Making downsizing easier could solve the housing crisis - but some are doing it for a simpler life and lower bills, writes Francesca Steele
When Alix Stoney, then 42, and her husband Andy decided to move from their four-bedroom 1,500 square foot new-build house in the town of Halstead, Essex, eight years ago, they took an unusual decision. With two teenage children, they opted to downsize instead of upsize: moving into a three-bedroom bungalow, 300 sq foot smaller than their previous four-bedroom home, in the nearby village of Gosfield.
The Covid pandemic fuelled a race for space as people previously cooped up and feeling claustrophobic after the lockdowns set their sights on something larger. According to research by the estate agent Hamptons, a record 100,980 homes were bought by Londoners outside the capital in 2021, as city-dwellers moved out of town in their search for larger homes. But some feel that the race isn’t necessary, at least beyond a certain point – and indeed recently it has eased up.
However, for the Stoneys, the money wasn’t the biggest gain. In fact, the family sold their previous property for £320,000, and the bungalow cost £495,000, although they did save huge amounts by not going ahead with the renovation. For them, the benefits were actually elsewhere: in monthly outgoings, which were “probably hundreds of pounds cheaper each month” after they’d installed better insulation, plus new windows and doors, and also in their way of life.
“No mortgage, plus lower outgoings is great. Insurance, utilities and so on are about 20 per cent less,” she says. “But the fact that the houses here are terraced and less grand actually means there’s more of a community feel on the street, a feeling that everyone is looking out for each other. The house also has a more practical layout – better sized rooms, especially for the teens. We love it.”
She moved into a three-bedroom terrace with her children, and lived there for 13 years. She then moved to a two-bedroom house nearby a decade ago, going from 900 sq ft to about 800 sq ft. “Now I’m looking to downsize again, possibly to a one-bed. If my children or grandchild want to stay we can all just muddle in. I think empty rooms are a waste. You can just invest in a lovely sofa instead of a spare room.
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