New research has revealed just how much money residents in Manchester could potentially save from downsizing their house this year.
As homeowners edge closer to retirement and start to think about long-term financial security, downsizing to a home more suited to their needs is often near the top of the list of considerations.
Especially as older children may have flown the nest too and they tend to find themselves with a home that’s much larger than they need, moving somewhere a little smaller could end up freeing up hundreds of thousands of pounds to put towards retirement funds.
But, just how much money on average could Manchester homeowners be potentially be looking at saving?
In order to find this out for each of the UK’s most populated towns and cities, PensionBee took the average asking price of one, two, three, four and five-bedroom properties and calculated the price difference between each, as well as taking an average of these four saving figures.
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The research revealed that Manchester ranked in 11th place in the UK and that residents could save an average of £103,175 when downsizing in the area.
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More specifically, you can save up to £314,552 by downsizing from a five bedroom house to a three bedroom house, and £98,146 by moving from a three bedroom house to a one bedroom house.
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The research also revealed that now could be one of the best times to downsize this year.
Discussing the research findings for 2020, Romi Savova – CEO at PensionBee – said: “Our research shows the considerable amount of money that could be tied up in your home [and] given the stamp duty holiday, there’s arguably been no better time to downsize, especially if you’re approaching retirement and looking to grow your income.
“Increasing evidence suggests that the majority of us aren’t saving enough for retirement, and where it might not be possible to make larger pension contributions, property can help bridge the gap.
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“As our data indicates downsizing could release a significant sum, right across the UK, so it’s something that could be worth considering if you want to boost your retirement fund.”
Here’s the top 20 UK cities where you can save the most money by downsizing:
Rank
Town/City
Five Beds
Four Beds
Three Beds
Two Beds
One Bed
Average saving
1
London
£2,146,131
£1,393,470
£1,128,398
£723,906
£474,607
£417,881
2
Brighton and Hove
£863,365
£632,964
£481,756
£360,653
£236,822
£156,636
3
Bristol
£791,128
£489,468
£342,070
£276,700
£196,692
£148,609
4
Bolton
£618,523
£369,597
£195,606
£133,004
£84,049
£133,619
5
Bournemouth
£667,657
£507,601
£366,319
£247,737
£141,586
£131,518
6
Aberdeen
£603,785
£331,739
£195,130
£129,599
£80,528
£130,814
7
Edinburgh
£660,064
£445,681
£393,861
£276,635
£197,293
£115,693
8
Leeds
£572,264
£395,867
£227,274
£167,157
£116,242
£114,006
9
Sheffield
£527,825
£348,063
£193,109
£141,579
£105,929
£105,474
10
Portsmouth
£549,374
£440,998
£280,073
£214,689
£132,212
£104,291
11
Manchester
£570,409
£344,853
£255,857
£208,888
£157,711
£103,175
12
Cardiff
£531,337
£378,172
£269,094
£193,468
£127,080
£101,064
13
Nottingham
£509,946
£378,716
£224,795
£175,878
£120,102
£97,461
14
Liverpool
£472,717
£310,644
£178,205
£143,983
£105,963
£91,689
15
Reading
£542,222
£422,053
£344,374
£259,948
£178,562
£90,915
16
Birmingham
£509,764
£372,092
£236,528
£200,296
£156,227
£88,384
17
Luton
£495,998
£411,158
£286,255
£200,874
£146,803
£87,299
18
Glasgow
£433,182
£302,186
£187,953
£139,144
£90,917
£85,566
19
Derby
£423,393
£327,623
£203,279
£135,381
£83,932
£84,865
20
Southampton
£462,263
£396,079
£284,668
£200,519
£133,328
£82,234
To read this study in full, you can do so via the PensionBee website here.
Property
Government announces homebuying overhaul to fix country’s ‘broken’ housing system
Emily Sergeant
The Government has announced what it’s calling the biggest shakeup to the homebuying system in this country’s history.
In a bid to ‘rewire a chaotic system which has become a barrier to homeownership for thousands nationwide, the Government has today (Monday 6 October) unveiled proposals that it says will speed up the long-drawn out and costly process of buying a home by four weeks.
The Housing Secretary says this will not only save people money, but unnecessary stress too.
The proposed new plans would see sellers and estate agents required to provide buyers with ‘vital’ information about a property upfront – including the condition of the home, leasehold costs, and chains of people waiting to move.
It’s hoped this will help end any last-minute chain collapses and ultimately give greater confidence to first-time buyers when they’re making one of life’s most important decisions.
The Government has announced plans to fix the country’s ‘broken’ housing system / Credit: Benjamin Elliott (via Unsplash)
Binding contracts could also be introduced to stop people walking away from agreements after buyers painstakingly spend months in negotiations to hopefully halve the number of failed transactions.
The new reforms are also proposing that prospective buyers are provided with side-by-side information on estate agents and conveyancers, including their track record and expertise, alongside new mandatory qualifications and Code of Practice to drive up standards and work to rebuild trust in the industry.
Prime Minister Keir Starmer took to Twitter this morning to address the proposed new homebuying overhaul, commenting: “I promised that my Government would fix the broken housing system.
“Buying or selling a home will be faster, unlocking the dream of homeownership and allowing hardworking people to focus on the next chapter of their lives. That’s national renewal.”
I promised that my government would fix the broken housing system.
Buying or selling a home will be faster, unlocking the dream of homeownership and allowing hardworking people to focus on the next chapter of their lives.
“Through our Plan for Change, we are putting more money back into working people’s pockets and making a simple dream a simple reality.”
Featured Image – James Feaver (via Unsplash)
Property
Inside the brand-new rental houses at Bolton’s landmark £35m development, Deansgate Gardens
Daisy Jackson
The first residents are in, and the launch of Deansgate Gardens – a landmark £35m development in Bolton town centre – is live.
This impressive new development has brought 167 high-quality rental homes to Bolton, creating a residential neighbourhood that features rooftop terraces, gardens, and stunning communal spaces.
The homes on Deansgate, Bolton have been built specifically for renters, with spacious layouts in an ideal location just a two-minute walk from Bolton Town Hall and a short commute to Manchester.
And, unusually for new rental developments, it’s not all about apartments here (though there are beautiful one- and two-bedroom apartments with rooftop gardens available).
It’s also somewhere you can rent two-bedroom townhouses, and have your very own yard.
Every home is built with energy efficiency in mind, with heat pumps and enhanced insulation, plus rooftop solar panels on selected homes, keeping those pesky bills down.
This pet-friendly development comes from developer Placefirst, and is a key moment in the wider £1bn regeneration masterplan for Bolton.
Inside Deansgate Gardens in BoltonInside Deansgate Gardens in BoltonA spacious bedroomThe rooftop terraceView from the rooftop terrace
Deansgate Gardens is located just opposite the former Beales department store, connected by the train station, bus interchange, and town centre within walking distance.
These stylish new homes are built around a central square and communal courtyards. The result? Somewhere residents can relax, socialise, and connect.
There’s even a dedicated Resident Service Manager and 24/7 maintenance support for peace of mind.
And just a short walk away you’ll find parks like Queen’s Park, plus beautiful routes along the River Croal.
Ready to make these houses your home? Book in for a tour around Deansgate Gardens today HERE.
Emily Sergeant -
28th August 2020 
