The finest locations to downsize – and those you would be mad to maneuver to

Downsizing makes sense. After all, most people need to free up a little extra cash after they stop working and the kids have flown the nest.

According to Jackson Stops estate agents, downsizers can, on average, free up £209,000 of equity. That doesn’t take into account the cost of moving which Halifax claims is £12,000 – but it is still a significant sum.

But where in the country to downsize? Obviously, the exact amount of equity released by moving to a smaller house varies from place to place – as does what each town, village or city can offer.

So we’ve spoken to estate agents and property experts and analysed the price difference between properties of varying sizes, travel time to amenities and health care, the proximity of the countryside and crime figures to come up with the best and worst places for downsizers in the country.

East Lindsey, Lincolnshire

Perched near the east coast of England, East Lindsey, one of seven districts in Lincolnshire, has always been an anonymous part of Britain, passing under the radar when the usual ‘best places’ appear in the property pages. Last month, however, East Lindsey hit the headlines when research from Hamptons estate agents showed it to be the number one place in the country for downsizers. The reasons are plain to see. Homes cost an average of £228,000 and you can pick up a comfortable little bungalow for well under £200,000. The quality of life is good. The Lincolnshire Wolds Area of Outstanding Natural Beauty is nearby; the area has some busy market towns and there are sandy beaches too. Horncastle is a popular spot and for seaside views try Anderby Creek. If your health is a worry, Lincoln and Louth both have hospitals.

Downsizing: If you have a detached home in Lincolnshire then it is likely to be worth £331,000, according to Rightmove. You could sell that and buy a smaller, well presented Victorian terraced cottage for around £160,000.

On the market: This Victorian end-of-terrace property in the historic market town of Louth has two en suite bedrooms, a kitchen-diner, and low maintenance gardens (£160,000, tes-property.co.uk)

North Norfolk

You may well assume that North Norfolk – sometimes referred to as Chelsea by Sea – is far too expensive to be of interest to downsizers. After all, this is the stomping ground of Stephen Fry and where posh boy singer James Blunt was brought up. Well, you would be wrong. Although places like Burnham Market and Holt are trendy there are other charming villages just off the beaten track where house prices are more affordable. In Docking, for example, you can buy a two-bedroom semi-detached bungalow for around £200,000. As a country retreat, the county takes some beating, with 90 miles of huge, sandy beaches fronting the eerie beauty of the salt marshes and tidal creeks. There are the bucket and spade resorts of Hunstanton, Cromer and Sheringham, not forgetting the 125 miles of lock-free waterways that are the Norfolk Broads.

Downsizing: The average price of a detached house in North Norfolk is £458,000, according to Rightmove, but terraced properties sell for £257,000. Shop around and you can find properties such as the following in Cromer.

On the market: This delightful two-bed cottage with a private garden is situated in the popular retirement complex of Ashdown Court, just a few minutes’ walk from Cromer town centre (£200,000, henleysea.co.uk)

Arundel, West Sussex

This market town in the South Downs is the ideal downsizing spot for outdoorsy types and nature lovers of all ages. ‘People love to take boat trips up the River Arun to Amberley and witness the wildlife,’ says Jennie Hancock of Property Acquisitions, a home search company working for the buyers. The architecture is also charming, with a castle, a cathedral and some wonderful Georgian houses. It pays, however, to study the lay of the land before buying. ‘The centre of the town has big houses on a steep slope, which could be a problem for some retirees,’ says Hancock. ‘Better to buy on the periphery in somewhere like Torton Hill Road or Dalloway Road.’

Arundel is a great place to pass a leisurely day visiting antique shops or studying the deer in Arundel Park before dropping in on Kim’s bookshop and taking a pit stop at The King’s Arms.

Downsizing: The average price of a property in Arundel is a steep £490,000, according to Rightmove. Downsizing to a flat may be the answer for some. The average price for a two-bed flat is £199,000.

On the market: Situated on the outskirts of the picturesque town of Arundel, this first-floor maisonette has two bedrooms and dual aspect kitchen. A GP surgery and park are close by (£250,000, cubittandwest.co.uk)

Tendring, Essex

Thanks to its perma-tanned young residents and the presence of Nigel Farage, Essex gets a bad press. Yet it certainly has its attractive side and the Tendring Peninsula in north-east Essex is one of them. Billed the ‘Sunshine Coast’, it has resorts such as Frinton-on-Sea, Brightlingsea and Dovercourt Bay, some with Blue Flag beaches and ideal places to while away the days on a deck chair. Frinton is the most famously genteel town, still notorious for not allowing ice cream stalls, amusement arcades or burger bars to sully its 1950s charm. The prices are the attraction for London emigres. The average price of a property is £458,000, according to Rightmove, and you can buy a bungalow for around £400,000. The average sale last year in London was £686,000.

