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[Property](/home/property)

 /  20 January 2025  

#  Downsizing: Everything You Should Know  


There are certain milestones in life that cannot be ignored, and downsizing has become a significant consideration for many homeowners. Whether you’re looking to free up capital or want to enjoy the benefits of a lower maintenance home, taking the initial decision, finding a new home, decluttering and finally moving can all be daunting and emotional experiences. To find out more, we asked a range of experts to answer some important questions. Plus, we spoke to one woman about her experience of selling her family home to move to a smaller property.  


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Recent research has shown that downsizing has reached a ten-year low but changing tax policies and market conditions are expected to revive market interest in moving to smaller, more manageable homes, according to John Halman, chairman of estate agents [Gascoigne Halman](https://www.gascoignehalman.co.uk/). With Labour’s policies on inheritance tax potentially influencing homeowners’ decisions, now is the perfect time to explore the benefits of downsizing.

“Downsizing doesn’t mean downgrading,” says John. “We encourage our clients to see it as an exciting opportunity to find a property that better suits their lifestyle. While buying a premium home in a property hotspot might be out of reach, a smaller property in the same location could offer new social and entertainment opportunities right on your doorstep. For those who love gardens and open spaces, consider moving to a stately home converted into apartments – this allows you to enjoy beautiful surroundings without the responsibility of upkeep, and let’s not forget the benefits of being part of a community as we age. Or imagine trading in a larger, maintenance-heavy house for a chic apartment in the heart of a vibrant town or for a cosy cottage surrounded by nature. With endless possibilities, downsizing is not just about moving – it’s about transforming your life and embracing new opportunities.”

 

## WHERE TO START 



  

If you’re seriously thinking about downsizing, you’re probably overwhelmed with questions. To answer them and help you navigate the decisions you need to make, we asked CEO of [Garrington Property Finders](https://www.garrington.co.uk/) Jonathan Hopper for his advice.

### What is the most common age or stage for people to consider downsizing?

Downsizing often coincides with a moment of transition in people’s lives, such as retirement or the children flying the nest, when a larger family home begins to feel surplus to requirements. At this stage, many homeowners will reassess their needs, prioritising lifestyle changes and financial planning. It’s also a moment to reflect on how the home fits into their evolving lives and a chance to focus on practicality, cost-efficiency and the desire for a more manageable living arrangement.

### What are the key benefits of downsizing?

Downsizing offers a host of advantages. Financially, it releases equity, providing a cash boost that can be invested, used for other pursuits, or even passed on to the next generation. On a practical level, a smaller, more manageable property requires less maintenance as well as lower running costs and outgoings. Lifestyle benefits include the flexibility of a ‘lock-and-leave’ property, perfect for frequent travellers, and the opportunity to simplify daily living. It’s about embracing a home that complements a new phase in your life rather than being a relic of a past one.

### Why are we often hesitant to downsize?

This kind of move can feel emotionally and logistically daunting. Many people become deeply attached to their family home, which may be full of memories that are difficult to let go of. There’s also the fear of being overwhelmed by the process, particularly for those who haven’t moved home in decades. Furthermore, uncertainty about finding the right new property can be paralysing. People are understandably reluctant to sell without knowing where they will move to, yet the market often favours those who can proceed quickly – a challenging paradox for many downsizers. There can be huge benefits to downsizing but choosing the right place for your new needs can be tricky and it’s worth enlisting the help of an independent buying agent to guide you through the process.

### What are the financial implications of moving?

Moving to a smaller property can involve significant costs, which many people underestimate. Stamp Duty is a key expense to factor in, particularly for high-value properties or if the purchase will be a second home. Capital Gains Tax may also come into play for certain second or investment properties. Additionally, there are legal fees, removal costs and potential renovations or upgrades to the new property. Engaging with financial advisors or property experts early can help you uncover these hidden costs and manage them more effectively.

### What’s the most common mistake people make when choosing to downsize and how can it be avoided?

One of the most common pitfalls is beginning your search for a new home before you sell your current one. This approach often leads to frustration and missed opportunities, as sellers favour chain-free buyers. The solution lies in creative financial strategies, such as exploring cross-collateralised loans against a pension or investment portfolio, or short-term bridging finance. These options can help break the reliance on a simultaneous sale and purchase, allowing downsizers to act decisively and secure their ideal property.

### What’s the best way to assess the long-term suitability of a smaller property?

Evaluating long-term suitability requires a blend of financial, practical and lifestyle considerations. Future-proofing is key, so look for properties with accessible layouts, low maintenance requirements and proximity to essential amenities like healthcare and public transport. Consider, too, whether you might need room for mobility aids or live-in assistance down the line. Ultimately, a smaller home should be adaptable to evolving circumstances, while maintaining a sense of comfort and security.

### How do you determine the right size for your next home? Is there a formula for balancing comfort with efficiency?

The ‘right size’ varies by individual, but the guiding principle is to balance present needs with future flexibility. Think beyond square footage to consider how rooms are used daily. For instance, do you need guest bedrooms or multi-functional spaces? Comfort doesn’t mean compromising on efficiency – a well-designed two-bedroom property can often outshine a sprawling four-bedroom home for downsizers. Prioritise functionality and layout over sheer size.

