Growing numbers of Britons are now weighing up downsizing this year as mounting living costs, mortgage pressures and the need to release equity in their homes create financial strain.

Some older homeowners downsize to reduce inheritance tax obligations, while others want to unlock money during retirement – particularly after children have left home.

Hamptons conducted research last year showing that people downsizing now represents the largest buyer group in Great Britain, making up 37 per cent of all homebuyers.

Yorkshire Building Society gathered data from 1,000 adults last year and discovered that around 50 per cent of homeowners would consider downsizing within two years if the government introduced a scheme offering support.

The rewards and challenges

The process brings stress, but offers significant rewards. Beginning a fresh chapter in – hopefully – appealing new surroundings means escaping the countless costs and maintenance demands that larger properties require.

However, adapting to life in a completely different property isn’t the only major adjustment downsizers face.

Downsizers must factor in expenses including estate agents, solicitors and conveyancing, survey and removal fees and stamp duty – alongside the often difficult task of parting with once-treasured possessions.

Expert advice on where to move

But should you take the plunge? Where to downsize? Speaking to experts, we’ve come up with some of the best places to decamp to around the UK.

Stratford-upon-Avon, Warwickshire

The Royal Shakespeare Company calls this town home, making it perfect for theatre enthusiasts. Walking around proves easy, with quality pubs and restaurants close to the centre, whilst the river provides peaceful strolls.

“Stratford upon Avon has always drawn a lot of downsizer interest, principally due to its geography,” says Hamish Scott at Hamptons. “Many downsizers are looking to move closer to where their children or grandchildren have settled and who may all be scattered around the UK. Stratford has the advantage of being within two hours of London, Manchester, Bristol, Bath and Liverpool, and is not far from the Cotswolds – but better value for money. The average sale price is about £400,000.”

Ayr, South Ayrshire, Scotland

Recent property developments may have slightly diminished this south west Scottish coastal town’s appeal, but plenty remains attractive. Glasgow and its airport connect easily, whilst the Gaiety Theatre hosts regular music and theatre performances. The Citadel Leisure Centre offers fitness facilities and classes, alongside numerous shops and restaurants.

A long sandy beach and esplanade provide seaside appeal. The town serves as an excellent launching point for exploring the region’s coastline, islands like Arran and Bute, plus cycling and hiking opportunities. Attractive estates including Rozelle and Belleisle add greenery. Robert the Bruce’s birthplace boasts rich history, with castles and monuments nearby to discover. Prices for a two bedroom modern flat with attractive views of the beach start from £110K.

Donaghadee, County Down, Northern Ireland

Around 18 miles from Belfast, this small historic town proves very popular with downsizers. Independent shops, restaurants, cafes and bars abound, whilst good walks, fishing and cycling attract visitors. Thriving rowing, swimming and sailing groups suit the more energetic.

However, no train service exists – without a car (35-minute drive to Belfast) you would need to catch a bus to Bangor for Belfast trains. London flights from Belfast Airport take 85 minutes. The average price is £286K.

Exeter, Devon

Which? ranked this cathedral city the UK’s top downsizing destination in 2023 due to its manageable size and excellent mix of accessible amenities and healthcare, delivering high quality of life.

Comparatively affordable for the South-West, decent parks sit alongside Dartmoor and beaches nearby.

“Exeter is a vibrant yet compact city, ideal for those who enjoy walkable living, alongside easy access to the countryside, with Dartmoor and Devon coastline close by,” says Nick Jane at Savills Exeter office. “Excellent transport links include direct trains to London in just over two hours and access to the M5. Offering strong value for money, the city also benefits from an improved shopping and cultural scene centred around Princesshay Shopping Centre and the Exeter Cathedral Green where seasonal events take place.” The average sold price is £424K.

Denbigh, North Wales

Research from estate agents Hamptons shows Denbighshire in north-east Wales has become a popular downsize location. This historic market town offers affordable housing – mixing period cottages, modern homes and countryside retreats – alongside good amenities in an attractive historic setting.

However, the area experiences flooding issues, so any planned property purchase requires thorough and careful research. Seaside resorts Rhyl and Prestatyn sit nearby. Properties sell for an average of £361K.

Wimbledon, south-west London

With a substantial budget, Wimbledon has long attracted downsizers – not just tennis enthusiasts. Central London proves straightforward whilst maintaining a leafy, neighbourly atmosphere. Handsome, well-proportioned homes and a genuinely active community define the town, with housing pockets from £1m to £2m, Wimbledon Park from £2m to £4m and Wimbledon Village from £4m to £20m.

“Wimbledon blends village charm with superb connections,” says Christopher Burton, Head of Wimbledon Sales at Knight Frank. “It has recently been ranked the best high street in the country by Knight Frank. It offers premium health, leisure and dining options and is the only station in London with train, tram, tube and Thameslink, with a direct link to Eurostar. It is just 19 minutes to Waterloo. In terms of cultural offerings we have the New Wimbledon Theatre, Wimbledon Quarter and of course the tennis.”

Llandrillo-Yn-Rhos, Conwy, Wales

Reasonable property prices, coastal beauty, a friendly community, and proximity to amenities in the larger seaside town of Colwyn Bay explain why Llandrillo-Yn-Rhos (also known as Rhos-on-Sea) attracts downsizers.

Snowdonia sits close by, creating an excellent base for keen walkers or cyclists, whilst the coast provides numerous watersports. Independent shops, cafes, bars and restaurants offer good choice. However, summer brings crowds, and the area’s health provision could improve. The average sale is £248K.

Cambridge

Vibrant Cambridge has long attracted downsizers, proving particularly appealing to older homebuyers moving from the countryside whilst maintaining easy rural access. A city base provides better access to health facilities alongside other amenities.

“Cambridge is a highly desirable place to live, blending a beautiful historic core with modern amenities,” says Ed Meyer at Savills Cambridge. “The city has a buzzing independent food and shopping scene, and excellent cycling and public transport links, including fast rail connections to London. Cultural life is vibrant, with live music, theatre, local gigs, and the recent addition of an Everyman Cinema, all contributing to an exceptional lifestyle.” An average home can be purchased for £500K.