Looking to move to a smaller home? This Surrey town gives the biggest bang for your buck if you downsize – we reveal the rest of the top ten
- The top regions to downsize in and release property equity have been revealed
- Findings based on moving from a four-bed house to a three-bed semi-detached
- Leading the way is Surrey’s Elmbridge with possible equity windfall of £805,428
The areas that give the biggest bang for your buck if you are downsizing have been revealed.
The research by estate agents Jackson-Stops identified the best regions to downsize in across England and Wales.
It highlighted the areas where home movers would have the most cash freed up after moving from a typical four-bedroom detached home into a smaller semi-detached property with three bedrooms.
The top areas that give movers the biggest bang for their buck when downsizing have been revealed
Locations in Surrey, Hertfordshire and Kent are among the best areas for those looking to release equity by downsizing
The research suggested that by moving from a detached home to a semi-detached home, movers could be left with a typical windfall of £205,157, a rise of £8,681 since January and up £44,226 since 2020.
The amount that could be released has been lifted by gains since the start of the pandemic, although reports suggest house prices may be starting to fall.
However, there are huge regional differences and the estate agent listed the areas where the most money could be released by such a move.
Leading the way is Elmbridge in Surrey, a district that includes Cobham and Weybridge, with an average equity windfall of £805,428.
The areas with the highest price difference between a detached and semi-detached home have been identified
Surrey ranked twice in the top three spots, as a leading location for those able to get the most equity from their downsize.
Tim Firth, of the Jackson-Stops branch in Weybridge, explained: ‘Surrey has hit top of the charts for good reason.
‘The long-term growth of the large family home market here has far superseded that of the apartment and smaller homes market. It means the gap in value can feel enormous and be a hugely lucrative move for any keen downsizers looking to cash in while house prices remain buoyant, getting a more manageable sized home in the process.
‘Detached homes have always been in such high demand in Surrey, as a melting pot for families and high earners leaving the capital, often their first steppingstone towards the countryside.’
How the price difference between a detached property and a semi-detached home has changed since 2017
Downsizing in Surrey’s Weybridge
Top of the list of the best places to downsize and release equity is Elmbridge in Surrey.
The district includes Cobham and Weybridge, and could provide downsizers with a typical equity windfall for the area of £805,428.
For those looking to downsize in the area, this three-bedroom semi-detached house in Weybridge is for sale for £675,000. The sale is being handled by Martin Flashman estate agents.
This three-bedroom semi-detached house in Weybridge is for sale for £675,000 via Martin Flashman estate agents
Separately, this three-bedroom semi-detached house is for sale for £575,000. The sale is being handled by Jackson-Stops.
This three-bedroom semi-detached house is for sale for £575,000 via Jackson-Stops
Jackson-Stops’ Mr Firth added: ‘Families will move here and stay for decades. It’s not like London where postcodes can be much more transient. Older sellers I speak to have been here 30 or 40 years, with established roots and a social life that they don’t want to walk away from in their downsize. They might move just 20 minutes down the road, or to an outlying village, but never too far.
‘Many downsizers say that they had been considering it for many years, but the prospect of heating and maintaining a vast four or five bed home during an energy crisis had been the push they needed to finally downsize.’
Popularity of the home counties
Excluding London, the top 10 locations giving buyers the largest sum left over after downsizing from a detached home to a semi-detached were all based in the home counties, with Elmbridge topping the charts again alongside hotspots in Hertfordshire, Kent and Surrey.
New entrants on the list, not present in the percentage difference ranking, include Windsor, Guildford and Cambridge, all leaving a healthy £430,000 or more left over from the move.
Downsizing is popular among those aged 55 and above, with 24 per cent of households in this age bracket downsizing. It is the equivalent of 2.9 million homes.
Tomer Aboody, of property lender MT Finance, said: ‘Downsizing can help release equity to boost savings and help cover rising costs. At the same time, it frees up much-needed family homes for those trying to move up the ladder.
‘A smaller property would not only be more manageable for downsizers in terms of maintenance but also cheaper to run and heat.’