Families seek long term homes, and downsizers are key in finding them

Over recent years in the South East, especially the South Downs National Park, detached houses and village homes have jumped in popularity which has been heightened due to the pandemic, resulting in the increased numbers of working from home, space in the garden for an annexe /office. Many London families, and other counties wish to settle in the South Downs.

Trends are changing and we are seeing younger families buying their ‘forever home’ far earlier than in the 90’s and 00’s.  It was far easier to make smaller jumps in the property ladder years ago as related expenses were far lower.  Costs of moving such as stamp duty, is a huge financial commitment, and is a big consideration.  

Therefore buying a home to live in for many years is becoming more normal and more attractive as it is possibly the largest financial outlay in a lifetime. It is more common now for families to look at this as a ‘one off’ payment and pushing to their maximum purchase price in order to avoid encountering reoccurring payments when moving.

Who are living in these houses and how it will change in the years to come?

As the older generation often entering the final third of their lifespan, they have built up significant equity over decades and therefore are the ‘downsizers’ that are releasing their homes to families for their ‘forever home’  The older generation see this for themselves as an opportunity also to release capital and help their own children and possibly grandchildren to make their way into the housing market and provide in turn for them an easier lifestyle and smaller outgoings and pay off any remaining mortgage.

The “downsized properties” they will move to are usually with smaller gardens, closer to amenities, a shop and often a local pub and with a village community.

We are seeing this more and more often now as the jump from a first time buyer accelerates to the largest possibly that is affordable.  It’s interesting how the mindset has been on mortgage increases recently, but more and more buyers are considering initial outlay such as stamp duty and related expenses which they feel is just as important when it is spread over many years too.

Stock remains low as there is always hesitation for everyone to find these special homes which is why we all need to take the plunge and see who is thinking of buying and selling. As buying agents we keep a ‘black book’ of possible clients who intend to move, and this is how the wheels continue to turn off market.