Downsizing: The average price of a semi-detached in Tendring is £257,000.

On the market: This two-bed semi-detached bungalow has front and rear gardens, a garage and off-road parking. It’s located in the popular ‘Frinton Homelands’ development and is 100 metres away from the amenities at the ‘Triangle’ shopping centre (£250,000, sheens.co.uk)

East Devon

Perfect for those who want a change of scene but don’t want to be too cut off from friends and family ‘up-country’, accessible East Devon is a favourite spot for downsizers.

‘The villages in the Blackdown Hills, not too far from Taunton and the M5, are popular with these clients,’ says Nick Cunningham of Stacks Property Search. ‘Villages around Honiton, where there is still plenty going on, even in winter, are much sought after.’ Cunningham has noticed that downsizers are now often in their fifties, as opposed to being post-retirement age. Top of their wish list are single-storey homes with big open-plan living spaces. They do not particularly want a big garden but a home office is often required if someone intends to work from home. The charming coastal town of Sidmouth, with its festivals, is also popular – particularly the houses on the hill overlooking the bay. East Devon is also blessed with some superb pubs and restaurants. The King’s Arms at Stockland is a favourite, as is The Glebe restaurant in Southlea.

Downsizing: The average price of a house in East Devon last year was £371,000, according to Rightmove. Terraced homes cost £289,000

On the market: This delightful Grade II Listed cottage in Fairmile has two bedrooms, two bathrooms and a charming enclosed garden. Fairmile is situated less than two miles to the north of Ottery St Mary and provides good access to Exeter via the nearby A30 dual carriageway (£300,000, hallandscott.co.uk)

Torridge, Devon

Torridge, a district in north-west Devon, is for downsizers who have had quite enough of urban life and fancy getting closer to nature. Coastal attractions include wild cliffs, waterfalls and sandy dunes, while inland there are ancient woodlands and steep valleys. Its remoteness also means better value for money in terms of property. Favourite spots include Appledore, a fishing village with narrow streets and hidden lanes, and the market town of Holsworthy. 

Yet Torridge also comes with a warning. ‘These are very strong local communities and incomers must work at being accepted,’ says Nick Cunningham. ‘Many incomers bought here during the pandemic but then sold up, letting their houses as Airbnbs, which hasn’t gone down well.’ For those who settle this is a great area for adrenaline junkies. Surfing, kitesurfing, wild swimming, coasteering and mountain biking are all popular here.

Downsizing: The average price of a terraced house is £251,000, according to Rightmove, which is down 7 per cent on the previous year.

On the market: This two-bedroom detached coach house set within a close walk to Northam village and local amenities has a garage and large enclosed garden (£220,000, webbers.co.uk)

Dorset

There are three types of downsizers who favour Dorset, according to Anthony Pears of Jackson-Stops estate agents. ‘There are the Down from London (DFL) types who like the independent shops and wine bars in towns like Sherborne,’ he says. ‘There are those who come for the excellent schools and finally we have the country lovers who come for Dorset’s unspoilt landscape.’ This is Thomas Hardy country and it has wonderful walking trails along the rust-red Jurassic Coast there are coves, fossils and beautiful beaches, including the great shingly sweep of Chesil Beach. Downsizers in Sherborne are mostly aged 70 or over, moving from large country houses and estates to be within walking distance of the town. ‘The surrounding mellow-stoned villages are very popular,’ says Pears. Over and Nether Compton, Trent and Corton Denham are particular favourites. Further along the coast Christchurch, Mudeford and Highcliffe are a bungalow hunter’s Utopia.