### What should downsizers look for in terms of location? Are there specific areas or amenities that are especially desirable?

Location is paramount. Downsizers should prioritise proximity to family, friends and healthcare facilities, as well as access to social and cultural activities. Walkability, good transport links and nearby shops are important practical considerations too, while some may seek a rural retreat or coastal charm for their lifestyle appeal. The ideal location balances tranquillity with convenience, ensuring that the new property enhances day-to-day living while supporting a rich and fulfilling lifestyle.

### Do you recommend buying or renting when downsizing and what factors influence that decision?

Buying is generally preferable for those with the financial means, as it provides long-term security and stability. Renters may face uncertainties, including rising costs and finite lease terms, which can be unsettling in later years. However, renting might suit those seeking flexibility, particularly if they are testing out a new area or are unsure of their long-term needs. Ultimately, the decision hinges on individual circumstances, financial goals and lifestyle priorities.

### What’s the best way to start searching for a new home – any specific websites or agencies catering to this age group?

The first step is to clarify your priorities –- financial, practical and emotional – before launching the search. Engage with an experienced property professional who specialises in downsizing to streamline the process and identify off-market opportunities. Websites such as Rightmove and Zoopla offer a useful starting point, but property search agencies, particularly those focused on high-net-worth clients, can provide tailored guidance and access to properties that are not listed publicly. A strategic, well-informed approach is the key to finding the perfect setting for the next chapter of your life.

 

## KNOW YOUR MORTGAGE OPTIONS 



  

According to research\* from Suffolk Building Society, 12% of women say they will downsize or start considering a move to a smaller property within the next five years. Paul Blaking, direct mortgages manager at [Suffolk Building Society](https://www.suffolkbuildingsociety.co.uk/mortgages/later-life/), says: “Downsizing doesn't necessarily mean being mortgage-free. Yes, some people downsize in retirement to become debt-free, while others may still look to have a mortgage on a smaller property. If you’re applying for a new mortgage and you’ve recently retired (or plan to soon), be aware that you’ll need to be able to demonstrate that you can meet your mortgage repayments without the regular source of income of full-time employment. Increasingly, lenders are better prepared to consider all sorts of income types whether that's consultancy fees for ad-hoc work, pension income, or income from a rental property. Just because you've chosen to downsize at a certain age doesn't mean you have to clear your mortgage entirely."

*\*Research was undertaken between 7 - 9 June 2024 amongst a nationally and politically representative sample of 2,166 UK adults by Opinium on behalf of Suffolk Building Society.*

 

## DECLUTTERING FOR DOWNSIZING 



  

Moving to a smaller home inevitably means a huge clear out, which can mean getting rid of a fair amount of junk but could also involve an emotional clear out of a lifetime’s possessions. Ingrid Jansen and Lesley Spellman, from [The Declutter Hub](https://declutterhub.com/), say the most important factor when it comes to downsizing is a floor plan. Ask yourself what your life will look like in your downsized home. If you have to leave some furniture behind, then the chances are you will lose storage options too. You could use a floor plan app and start to map things out. A realistic picture of space and storage options is everything when it comes to downsizing.

### What are the golden rules of decluttering?

● Make a plan before starting the work. Think about your big picture goal and how you’ll make it happen, bit by bit.

● Break every decluttering project down into manageable chunks (for example, focusing on one room or one corner), so you don’t give up at the first sign of overwhelm.

● Don’t switch from one room to another. Make a plan and stick to one room until it’s done, then move on, otherwise it can become overwhelming.

● Don’t tackle the hardest room first – start in an area that is easier so you can build up your decluttering muscle.

● Take before and after photos – this will allow you to see and appreciate your progress as you work.

● Understand that decluttering is not a quick fix. It involves time and effort to master.

● Celebrate your wins – always take time to look back on what you’ve achieved as that will give you the motivation to continue.

### How do you navigate the emotional attachment to items you no longer have space for?

Start by working out why you feel such a strong emotional connection to certain items. The questions ‘Do I need it? Do I use it? Do I love it?’ will help at a basic level but often our emotional connection to clutter is way more complex. Getting rid of sentimental items involves so many complex emotions but always bear this in mind: the key is quality over quantity – if you have every card you’ve ever received or every drawing your child has ever brought home, how will you enjoy the ones that are truly special? Ask yourself, whose memory is it? If you don’t know the meaning behind something, how will you ever feel a depth of sentiment about it? Don’t keep a loved one’s treasures out of guilt. They have had their memories and now it’s time for yours.

### What are the most common items people regret keeping when downsizing? 

The only regrets people tend to have, downsizing or not, are sentimental items that they let go of in haste, either when they were under time constraints or were being pressured by someone else to let go, often after a bereavement. Conversely, people are always glad to retain their memories, as long as those sentimental items are not taking up valuable space needed elsewhere in the home.

