For many, the decision to downsize to a smaller and lower maintenance property is linked to a new chapter in life, such as retirement or grown-up children leaving home.
For those with wanderlust, downsizing can offer the freedom to embark upon new adventures. Today’s downsizers also hold the key to freeing up larger properties to allow growing families the opportunity to upsize.
However, the current tough economic climate is driving more people to consider downsizing for financial reasons. Recent data from Knight Frank suggests that the number of people looking to downsize has increased by a third in the past year1.
This trend became particularly pronounced in 2023, with high energy costs emerging as a key driver behind the decision to downsize, along with the significant rise in mortgage interest rates.
The mortgage adviser Simply Lending reported it had received double the number of downsizing inquiries over the past six months, driven by clients coming out of fixed deals and being faced with a monthly payment they are unable to afford, and recent data from Hamptons highlights that a significant 41% of movers are looking to reduce their bedroom count, marking a notable increase from previous years.
Choosing to relocate to a smaller property is not always an easy decision, particularly if the property being left behind is a cherished family home. Finding a smaller, more manageable property will be important, but the location will also play a key part in the decision process. Well-connected towns with excellent local amenities are often highly sought after by downsizers, aspiring to maintain a high quality of life in their later years.
The home counties remain a popular choice, with towns like Wallingford in Oxfordshire an aspirational destination for downsizers, with its superb range of amenities essential for everyday living, along with its amazing community spirit.
Read more: Celebrating the best of Oxfordshire: What makes Wallingford so special?
Ben Ivey, Sales Director, Berkeley Homes (Oxford & Chiltern), comments: “We have recently launched a new development of homes, Winterbrook Meadows, in Wallingford and have already had a lot of positive interest from customers looking to downsize.
“In our experience, new build homes are always a popular choice with downsizers, as they love the ease of moving into a brand-new home. Everything from the simple buying process, brand new appliances (under warranty), and estate management mean downsizers can relax and enjoy their new home.
“After spending decades looking after larger properties that often suffer from poor energy efficiency ratings, the lower energy bills and less maintenance associated with new builds along with a lower environmental footprint add to their appeal.
“Historic market towns like Wallingford, home to well-supported independents and fantastic amenities, rich with historical charm, remain a popular choice. Wallingford boasts several attractions such as Wallingford Castle and the lively BunkFest music festival, which both pay tribute to the town’s rich history.”
There is also a strong sense of community fostered within Oxfordshire, which provides a supportive and enriching environment for individuals transitioning to a new chapter in their lives.
David Pratt, a local property agent and Director at Thomas Merrifield, comments: “Wallingford and the surrounding villages are incredibly popular with downsizers and the retirement community. Countryside walks, an abundance of facilities, activities, sports and leisure groups are just some of the draws to the area.”
To learn more about Winterbrook Meadows and its compelling proposition for purchasers seeking a more manageable and cost-effective lifestyle in a convenient location with useful amenities, kindly visit the Winterbrook Meadows website.
Homes at Winterbrook Meadows are priced from £387,500.
1 The uprising of downsizing by Liam Bailey, Knight Frank, December 2022
The post Beyond Walls: What’s driving the rise in downsizing in Oxfordshire? appeared first on The Oxford Magazine.
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