Had a busy week? We know the feeling, so we’ve cherry picked five property-related stories that have hit the news in recent days.
Downsizers can free up more than £1,200 a month (but beware the north-south divide)
Sitting pretty after years of house price growth? You could give your retirement pot ‘a significant boost’ by downsizing, according to a report from Savills that won't do anything good for the tension between Baby Boomers and Millennials in the great house price debate.
Its research shows that homeowners across England and Wales could unlock an average £305,090 by downsizing from a four-bedroom home to a two-bedroom one.
Based on the assumption that the average 65-year-old could live for another 20-odd years, that property windfall works out at £1,218 a month tax-free for the rest of their life.
Lucian Cook, head of residential research at Savills, says: ‘Those approaching, or having already reached, retirement age have been some of the biggest beneficiaries of house price growth.
‘By moving to a property that better suits their needs, downsizers — particularly those in high value locations — can give themselves retirement funding a significant boost, particularly vital in the face of rising living costs.’
But before you hoist a ‘For Sale’ sign on your house, it's worth noting that the gains are not evenly spread across the country. Cook says the analysis ‘lays bare the north-south divide’ when it comes to scaling down.
Homeowners in London could free up the most equity by downsizing, releasing £2,523 a month. That’s three times more than those in the north east, who could unlock the least, at £826 a month. Londoners are followed by homeowners in the south east, who could generate £1,485 a month by downsizing.
'Those who live in typically more affluent areas in London and the south east have the option to use housing equity to make a meaningful contribution to retirement income, despite typically having slightly longer life expectancies,’ Cook explains.
‘For those in the Midlands and the north there is far less to be gained by downsizing and they’re therefore likely to leave downsizing until later in life, if indeed they downsize at all.’
A quarter of sellers gazundered
No seller likes to have a buyer chip away at the price they’ve agreed. But it’s been an all-too-familiar scenario lately if Open Property Group’s research is anything to go by.
A quarter (26%) of sellers have been gazundered in the last 12 months. And a third of those were subjected to it in the fortnight before they were due to exchange contracts, according to the quick sale firm.
Open Property Group’s survey of 1,001 people who have sold a home in the last year shows that the main reasons for chipping the price were issues thrown up by a property survey (35%) and buyers ‘chancing their arm’ (24%).
A whopping 78% of gazundered sellers accepted the lower offer, a sign of the buyer’s market that Zoopla reported last year.
Gazundering is ‘certainly more prevalent in cooler market conditions, such as those we’ve seen develop over the last year,’ explains Open Property Group CEO Jason Harris-Cohen.
We’re only a few weeks into 2024 but could an improving picture in the housing market keep a lid on gazundering?
And in other news…
- Selling a home in the UK takes almost three times longer than it does in the US. The UK is ‘by far’ the slowest place to transact (183 days), followed by Spain (152 days). Meanwhile, the best place for a quick sale is the US (69 days), followed by Canada (90 days). Home Sale Pack analysed the average time it takes to offload a home in 10 of the world’s busiest housing markets.
- Rental growth in January was at its slowest pace for 13 months and was in single digits for the first time in six months, according to Hamptons. Average rents on new lettings across Britain climbed 8.3 year-on-year. ‘While rental growth is slowing from record levels, it's set to remain sticky, running ahead of inflation for the remainder of 2024’, the estate agent says.
- Asking prices of homes listed for sale this month have climbed £3,091 (0.9%) to £362,839, according to Rightmove. It follows six months of annual price falls. The number of sales agreed as well as buyer and seller activity are also up on last year.
Housing market expectations for 2024 are improving. Here’s why.
Temperatures may be falling outside but the housing market appears to be warming up. Annabel Dixon lifts the lid on
Credit: Getty Images
Halifax reports surprise jump in house prices — but agents, lenders and analysts call for caution
The latest figures from Halifax are a step in the right direction, but there is plenty of uncertainty and negative
'Best conditions for years' for house buyers, and why billionaires are turning to renting
The inside track on London’s high-end housing market, how buyers are bagging an £18k discount off their next home, and
Credit: Getty Images
Over 65s in Britain sitting on £2.7 trillion worth of property — yet many are struggling to downsize
Despite choppy economic waters in the housing market, their main motivation for upping sticks are lifestyle factors, according to Savills.
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'The watch is Head Boy of men’s accessorising': Ginnie Chadwyck-Healey and Tom Chamberlin's Summer Season style secretsWhen it comes to dressing for the Season, accessories will transform an outfit. Ginnie Chadwyck-Healey and Tom Chamberlin, both stylish summer-party veterans, offer some sage advice.
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Lewis Hamilton, Claude Monet and the Four Horsemen of the Apocalypse: Country Life Quiz of the Day, April 29, 2025Tuesday's Quiz of the Day looks back at Lewis Hamilton's first win and ponders on the meaning of greige.
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About time: The fastest and slowest moving housing markets revealedNew research by Zoopla has shown where it's easy to sell and where it will take quite a while to find a buyer.
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A wisteria clad hall built by one of the founders of the Bank of EnglandCome for the history of Old Hall. Stay for the interesting interiors.
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A gorgeous Scottish cottage with contemporary interiors on the bonny banks of the River TayCarnliath on the edge of Strathtay is a delightful family home set in sensational scenery.
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Six rural properties with space, charm and endless views, as seen in Country LifeWe take a look at some of the best houses to come to the market via Country Life in the past week.
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380 acres and 90 bedrooms on the £25m private island being sold by one of Britain's top music producersStormzy, Rihanna and the Rolling Stones are just a part of the story at Osea Island, a dot on the map in the seas off Essex.
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A home cinema, tasteful interiors and 65 acres of private parkland hidden in an unassuming lodge in KentNorth Lodge near Tonbridge may seem relatively simple, but there is a lot more than what meets the eye.
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A rare opportunity to own a family home on Vanbrugh Terrace, one of London's finest streetsThis six-bedroom Victorian home sits right on the start line of the London Marathon, with easy access to Blackheath and Greenwich Park.
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A tale of everyday life as lived on Britain's most expensive streetWinnington Road in Hampstead has an average house price of £11.9 million. But what's it really like? Lotte Brundle went to find out.
