With the UK housing market facing an array of problems, experts have suggested almost as many solutions. One concept that could help resolve the current shortcomings is ‘right-sizing.’
‘Right-sizing’ refers to the process of moving to a more suitable property for your requirements, generally one with fewer bedrooms. Closely related to downsizing, some analysts think that ‘right-sizing’ could be crucial to help FTBs get a foot on the ladder.
Balancing the housing stock
Amid falling supply and affordability concerns, purchasing a first home is a significant challenge for huge numbers of young people. Yet, some 85% of owner-occupied homes in England and Wales contain one or more ‘spare’ bedrooms, research1 shows.
These unused rooms limit housing availability for families and younger buyers, which also creates a knock-on effect through the housing chain. “There are a lot of people in the UK who are sitting in houses that are bigger than they need,” commented Mark Arnold, Head of Savings and Mortgages at Barclays.
Barriers to ‘right-sizing’
We all know that a house is more than a home. After living in the same place for many years, it is unsurprising that many people develop an emotional attachment to their property that makes them reluctant to move. For others, the imagined hassle of moving seems unappealing.
To overcome these barriers, it is important to consider if your current home is meeting your needs. If you have more rooms than you need, it is likely there might be a better property for your circumstances. Moving would then help others by freeing up suitable housing across the whole market.
1Barclays, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
