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Downsizing more popular at 'top-end of the market'

Downsizing - where homeowners move from a larger property to a smaller one for financial or practical reasons - is far more common at the top-end property market, a spokesperson from property advisors Savills has said. Lucian Cook, director of residential property at Savills, said that "a relatively high proportion of people" with property worth around £1 million downsize when they move, often because they are retiring or specifically want a smaller home. He went on that the value of a house was a big factor in who would decide to downsize, saying: "What you tend to find in the mainstream market is that yes, it is something [about which people might think]: 'I might contemplate doing it, but I've lived in this house for ever and a day and actually, there is not a significant advantage because I'm not effectively releasing a massive amount of capital.'" "[So instead they think] 'Actually, I'll just stay here – I feel comfortable in the house.' So that is why there is quite a big differential between the impact of downsizing in the mainstream markets and prime markets."

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