Downsizing could be the key to resolving the housing crisis
Quickmove Properties have found that bigger doesn’t always mean better as downsizers have helped to release over 300,000 bedrooms back onto the housing market.
The estate agent, which specialises in homes for over-50s, has completed new research by analysing additional data collected in a recent downsizer survey commissioned by them. Quickmove found that downsizers have put an average of 343,000 bedrooms back onto the housing market and that across the UK, 2023 saw a total of 718,127 home sales.
It is estimated that people selling their properties for something smaller accounted for 32% of the 2023 transactions, which is equivalent to 229,621 sales.
In a recent company survey, 65.1% of individuals say they relinquished one bedroom while downsizing their property and 24.7% gave up two bedrooms. Likewise, 7.4% gave up three bedrooms and 1.4% lost four.
When looking at these statistics against the number of sales in 2023, Quickmove estimated that downsizers put 342,824 bedrooms back on the market in a single year. This is sufficient to sleep the entire population of Wigan, which currently stands at 339,174.
‘Downsizers play a huge part in the property ecosystem,’ Mark O’Dwyer, sales director at Quickmove said. ‘The market needs older property owners to downsize their family homes – perhaps once their kids have fled the nest – so that these large properties can be made available for the young families who need them.’
O’Dwyer continued: ‘This market churn keeps everything moving and helps bring balance to the market. What’s more, the extra space that downsizers put back onto the market supports our battle to overcome the ever-present housing crisis.’
According to the research, downsizers in the South East put the most bedrooms back on the market, totalling an estimated 52,993. Scotland contributed the least, but their number still stands firm at 28,502.
Although giving up bigger properties to families who need them is vital, O’Dwyer also adds that older people need to be given high-quality smaller homes to move into.
He said: ‘Of course, there needs to be suitable properties for downsizers to move into, such as the bungalow-style park homes for over 50’s offered by Quickmove in some stunning coastal, rural and semi-urban locations.’
Image: Michal Balog
