyers seeking to enhance their home environment. “One thing that downsizers don’t want is anything that needs a lot of work,” says Heather, noting the particular appeal of traditional-style new-build properties at the Hope House and Holburne Park schemes in the heart of historic Bath.

In Winchester, Silkstead Park, a new-build scheme of threebedroom houses on the outskirts of the city, and the Knights Quarter apartments, with concierge services and a gym, are both favoured by right-sizers. Redland Court in Bristol – popular with retirees for its good transport links, vibrant restaurant scene and cultural activities – is another example of a period restoration offering apartments and townhouses with a high-spec contemporary feel. The pedigree and prime position of The General, the city’s former hospital and a listed building, also make it ideal for today’s right-sizers.

Wherever you choose to relocate to, make sure to enjoy your new way of living. Size really does matter.

Oxford’s lively cultural scene makes it a popular destination for downsizers

Clockwise from above CHELTENHAM This Grade II listed terraced house on Fairview Road has a a garden and a study; guide £550,000, Chris Jarrett, chris.jarrett@savills.com

CAMBRIDGE The Boat House has a mooring on the River Cam and a terrace overlooking the water; guide £995,000, Ed Meyer, ed.meyer@savills.com

BRISTOL Redland Court is a smart development of restored period buildings and new homes; from £825,000, Katie Spears, katie.spears@savills.com

BATH This one-bedroom apartment on the Royal Crescent, one of the city’s most prestigious addresses, has a wealth of period features; guide £1m, Alistair Heather, alistair.heather@ savills.com