Downsizing: The average price of a semi-detached in Dorset is £340,000, according to Rightmove. In the south-east it is £500,000

On the market: This charming two-bedroom house in a highly regarded gated development in Sherbourne has a large garden (£399,000, jackson-stops.co.uk)

New Forest, Hampshire

Covering an area of 566 square kilometres, with vast tracts of woodland, heathland and river valleys, the New Forest National Park is a favourite spot for outdoorsy downsizers. There is much here to interest them, including 140 miles of track and footpaths and although it is relatively close to the city, the deer, ponies and cattle running free create a sense of the wild. Not that the area is devoid of creature comforts. The villages of Beaulieu, Brockenhurst and Burley are quaint, with some interesting shops and there are prestigious hotels and restaurants such as Chewton Glen, Carey’s Manor and Lime Wood. For those who prefer a taste of the sea, Lymington, with its lovely broad main street, is a favourite with boatie types. Although it is possible to enjoy a financial differential by moving to the New Forest from, say, London, this is not an area for the get-rich-quick relocators. Research from Savills shows that New Forest buyers pay 101.1 per cent more than the average price for Hampshire. However, exclusivity is part of the area’s charm.

Downsizing: The average price of a terraced property in London is £765,000. In The New Forest the average cost of a house is £392,000, according to Rightmove.

On the market: This two-bedroom detached bungalow is set in a quiet cul de sac in Lymington and within walking distance of Waitrose and the High Street (£425,000, burkmars.co.uk)

Herefordshire

The satirist Roger Lewis disparagingly described the land separating south Wales from England as ‘The Herefordshire Balkans’. The property search agent Anto Clay is somewhat kinder. ‘You are buying peace, seclusion, prettiness and character when you move here,’ he says. ‘You are buying a slice of life as it used to be.’ There are simple pleasures to be had, including walking alongside the River Wye and fishing or kayaking with the Black Mountains in the background. This is a seriously remote part of Britain so if anyone in the family needs to be in say Birmingham or London regularly it is best to be based in the east of the county. Here, Ledbury has a buzzing high street, some stylish shops and good independent cafes. Ross-on-Wye, perched on a sandstone cliff above the Wye, has excellent schools, a theatre and an air of sophistication. Both Kington and Knighton are well regarded but incomers should think carefully before buying in Hay-on-Wye on the edge of the county. The views are magical and during the annual literary festival, it is full of faces from television.

Downsizing: The average price of a property in Herefordshire is £339,000, according to Rightmove. Terraced homes cost on average £219,000.

On the market: This three-bedroom home in Hereford is semi-detached and has off street parking (£250,000, flintandcook.co.uk)

WORST PLACES FOR DOWNSIZERS

Milton Keynes, Buckinghamshire

Milton Keynes (MK) feels weirdly impersonal, perhaps because the place is built as a ‘grid’ with fast roads intersected by the famous roundabouts and precious little of beauty to be seen from the speeding cars. With its population of 300,000, the city has museums, galleries, music venues and cinemas but very few people move into the town. ‘The main reason they move is for health or mobility reasons – to buy a single-storey or a better designed house,’ says property search agent, Rachel Johnston. Those who do move within MK save, on average, £83,000. So, moving within is hardly likely to improve your quality of life. Definitely one for pragmatists only.

Downsizing: The average price house in MK is £351,000. Semi-detached homes cost £357,000, according to Rightmove.

Northampton, Northamptonshire

Halfway between Milton Keynes and Coventry, Northampton doesn’t compare favourably with all the lovely villages outside. True, the town has the essentials, with a cinema and comedy and music gigs at the Royal and Derngate. It is also a keen sporting town, there are good schools and property is reasonably priced, certainly compared to London, under an hour away by train. Yet it is curiously featureless as a town. Anyone moving there can expect to save about £87,000 but a move there appeals mainly to lovers of the more utilitarian things in life. For something special check out the villages.

Downsizing: Semi-detached houses sell for, on average, £267,000, according to Rightmove. Detached homes sell for £422,000. Prices fell by 5 per cent last year.

Hull, East Yorkshire

Perhaps through being associated with the misery poet Philip Larkin, who was a librarian there, Hull has a reputation for dowdiness. True, it has independent music venues, museums and exhibitions as well as interesting street art. The presence of so many students gives the place an alternative, bohemian vibe and Victoria Dock is worth a visit, with the Trans Pennine Trail on the doorstep and views of the marina. However, in southerners’ eyes the most remarkable thing about Hull is its prices – the average cost of a house is just £163,000. Whether that compensates for some of the ugly housing or for being so far removed from a major centre of culture is a matter of taste. Larkin thought it did.

Downsizing: You can buy a semi-detached at around £186,000 or a terraced home for £123,000, according to Rightmove. The downside is that you are only likely to save, on average, £40,000 by downsizing.

