Which? reveals UK’s most lucrative downsizing regions - and the moves that can unlock life-changing sums of money for homeowners

Which? researchers analysed ONS data looking at average property price based on bedroom count and UK region and factored in costs such as estate agent fees, stamp duty and conveyancing charges. The consumer champion found that downsizers could free up significant sums by moving from a four-bed to a two-bed in their own area - and potentially life-changing amounts if they are prepared to consider moving to a different part of the country where property is cheaper.

Which? found that someone moving from a four-bed to a two-bed within London could make up to £414,000- the highest in the UK in cash terms - but a lower percentage (46%) of their property's overall value than downsizing in the North East. Meanwhile, a move from a four-bed in London to a two-bed in the North East could make downsizers up to £771,097 (85% of their property’s overall value). 

In London, a four-bedroom property sells for £904,778 while a two-bedroom property in the North East costs an average of £118,795. The North East emerges from the research as a lucrative place to downsize, as it is also the area where homeowners opting to downsize locally can recoup the highest percentage of their property’s value (56%) if moving from a four-bed home worth £284,736 to a two-bed.

A separate survey of 1,192 members by the consumer champion in 2023 ranked the North East as one of the best regions for retirement. The area of South Tyneside scored 7.3/10 for healthcare, 7.4/10 for happiness and 9.1/10 for parks and playing fields.Downsizers who want to move from a four-bedroom property in the South West to a two-bedroom in the North West can expect to unlock a profit too - up to £283,586 (63% of their property’s overall value). 

In the South West, a four-bedroom property sells for an average of £447,606, while in the North West a two-bed is an average of £155,626. If downsizers in the North West prefer to stay in the region, they could unlock up to £183,157 (53% of their property’s overall value) as four-bedroom properties cost an average of £345,730. Stockport was one of the highest rated areas in Which?’s analysis of the best places to retire.

Property owners choosing to stay in the South West but get a smaller place could unlock up to £212,251 (47% of their home’s overall value) as a two-bedroom in the area costs an average of £226,961. Respondents in Which?’s retirement survey voted the South West as a good place to retire. Exeter scored 8/10 for healthcare provision, 7.2/10 for happiness and 7.1/10 for parks and playing fields.

Alternatively, if downsizers choose to move from a four-bed to a two-bed in Northern Ireland they could unlock up to £112,449 (46% of their property's overall value) as four-bedroom properties there cost an average of £245,272. Mid and East Antrim is located in the region and was rated highly in Which’s survey of best places to retire- it scored 10/10 for healthcare.

If downsizers choose to stay in Scotland but plump for a smaller property, they could unlock up to £159,264 (50% of their property’s overall value) as four-bedroom properties are an average of £317,360 there. In Which’s 2023 retirement survey, the Outer Hebrides in Scotland was ranked as one of the best places to retire by respondents. The area, which has an average house price of £137,000, scored 9.7/10 for healthcare and 8/10 for happiness. 

Homeowners seeking more sunshine in their retirement years can still unlock significant sums of money with a north to south downsizer move. A move from a four-bed in the North West to a two-bed in the South West would free up £111,822 (32% of the property’s overall value). A four-bedroom property in the North West is an average of £345,730 while a two-bedroom in the South West is an average of £226,961. Property owners who want to leave the North East to live in the South West can unlock up to £51,694 (18% of their property’s overall value).

 Sam Richardson, Which? Deputy Money Editor, said: 

“Downsizing is far from easy - no house move is - but it can unlock a significant amount of money. Even after additional expenses, such as stamp duty and removal fees, the sums you free up could make a big difference, especially if you’re concerned that your pension won’t go far enough, or you’re looking to help loved ones financially.

“Added to that is a chance to experience a new community and part of the country, and find a home that suits you, with potentially less maintenance and upkeep required.”

 -ENDS-

Notes to editors:

*Results based on a survey of 1,202 Which? Members. The survey was carried out in January 2024.The downsizing figures in the press release are all based on ONS data looking at average property price based on bedroom count and UK region. Figures show how much profit a seller could potentially make by downsizing from a four-bedroom to a two-bedroom property within the same region. Which’s analysis also includes stamp duty, conveyancing charges and estate agent fees. Moving costs and the cost of a home survey are not included.

Five costs you’ll need to consider before downsizing

Average property prices and costs for downsizing to a different part of the country

*Costs include agency fees, conveyancing and stamp duty

Average prices and profit for downsizing in the same region

*Costs include estate agent fees, conveyancing and stamp duty

The best places to retire

 Broxbourne

Healthcare- 7/10

Happiness- 7.8/10

Parks and playing fields- 8.3/10

Average house price- £425,000

High Peak

Healthcare- 6/10

Happiness- 7.9/10

Parks and playing fields- 6/10

Average house price- £242,000

Merton

Healthcare- 9.4/10

Happiness- 7.6/10

Parks and playing fields- 9.6/10

Average house price- £560,000

South Tyneside

Healthcare- 7.3/10

Happiness- 7.4/10

Parks and playing fields- 9.1/10

Average house price- £145,000

Stockport

Healthcare- 7.8/10

Happiness- 7.6/10

Parks and playing fields- 9.2/10

Average house price- £285,000

Elmbridge

Healthcare- 5.9/10

Happiness- 7.5/10

Parks and playing fields- 6.7/10

Average house price- £685,000

Exeter

Healthcare- 8/10

Happiness- 7.2/10

Parks and playing fields- 7.1/10

Average house price- £295,000

Newcastle-under-Lyme

Healthcare- 6.1/10

Happiness- 7.9/10

Parks and playing fields- 9.6/10

Average house price- £180,000

Kirklees

Healthcare- 6.9/10

Happiness- 7.6/10

Parks and playing fields- 8.6/10

Average house price- £181,000

Mid and East Antrim

Healthcare- 10/10

Happiness- 7.8/10

Parks and playing fields- N/A

Average house price- £139,000

Outer Hebrides

Healthcare- 9.7/10

Happiness- 8/10

Parks and playing fields- 1.6/10

Average house price- £137,000

Wrexham

 Healthcare- 7.7/10

Happiness- 7.4/10

Parks and playing fields- 9.1/10

Average house price- £180,000

*Survey of 1,192 Which? members, May 2023. England: avg distance to GP plus avg distance to nearest pharmacy; Scotland and Wales: GP surgeries per 10,000 people; NI: surgeries per 100,000 registered patients. Sources: ONS/NHS Scotland/Scottish Statistics/Public Health Wales/NISRA.ONS data. England: also factored in overall health and wellbeing scores (ONS) and avg distance to nearest sports/leisure facility. Based on avg number of green spaces within 1km (data not available for NI).

About Which?

Which? is the UK’s consumer champion, here to make life simpler, fairer and safer for everyone. Our research gets to the heart of consumer issues, our advice is impartial, and our rigorous product tests lead to expert recommendations. We’re the independent consumer voice that influences politicians and lawmakers, investigates, holds businesses to account and makes change happen. As an organisation we’re not for profit and all for making consumers more powerful.The information in this press release is for editorial use by journalists and media outlets only. Any business seeking to reproduce information in this release should contact the Which? Endorsement Scheme team at [email protected]