With the next Budget on the horizon, more retirees are reportedly reviewing their property assets and planning ahead. At Ellisons, we have seen a noticeable increase in clients considering downsizing as part of a broader plan to manage their wealth and support their families.
For many, this move is about more than just a change of address. It reflects a desire to simplify life, secure long-term financial stability and, in some cases, provide practical help to younger generations. Downsizing can release equity, reduce ongoing costs and make future planning easier, all while supporting the lifestyle many retirees are looking for in later life.
Why downsizing is on the rise
Several factors are encouraging homeowners to sell larger properties and move into smaller, more manageable homes. Some wish to unlock equity to help their children, especially as higher living costs and interest rates continue to affect younger generations. Others want to reduce the burden of maintenance or move to a home that better suits their needs as they get older.
We have also seen more clients considering this possibility in the run-up to the forthcoming Budget. Many want to act before any potential changes to taxation or inheritance rules are announced, ensuring they can make informed decisions under the current system. This reflects a wider trend among retirees who are taking proactive steps to secure their wealth rather than waiting for policy changes to take effect.
Key steps to take before you sell
If you are considering downsizing, it is important to plan carefully. Here are a few key points to think about:
Clarify your goals.
Decide what is driving your move, whether it is freeing up capital, cutting costs, or moving closer to family.
Understand the financial implications.
Downsizing can release significant equity, but remember to account for moving costs, stamp duty and any tax considerations. Getting professional legal and financial advice early can help you make the most of the funds you release.
Time your move carefully.
Market conditions and personal circumstances both matter. Acting at the right moment can make a real difference to the value you achieve.
Choose the right property for your next stage.
Think long-term about accessibility, location and ongoing maintenance to make sure your new home suits your lifestyle for years to come.
Seek the right legal support.
Downsizing often links closely to wider estate and inheritance planning and can impact existing arrangements. Having the right guidance can ensure your move fits seamlessly with your financial and family goals
How Ellisons can help
Whether you are just starting to think about downsizing or ready to begin the process, Ellisons can guide you every step of the way. Our Residential Property and Private Client teams work closely together to provide clear, practical advice that helps you move with confidence and peace of mind.
If you are considering your next move, contact our team to discuss your plans and find out how we can help you make informed decisions that support your long-term goals.
Article by Carly Callaghan and Nicola Weldon.