Quickmove Properties has estimated how many property sales downsizers accounted for in the UK in 2023 and, using additional data collected in a recent downsizer survey commissioned by Quickmove Properties, estimated exactly how many bedrooms this means downsizers relinquished last year.
The data reveals that across the UK, 2023 saw a total of 718,127 home sales.
It is estimated by Quickmove Properties that downsizers accounted for 32% of these 2023 transactions, which is equivalent to 229,621 sales.
In a recent Quickmove Properties survey, 65.1% of downsizers say that they relinquished one bedroom while downsizing (eg, moved from a 4-bed to a 3-bed home); 24.7% relinquished two bedrooms; 7.4% relinquished three beds; four beds were given up by 1.4%; and the same percentage applies to downsizers who gave up five beds.
By measuring these percentages against the total number of downsizer sales in 2023, it is estimated that downsizers put a total of 342,824 bedrooms back on the market in a single year, potentially making a huge contribution to providing young families and upsizers with the homes they need.
In fact, the number of bedrooms that downsizers gave back to the market is sufficient to sleep the entire population of Wigan (339,174).
On a regional level, South East downsizers put by far the most bedrooms back onto the market, totalling an estimated 52,993.
This is followed by downsizers in the South West (36,754), East of England (35,213), North West (33,218), and Scotland (28,502).
Sales director at Quickmove Properties, Mark O’Dwyer, commented:
“Downsizers play a huge part in the property ecosystem. The market needs older property owners to downsize their family homes - perhaps once their kids have fled the nest - so that these large properties can be made available for the young families who need them."
"This market churn keeps everything moving, and helps bring balance to the market. Whatsmore, the extra space that downsizers put back onto the market supports our battle to overcome the ever-present housing crisis."
"Of course, there needs to be suitable properties for downsizers to move into, such as the bungalow-style park homes for over 50’s offered by Quickmove in some stunning coastal, rural and semi-urban locations.”
