Cost-of-living difficulties are forcing people to reconsider their housing situations, with a new survey1 showing that three in 10 UK homeowners are considering saving money by moving to a smaller property, relocating or living with others.
Race for space?
After the pandemic-induced race for space, downsizing is back on the cards. Almost one in five respondents have considered downsizing, while 4% have so far made the move to a smaller home to meet increasing costs.
Six in 10 said moving to a smaller home would be something they might consider to help with the cost of living.
Homeowners in central London are especially drawn to downsizing or relocating, with more than a third thinking of moving elsewhere to help their financial position.
Yorkshire and the Humber residents were the least prone to downsizing, while homeowners in the North East were least likely to consider relocating.
Cash for space
In total, of those considering downsizing, more than seven in 10 cited the lower cost of living as a benefit. The research quantified the decision to downsize as a £120,820 saving for each bedroom given up.
Though this could be a significant saving, the downsides to downsizing were also mentioned by respondents, namely moving costs (39%), a lack of personal space for belongings (38%), distance from family and friends (29%) and being in an unfamiliar area (28%). For help weighing up your options, get in touch.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.