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Downsizers want to ‘right-size’ but find leaving homes of 20+ years a wrench
By Vicky Dudbridge, director,
Savills Residential Development Sales
More than half of prospective downsizers have owned their homes for over 20 years, according to new research from Savills, and three quarters for more than 10 years.
Savills research into attitudes to moving reveals that older sellers, who are typically moving to downsize, are more committed to moving over the long term, with a net balance of 52 per cent looking to make a move in the next couple of years.
When asked what was the driving motivation behind moving, lifestyle factors are revealed to be the most important. Almost half hope to ‘right size’, looking to live in a more manageable sized property, while a quarter are seeking a lifestyle change.
Those looking to downsize or move on from long-term family homes are in a strong position in today’s market, with many having benefitted from the strong house price growth of the past 20 years.
When downsizers and empty nesters were asked what is holding them back from moving, a lack of suitable stock remains the biggest single constraint for this group, cited by 35 per cent. This certainly resonates in the new homes market here in Bath where the dual factors of strong demand and limited availability continue to have a significant influence on the market.
Emotional attachment is the second biggest factor affecting those considering a move, with 28 per cent of survey respondents admitting it was holding them back, and one in six cited ‘the memories they made’ in the home as the thing they would miss the most.
We can make the process that bit easier by helping them to market their house while also finding their new home here in Bath. A large proportion of those who buy at Holburne Park are ‘right sizers’.
Typically they are looking for good-sized accommodation that feels spacious but with a lesser number of rooms overall. They do not want to compromise on quality and they are still looking for enough bedrooms and the entertaining space to accommodate visiting family and friends.
With four and five bedroom homes on offer, including contemporary open plan living, alongside the formal drawing room many within this group look for, Holburne Park is a good prospect.
There is the opportunity to reserve a home at Holburne Park while marketing your current home, making that emotional move a little easier to manage.
