The ‘great British downsize has begun’, newspaper insists – London Wallet

The “great British downsize has begun”, a national newspaper has declared.

According to the Telegraph, a sea change in the market is occurring where older people are less reluctant to move.

The newspaper cites research by property data and insights firm TwentyCi that shows the number of homes being sold by those aged over 66 has risen 13% on last year. This, says the Telegraph, contrasts with a broader market picture where transaction numbers are “stalling” and the number of sales by younger owners are “either flat or falling”.

The newspaper quotes Rob Oatley, of Winkworth in Pimlico and Westminster, who says one in five under-offer homes sold through his office are owned by older downsizers.

He tells the Telegraph: “With elevated living costs – utility bills, insurance bills, interest payments – it’s not surprising that more people are downsizing.”

Also quoted is Sarah Cull, of Strutt & Parker Salisbury, who says she deals with many “reluctant downsizers” who are moving because they can no longer manage the stairs or garden.

However, she tells the paper there are “many more who delay moving because they are overwhelmed by the thought of clearing out a lifetime’s worth of possessions”.

She adds: “These homes are usually full to the brim with great granny’s brown furniture, including a sentimental dining table that has hosted all the family Christmas.

“It can feel daunting to even start decluttering so it’s unsurprising that people have a tendency to put it off for longer than they perhaps should.”