Older homeowners could downsize to townhouses and apartments

General

Older homeowners are looking to downsize to townhouse and apartments to cut costs after the pandemic, according to Philip Jackson, director of Maguire Jackson.

Jackson said: “We have seen continuing evidence of downsizing from those typical older owners in larger houses.

“The upkeep of both the gardens, especially with some garden help services being unavailable, and the realisation of the amount of work needed plus ongoing redecoration required has highlighted the time and costs of upkeep for some.

“As a result, many are looking at newer town houses and good city apartments, ideally those overlooking the canal or open space.”

However Kieran Ryan, managing director of Rickman Properties in London, warned that downsizing can turn into an expensive exercise.

He said: “Downsizing has its own problems and people sometimes forget that it can be expensive as often their furniture rarely fits into a smaller home and they have to buy all new.

“Downsizing has its own reasons and I don’t think this will take off.

He added: “We don’t think downsizing will be a big issue because of the pandemic.

“We are all hoping that this is a ‘once in a lifetime’ issue.”

This post has originally been featured in Property Wire.