\nBedrooms<\/strong><\/td>\nStep<\/strong><\/td>\nAverage property price<\/strong><\/td>\nDifference from the previous step<\/strong><\/td>\nDifference from the previous step (%)<\/strong><\/td>\n<\/tr>\n\nStudio<\/td>\n | <\/td>\n | \u00a3130,614<\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n1 bedroom<\/td>\n | 1 bed to studio<\/td>\n | \u00a3141,705<\/td>\n | \u00a311,091<\/td>\n | -8.5%<\/td>\n<\/tr>\n | \n2 bedroom<\/td>\n | 2 bed to 1 bed<\/td>\n | \u00a3171,871<\/td>\n | \u00a330,166<\/td>\n | -21.3%<\/td>\n<\/tr>\n | \n3 bedroom<\/td>\n | 3 bed to 2 bed<\/td>\n | \u00a3231,251<\/td>\n | \u00a359,380<\/td>\n | -34.5%<\/td>\n<\/tr>\n | \n4 bedroom<\/td>\n | 4 bed to 3 bed<\/td>\n | \u00a3341,037<\/td>\n | \u00a3109,786<\/td>\n | -47.5%<\/td>\n<\/tr>\n | \n5 bedroom<\/td>\n | 5 bed to 4 bed<\/td>\n | \u00a3453,276<\/td>\n | \u00a3112,239<\/td>\n | -32.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nBest cities for downsizing<\/h4>\nBournemouth is the best city for downsizing, with an average saving of 62.2% or \u00a3222,752, with the town being popular with older homeowners heading into retirement. Life by the sea certainly appeals to those looking to downsize in their later years.<\/p>\n In second, with an average saving of 59.9% or \u00a367,788, Sunderland offers great value, especially for those looking at smaller properties. Warrington in Cheshire comes in third, with an average saving of 58.1% or \u00a3121,901. Those who live in the larger neighbouring cities of Liverpool and Manchester<\/a> might find Warrington is a good option when downsizing.<\/p>\n \n\n\nRank<\/strong><\/td>\nCity<\/strong><\/td>\nRegion<\/strong><\/td>\nAverage saving*<\/strong><\/td>\nAverage saving (%)<\/strong><\/td>\n<\/tr>\n\n1<\/td>\n | Bournemouth<\/td>\n | South West<\/td>\n | \u00a3222,752<\/td>\n | 62.2%<\/td>\n<\/tr>\n | \n2<\/td>\n | Sunderland<\/td>\n | North East<\/td>\n | \u00a367,788<\/td>\n | 59.9%<\/td>\n<\/tr>\n | \n3<\/td>\n | Warrington<\/td>\n | North West<\/td>\n | \u00a3121,901<\/td>\n | 58.1%<\/td>\n<\/tr>\n | \n4<\/td>\n | Poole<\/td>\n | South West<\/td>\n | \u00a3231,274<\/td>\n | 56.2%<\/td>\n<\/tr>\n | \n5<\/td>\n | Dundee<\/td>\n | Scotland<\/td>\n | \u00a378,154<\/td>\n | 55.4%<\/td>\n<\/tr>\n | \n5<\/td>\n | Bolton<\/td>\n | North West<\/td>\n | \u00a3100,358<\/td>\n | 55.4%<\/td>\n<\/tr>\n | \n7<\/td>\n | Aberdeen<\/td>\n | Scotland<\/td>\n | \u00a390,124<\/td>\n | 54.9%<\/td>\n<\/tr>\n | \n8<\/td>\n | Middlesbrough<\/td>\n | North East<\/td>\n | \u00a359,556<\/td>\n | 53.9%<\/td>\n<\/tr>\n | \n9<\/td>\n | Glasgow<\/td>\n | Scotland<\/td>\n | \u00a378,637<\/td>\n | 49.0%<\/td>\n<\/tr>\n | \n10<\/td>\n | Derby<\/td>\n | East Midlands<\/td>\n | \u00a3101,524<\/td>\n | 48.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n *Average across all steps<\/em><\/p>\nPlan your downsizing carefully<\/h4>\nMost of us spend so much of our property-owning lives looking to upsize and have more space, but it\u2019s important to consider whether this is right for you.<\/p>\n People often associate downsizing with retirement, but it can be done anytime. It all depends on what you want and need from a property and what you can realistically afford.<\/p>\n And while some may be forced into downsizing due to circumstances, such as a divorce, it can offer advantages and opportunities. Downsizing could be more than just a trend \u2013 it could be a good financial move, especially if you\u2019re based in the right city.<\/p>\n Here are some tips to consider:<\/p>\n 1. Assess your needs<\/strong><\/p>\nBefore looking at property listings, make a detailed list of what you need in a home. Consider the number of bedrooms, the necessity for a garden, proximity to local amenities, or easy access to transport links. Understanding your ‘must-haves’ instead of your ‘nice-to-haves’ can make finding a suitable property considerably easier.<\/p>\n 2. Seek professional help<\/strong><\/p>\nEngaging with estate agents who are experts in the specific location you’re interested in can offer valuable insights. Their knowledge could save you time and prevent costly errors. And a solicitor can ensure that all legalities are efficiently handled, reducing any potential risks.<\/p>\n 3. Be efficient with space<\/strong><\/p>\nDownsizing need not mean compromising on your lifestyle. Be creative with storage solutions and furniture arrangements to maximise the utility of smaller spaces. Consider fitted wardrobes or under-bed storage to minimise clutter. Multipurpose furniture like sofa beds or dining tables with built-in storage can be excellent space savers. Before you move, declutter and only take what will fit in the new space.<\/p>\n 4. Financial planning<\/strong><\/p>\nA smaller property<\/a> often has lower utility bills, reduced council tax, and lower maintenance expenses. This reduction in outgoing costs can offer you a financial cushion directed towards savings, investments, or even buying a second property<\/a>. It can be worth speaking to a financial adviser, who can look at all possible options to help you make the right decision for you.<\/p>\nDownsizing, when thought through, can not only simplify your lifestyle but also provide a financial boost.<\/p>\n All data was sourced by Confused.com from Houses for Sale & to Rent on 4 July 2023, showing sale prices rather than the final price.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Claire Flynn from confused.com mortgages explores the most lucrative locations for downsizing your property across the UK. In recent years, downsizing has gained popularity for various reasons, ranging from a minimalist lifestyle to the practicalities of retirement. Not only can downsizing to a smaller home free up some cash, it also means less upkeep and… Read more »<\/a><\/p>\n","protected":false},"author":4206,"featured_media":4463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[687],"tags":[520,352],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/6098842"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/users\/4206"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/comments?post=6098842"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/6098842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media\/4463"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media?parent=6098842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/categories?post=6098842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/tags?post=6098842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | |