Research shows homeowners looking to downsize
April 20, 2025 by Alan
Home owners
The latest research into the housing market in the UK shows that the number of homeowners that want to move to a smaller property during the next five years is on the rise.
This research was carried out by Suffolk Building Society, and it reveals that 15% of homeowners are feeling that way, adding up to roughly 6.3 million in total. According to the research, the main reason why they are keen to downsize is growing economic pressures. In particular, many of the respondents cited the costs of maintaining their homes – such as energy bills.
What the research also shows is that there are clear differences by region. 14% of those living in the South told the survey they hoped to move to a smaller home within the next five years. By way of contrast, just 10% of people living in the North felt that way.
When it comes to the capital city, the percentage that are considering downsizing is 25%. These regional variations can be attributed to the fact that living costs are higher in the South – with London being the most expensive of all. Switching to a smaller property can significantly cut costs, from energy bills to mortgage payments.
Charlotte Grimshaw, from Suffolk BS, said that mortgage advisors have a crucial role to play, in that they can get homeowners to consider making the move at the optimal time.
This is a potential new income stream for those with the CeMAP qualification, as well as being something that can benefit homeowners who are struggling financially.
Written by
Alan
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