The Sunday Times - UK (2022-02-13

The Sunday Times February 13, 2022 3

O/O

£695,000

and grandparents will be

downsizing to provide a

deposit to their children.

That will become more of a

factor when Help to Buy

ends next April.”

Younger families should

not get too excited about an

imminent surge of big

houses coming onto the

market; it will take a lot more

than rising energy bills to

shift the downsizers, says Dr

Gemma Burgess, director

of the Cambridge Centre for

Housing and Planning

Research. “That won’t be

enough. The transaction

costs of moving are still very

high. The emotional burden

is still a barrier. And most

people want to stay in the

same community. But if they

did move, where would they

go? There is a massive

supply problem. We build

very few accessible and age-

friendly houses.”

One solution often

suggested is a cut in stamp

duty. Burgess disagrees.

“That is the population

group who sit on a lot of

wealth. Is that equitable to

give them a tax break?”

The answers, she says, lie

in changes to planning:

requiring local authorities to

set aside a greater

percentage of land brought

forward for development for

retirement homes, as is the

case with affordable

housing. Changing the way

we build is also key. “We

have to think long term. Why

not build housing that is

accessible, adaptable and

energy-efficient, so we can

stay in it all our lives?”

Until things change, it

seems the downsizers won’t

be going anywhere.

MARKET WATCH

*Utility bills included are gas, electricity and water. Source: Hamptons & DHLUC

Downsize your property — and your utility bills*

Annual utility cost by bedroom (2021)

Five-bed

£2,080

Four-bed

£1,685

Three-bed

£1,434

Two -bed

£1,189

One-bed

£895

35%

£2,332

Annual savings on bills by

moving from a house to a flat...

£

...And by moving from

council tax band H to A

WILL THE COST-OF-LIVING

CRISIS SHIFT DOWNSIZERS?

HUGH

GRAHAM

@HughGrahamST

L

ast November Chris

Pincher, then the

housing minister,

created a stir when he

encouraged

pensioners “rattling

around” in large homes to

downsize and free up

housing supply for younger

families. For years many

pensioners have been

reluctant to take the plunge:

the financial and emotional

costs of moving have

held them back. Will the

cost-of-living crisis finally

cause a shift?

“Older homeowners are

the ones sitting on the big

properties,” says Gavin

Brazg, founder of the

Advisory, a consumer

advice site for sellers.

“Would they rather get out

and move into something

newer with more energy

efficiency, as opposed to

putting on more jumpers?

A lot of these larger family

homes come onto the

market in dribs and drabs.

But with the cost-of-living

crisis, maybe there will be a

greater amount of that stock

coming on, which would

also reduce prices.”

The higher cost of living

will encourage downsizing

in the next few years,

predicts Lucian Cook, the

head of residential research

for Savills estate agency, but

not only to reduce energy

bills. “There will be other

factors. Increasingly parents

AT A GLANCE

COVER: KELLIE SPICKNELL; XPOSURE. THIS PAGE: JONATHAN ELLIS-MILLER ARCHITECTS; MICHAEL DICKIE/SQUARE FOOT MEDIA; LEE JONES

DERBYSHIRE

Blending into its rural surroundings in the village of

Ashover, this four-bedroom semi-detached house is

stuffed with period features and is less than an hour’s

drive from Sheffield. 01246 700284, blundells.com

BERKSHIRE

This former lock-keeper’s property on the edge of

Hungerford has a sunny terrace and a garden overlooking

a canal. The two-bedroom home is a 40-minute drive from

Reading. 01488 688 547, knightfrank.co.uk

PERTHSHIRE

This four-bedroom house was built in 2008 but refurbished

in 2021. It is within three miles of Gleneagles and is great

for commuters to Edinburgh (an 80-minute drive) and

Glasgow (one hour). 0131 247 3738, savills.com

OXFORDSHIRE

Antwicks Manor sits in three and a half acres of land in

Letcombe Regis village, which is a 35-minute drive from

Oxford. The nine-bedroom property dates from c 1780.

01865 338 300, thecountryhousedepartment.com

LINCOLNSHIRE

A handsome double-fronted period home in Bourne town

centre, a half-hour drive from Peterborough. There is a

box room/study and six bedrooms, including one in a

self-contained annexe. 01778 392807, winkworth.co.uk

BRISTOL

An impressive two-bedroom apartment in a period terrace

close to Clifton Village. The dining area opens on to a

private courtyard. It has access to tranquil communal

gardens. 0117 317 1996, knightfrank.com

DEVON

An end-of-terrace family home with three bedrooms and

river views, in the village of Kingswear. It’s in need of a bit

of TLC but there is residents’ parking and a decked front

garden. 01803 839 190, marchandpetit.co.uk

WILTSHIRE

This four-bedroom house is opposite Salisbury Cathedral.

There’s a courtyard garden and it’s a short walk from the

station, with direct trains to London Waterloo (about one

hour 40 minutes). 01722 337575, myddeltonmajor.co.uk

£625,000

£599,950 £3.95M

£535,000

£1.5M £350,000

£525,000