### What’s the secret to maintaining a clutter-free environment in a smaller space?

If you have a smaller space, it’s all about an emotional decision. What do you want more, the space or the stuff? Then we have to focus on two key factors: accessibility and logic. When we can find what we need in a place that is straightforward to access, life gets a whole lot more simple.

### How do you approach storage when downsizing?

There are some tips and tricks to making downsizing manageable, before it starts getting overwhelming for some. For example, go vertical on storage – introduce wall shelves where sensible. Measure containers that will be used in cupboards, on shelves or on top of wardrobes to make sure you get the maximum benefit. Ottoman beds are super helpful in a small home or use easy to manoeuvre under-bed storage boxes.

### Can we declutter sustainably?

Sustainability is everything when it comes to decluttering. Decide on your exit plan before you start decluttering, as in where are your decluttered items going to go? Use easy to identify bags or boxes for different outlets so you know what’s going where. Use apps such as Olio to let go of things that aren’t easy to donate to charity. Do your research on what your local recycling centre will or won’t accept and aim to take your unwanted items to donate or recycle on the day you declutter, so they aren’t cluttering up your hallway or your car.

### What are the effects of downsizing and decluttering?

By decluttering and downsizing in a controlled and thoughtful way, your mindset will change. After you have decluttered, you will learn to live with and love having less. We’d argue that decluttering is a lifelong process, not a short-term project. As our lives evolve, so too do our homes and the things that make us tick – we need to constantly evaluate our belongings and take the action needed to prioritise the things that truly add value to our current lives.

*Visit* [*DeclutterHub.com*](https://declutterhub.com/) *for more advice and to listen to Ingrid and Lesley’s* [*podcast*](https://podcasts.apple.com/gb/podcast/the-declutter-hub-podcast/id1440892098)*. Their new book ‘Reset Your Home, Unpack Your Emotions And Your Clutter, Step By Step’ is out next month and can be ordered* [*here*](https://amzn.to/4h4hdDm)*.*

 

## CASE STUDY: SARAH ABLE, AGE 57 



  

“I’ve had the privilege of calling a lovely four-bedroom house in West Bridgford, Nottingham, my home for over 12 years. It has been the backdrop for family gatherings, celebrations, day-to-day life and lively times with my two sons, who are now 20 and 24. But as my youngest son left for university, the house began to feel very empty. With just me in the space most of the time, the rooms seemed larger than they needed to be, and it no longer felt like the bustling family home it once was.

“Beyond the emotional shift, there was also a financial reality to face. Supporting my sons through their education has been a strain on my finances. Despite having a stable job and a decent salary, I found myself living a student lifestyle, more jacket potatoes at home than nights out with friends! This prompted me to consider downsizing seriously and using the equity to become mortgage-free. It isn’t just about saving money, but more about reclaiming the freedom to enjoy life – weekend trips, theatre nights and the little pleasures I’d put on hold while raising the boys.

“Making the decision hasn’t been easy. I’ve poured so much time, energy and love into my house. When I first bought it, I did a loft and kitchen extension to create a space that would work for me and the boys. It has seen us through milestones, the rollercoaster of everyday boyhood and a lot of teenage parties (which I won’t miss!). Letting go of all that and the memories tied to every room has been tough.

“The realisation my sons are carving out their own paths and it’s time for me to do the same has taken me a while to accept. Downsizing feels like the natural next step in life, but the emotions are complicated. I have to think about my future, not just hold onto a past that is no longer my reality.

“I knew I wanted to stay local. West Bridgford is a wonderful place to live, with top-rated schools, a fantastic park, and a range of bars and restaurants. It’s a community where families thrive and a great place for people of all ages. I didn’t want to lose touch with my friends or the sense of familiarity that make this area feel like home. Plus, having my sons visit will allow them to reconnect with their friends in a place that’s comfortable for all of us.

“The search for a new home has been daunting, but also exciting and liberating. This time, my decisions are no longer tied to the needs of others, but to what makes sense for me. After some searching, I’ve found a lovely two-bedroom Victorian terrace that’s already been renovated, another bonus. I can move straight in without worrying about major renovations. My house sold quickly and now I’m in the process of decluttering before the move. This has been an emotional journey in itself. Letting go of things that have meaning is difficult, but I’ve realised I don’t have to do it all at once. I can clear out what I can now and leave the rest for later when I’m ready.

“It’s a shift I’m still adjusting to, but I’m looking forward to the next chapter, one where I can live more freely, travel more and start enjoying things I’ve put on hold for far too long. Downsizing isn’t just a practical decision, it’s a step towards reclaiming my own life.”

 

Visit [GascoigneHalman.co.uk](https://www.gascoignehalman.co.uk/), [Garrington.co.uk](https://www.garrington.co.uk/), [SuffolkBuildingSociety.co.uk](https://www.suffolkbuildingsociety.co.uk/) &amp; [DeclutterHub.com](https://declutterhub.com/)

*This article is only for general informational and educational purposes. The answers provided do not constitute financial advice. You should not act or rely on any information contained in this article without first seeking advice from a professional.*

 

 

 

 

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