Downsizing has long been associated with empty nesters in their 50s, 60s and 70s. However, a growing number of homeowners in their forties are now opting to scale down, driven by rising interest rates, increased building costs, and financial pressures. These younger downsizers are making strategic moves to maintain their desired lifestyles without overextending their finances.
Mark Crampton, our Surrey and Sussex buying advisor, confirms this trend in The Sunday Times:
“I am seeing buyers in their forties who stretched themselves to buy within the past five years and are readjusting now that their three or five-year fixed-term mortgages are expiring. This strategy allows them to maintain their current lifestyle by reducing their mortgage.”
Interestingly, these homeowners are not looking to relocate far from their current communities. Crampton notes:
“These buyers are always looking in the same area as they want to keep their lifestyle the same: the commute, school run, access to doctors, health, sports clubs.”
As a result, the country market has seen a “significant increase” in supply, particularly in the £1 million to £3 million price range. This shift signals a rebalancing in the property market, as younger buyers prioritise financial flexibility over maintaining large homes.