York, Yorkshire

Figures from Halifax tell a whole story about York. Between 2020 and 2022, York’s property price inflation was the highest in the whole of England and Wales. What was happening? Evidently the instinct to flee the Covid crisis brought countless downsizers from the south. And still, they come, attracted by the cobbled lanes, quirky markets, interesting lifestyle shops and excellent schools. These incomers pay dearly for their moves. A Georgian or Victorian period property in Bootham and around York Minster could set you back £2million. Younger buyers head for South Bank where Bishopthorpe Road is growing a reputation for being ‘hip’ and artsy. So, while York is an interesting place to move to, you will need deep pockets to downsize there.

Downsizing: Average cost of a semi-detached is £340,000. A terraced home costs £342,000, according to Rightmove.

Edinburgh

Today Edinburgh is known as one of the world’s leading festival cities, as well as for its shops, cafes and award-winning restaurants. It is also a renowned centre of learning, science and art. Every year cultural events such as the Edinburgh Festival Fringe keep the city in the news. It has some truly impressive architecture but the average amount saved by downsizing to Edinburgh is a mere £87,600, according to Confused.com. It means only dedicated aficionados of the ‘granite city’ consider downsizing there.

Downsizing: The average price of an Edinburgh home last year was £333,000, 2 per cent down on the previous year, according to Rightmove.

Belfast

Despite its somewhat chequered past, Belfast today is rather friendly, with good bars and restaurants. Key developments include Victoria Square, the Cathedral Quarter, the Titanic Quarter and the Laganside, with the odyssey complex and the Waterfront Hall concert, exhibition and conference venue. The schools are good and there’s lots of green space. Cyclists and joggers can work out along the Lagan towpath. The city has a lot going for it but there is a downside too. There is still a sectarian divide and if you downsize within the city the average saving is a paltry £61,000 – hardly worth the upheaval. In short Belfast is not for everyone.

Downsizing: The average price of a Belfast property is £252,000 according to home.co.uk.

Liverpool, Merseyside

There is a lot going on in the home of the Beatles. Work is starting on new film studios; it is developing a reputation for science and tech and a shipping container shopping centre is making the Baltic Triangle ‘cool’. The new football stadium is rising from the docks and key areas for investors include Liverpool Waters, a thriving residential centre, and the Knowledge Quarter where you find the universities and research establishments. House prices are enticing – the average property cost is £214,000. On the downside, Confused.com estimates you will only make £61,000 if you move within the city. The shadow of the 1980s riots still hangs heavy over Liverpool. Downsizing to the city is best left to ‘returners’ hoping to relive the days when music from the Cavern changed the world.

Downsizing: The average price of a semi-detached is £234,000, according to Rightmove. A terraced house costs £158,000.

Luton, Bedfordshire

Most of us go to Luton to catch a plane to somewhere more appealing. The best thing that many estate agents have managed to say about the town in the past is that its property prices are a fraction of London’s, only 35 minutes away by rail. Yet Stacey Dooley’s home town has big plans for the future. Strawberry Star developers are building 993 apartments priced from £210,000 on the site of the old Vauxhall Motors company, incorporating a gym, supermarket, restaurants and bars, all centred on a new piazza. It even has a Dubai touch – terraces of rooftop gardens. Nobody can deny that Luton has experienced its share of social unrest over the years. Whether this ambitious regeneration of the town, which is home to 110 different nationalities speaking 140 different languages, will bring communities together remains to be seen.

Downsizing: You can hope to make £110,000 by downsizing within Luton according to Confused.com. The average semi-detached in Luton costs £337,000, according to Rightmove.

Cambridge

Last year Michael Gove, the then secretary of state for housing, announced grand plans to turn Cambridgeshire into the UK’s version of Silicon Valley. Developments in the area are to see around 35,000 new homes being built in the surrounding countryside. Why Cambridge? Well, a dramatic influx of start-ups and technology businesses ignited an almighty economic boom in recent years. Also, the building conditions, with flat land and lots of brownfield sites are pretty much perfect. Will all of this go forward now that Gove has left office? The jury is out on that. As for downsizers, research by Confused.com shows homeowners are likely to make £125,000 by moving into something smaller. If Gove’s plans all come to fruition, this could be much more. However, nobody knows what these new communities will be like when they are all up and running. Investing could be risky.

Downsizing: The average price of a semi-detached in Cambridge is £651,000, according to Rightmove.