How Yorkshire homeowners are downsizing without giving up space or location
When Mel and Patricia Reid decided to move out of the house they had lived in for 33 years, they wanted a more manageable property, but not at the expense of space.
Their home was a converted stables and coach house close to the Stray in Harrogate. But when Mel, 81, lost 95 per cent of his vision, their large four bedroom property became too difficult to manage.
The problem was finding somewhere smaller without giving up the things they valued about their old home. "We wanted to stay close to family in Harrogate, we didn’t want to move doctors and dentists, we wanted our own space in the home and to be able to fit in our old furniture,” says Mel, a former managing director for a chemicals group.
With the help of their selling agents, Hunters, they eventually found an apartment right on the Stray, just 250 yards from their old house. In terms of size and layout, it felt like the downstairs of their old home without the stairs, spare rooms and maintenance. Even their existing furniture fitted.
Yorkshire estate agents say the couple’s requirements are typical of the modern downsizer.
Edward Hartshorne, managing director of Blenkin & Co in York, says the word itself is misleading. "Downsizing gives you all sorts of impressions of awfulness – getting rid of belongings, throwing things out. Downgrading as well as downsizing. I don't think that's the case anymore," he says.
Edward estimates that around 80 per cent of his clients are downsizers, with at least seven or eight out of 10 valuation appointments involving people looking to move to a smaller home.
While many of these house buyers are looking for homes with fewer bedrooms, they still want larger, more modern living spaces and higher spec kitchens and bathrooms.
"Generally speaking, a lot of the time the reason for downsizing tends to be more to do with the outside space and maintenance/upkeep of garden," says Fergus Purtill, managing director of Beadnall Copley. "Having a few bedrooms that don't get used is up there as well but more often than not they don't want much less in the way of living space."
Being able to walk to shops, cafés, doctors and other facilities is also important. According to Fergus, location is often the factor people are least willing to compromise on. "Downsizers tend to have been in the same area for a long time and as such built up a network of friends, relationships with doctors and dentists etc and therefore don't want to start again somewhere new,” he says.
All these factors are helping to drive demand for homes which offer easier living without feeling like a compromise.
Woodlands Lodge, a £7.4m residential scheme in Scarcroft Leeds, which is being developed by Ducale and marketed by Beadnall Copley, is one example. Four substantial apartments are being created for the downsizer market within the Grade II-listed building, with prices ranging from £995,000 to £1.295m, alongside two new houses, priced at £1.25m and £1.85m.
The Residences at Val D'or in north Leeds, developed by Christine Yorath, are being built with the same demographic in mind.
The appeal is not necessarily about releasing as much money as possible from the family home. Fergus says many downsizers in the areas he covers are prepared to pay a premium to remain in the location they know, particularly where suitable bungalows and other low-maintenance properties are in short supply.
Meanwhile, Edward has even seen people effectively increase their budget while reducing the physical size of their home, using equity release to move into a more expensive property in a preferred location.
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Mark Manning, managing director of Manning Stainton, agrees. “A homeowner might move from a £600,000 family property into something considerably smaller, but they are not necessarily looking for the cheapest option.
"They may instead prioritise a higher-quality kitchen, better energy efficiency, improved security or a more manageable garden. In many cases, they may even pay more per square foot for the right property.”
The big challenge the market is currently facing is that there simply aren't enough of these properties available. "We desperately need more housing designed and built to fit this changing demand,” says Mark.
Meanwhile, Mel acknowledges that he was “very lucky” to find somewhere that ticked all the boxes. “Our friends who are yet to downsize are all quite envious,” he adds.