Why downsizers in West Sussex are sidestepping instead

Having operated a buying agency business for two decades, downsizers in West Sussex have consistently been a part of our client base. Given our location in the picturesque villages around Midhurst, Petworth, and Chichester, it’s no surprise. These areas offer an idyllic lifestyle and charming homes, perfect for those seeking a slower pace of life.

Traditionally, downsizers would opt for a smaller home after their children have flown the nest. However, a notable shift has occurred, with more downsizers now exploring the concept of “sidestepping.” Instead of simply downsizing in terms of square footage, these individuals are in search of a property of similar size, achieved by purchasing something more affordable and extending it or trading in features they no longer require for more practical ones. This emerging trend is intriguing, and there are compelling reasons behind it.

One driving factor is reducing the overall cost of moving. The number of large family homes available for sale, owned by these empty nesters, has decreased in recent years, primarily due to the increased costs associated with downsizing, such as stamp duty, solicitor fees, and general moving expenses. However, savvy buyers have realised they can still enjoy a similar-sized property and a great lifestyle by purchasing a property that needs some work at a significantly lower price. They can then extend and adapt it to their liking. This approach results in substantial savings on stamp duty, a benefit that sets sidestepping apart from traditional downsizing.

For homeowners selling sought-after, spacious family houses, whether locally or in London, they often attract serious buyers quickly and secure a good price for their property. This allows them to use the surplus funds to purchase a more affordable home in a desirable location, where they can renovate and personalise it. This may involve modern extensions, adding an annexe, or upgrading kitchens, bathrooms, and en-suites. While financial considerations are still relevant, this approach enables downsizers to afford both the village lifestyle and the house they truly desire without compromising too much on size.

An added benefit of sidestepping is the potential to eliminate their mortgage entirely or significantly reduce it. While many of our clients are either cash buyers or have relatively small mortgages, they may have carried substantial mortgages in the past. Once their renovation project is complete, they can enjoy an attractive, well-sized home without the burden of hefty monthly mortgage payments.

Another example of sidestepping involves buyers swapping properties of similar size and price, but with changes in the features of the house. For instance, they may currently own a 2,000 sq ft house with three acres, including a pool and tennis court, however with their children no longer using these facilities, they opt for a 2,500 sq ft house set half an acre, which is more cost-effective to maintain once updated to modern standards. They might even include an annexe in the garden for a relative to move into. Alternatively, they may prefer to trade these amenities for higher quality kitchens, bathrooms and interiors. While the price levels may remain similar, these buyers seek to replace amenities they no longer need or consider less important.

For more information about how Property Acquisitions can help you downsize in West Sussex, contact Jennie Hancock at info@propertyacquisitions.co.uk