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.
Pixabay
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
10 hot properties for sale in Greater Manchester | December 2024
Emily Sergeant
Every month, we show you some of the hottest properties currently on the market in Greater Manchester.
It’s safe to say that Mancunians love a good nosey around other peoples’ houses, and after all, Greater Manchester is a brilliant place to live.
But what can your money currently get you in the area?
In our monthly Hot Property series, we scour the internet to find 10 more of the most diverse, jaw-dropping, accessible, and beautifully-presented homes currently on the market in Greater Manchester for you to take a look at.
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Redfern Avenue
Sale, Trafford, Greater Manchester, M33
Declan James
Redfern Avenue / Credit: Declan James
Semi-Detached | x3 Bedrooms | x2 Bathrooms
Looking for a a modern, spacious, and well-located property? This could very well be it.
Situated on a popular residential street in the heart of the thriving Trafford town of Sale, with a wide range of amenities, good local schools, and convenient public transport options and links across Greater Manchester and beyond, is this attractive three-bedroom semi that’s immaculately presented throughout and ready to move straight into.
Ideal for growing families or anyone looking to create a loving home for the future, estate agents say that this beautifully presented bay-fronted house offers prospective buyers a “perfect blend of modern living and comfort”.
As well as the attractive accommodations throughout, externally there is also off-road driveway parking to the front and a easy-to-maintain lawned garden area to the rear.
Redfern Avenue / Credit: Declan James
The property is currently on the market with Lymm-based independent estate agents, Declan James Estate Agents, for £480,000 (Offers in the Region of).
Located within walking distance of Woodley precinct and all the amenities on offer, as well as being close to a range of good local schools, and close to Bredbury train station for services into Stockport and across Greater Manchester, is this large period mid-terraced property that is deceptively spacious once you step inside.
Immaculately-presented throughout, combining original features with everything needed for modern living, the property has accommodations arranged over three floors and the owners say “so much love has gone into making this house a home”.
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The property has been recently renovated, and also boasts a generously-sized garden to the rear that’s easy for all to maintain.
George Lane / Credit: Edward Mellor Ltd
The property is currently on the market with the Woodley branch of estate agents, Edward Mellor Ltd, for £275,000.
West Didsbury, Manchester, Greater Manchester, M20
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Philip James Kennedy
Orchard Street / Credit: Philip James Kennedy
Terraced | x3 Bedrooms | x1 Bathroom
This well-presented garden fronted Victorian terrace property set on an attractive tree-lined street in the affluent Manchester suburb of West Didsbury – with a range of independent shops, bars and, restaurants being just a stone’s throw away, along with the Metrolink station – is described by estate agents as being “impressively proportioned” throughout.
Boasting two double bedrooms among its three, an impressive converted loft room, and double cellar chambers below providing ample storage, the property is ideal for families of all sizes to move straight into.
Thanks to recent renovations, the property has been modernised throughout, as well as also boasting gardens to the front and rear.
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Orchard Street / Credit: Philip James Kennedy
The property is currently on the market with the Didsbury-based independent estate agents, Philip James Kennedy, for £500,000.
Set in the heart of the picturesque Saddleworth village of Uppermill, which is ideally-located nearby to a wealth of amenities, good local schools, and transport options into Oldham town centre and beyond, is this stunning two-bedroom end terraced home that is perfect for first time buyers and downsizers alike, offering the chance to put your own stamp on it.
Accommodation is set over three floors, and some of the stand-out features of the property include the large kitchen-diner and family room with an Aga, garden spaces to the front and rear, and convenient allocated parking to the rear too.
Viewing comes highly recommended by estate agents to fully appreciate all that’s on offer.
Moorgate Street / Credit: Ryder & Dutton
The property is currently on the market the Uppermill branch of local estate agents, Ryder & Dutton, for £300,000 (Offers Over).
This beautiful three-bedroom semi-detached family home is located on one of Whitley’s premier addresses along Mesnes Road, and is within walking distance of all the amenities on offer in Wigan itself – including the stunning Mesnes Park – as well as good local schooling options, and transport links across Greater Manchester and beyond.
Offered to the market in immaculate condition, this property has been beautifully restored by the current owners to add quality touches and stylish presentation with great attention to detail, while still retaining plenty period character and charm.
Externally, the property’s rear garden enjoys a good deal of privacy with lawned, decked, and patio areas, and there is also off-road driveway parking for several vehicles to the front.
Mesnes Road / Credit: Morgan H Lewis
The property is currently on the market with Swinley-based independent estate agents, Morgan H Lewis, for £320,000.
This attractive four-bedroom detached property in the highly-sought-after Bury neighbourhood of Tottington – with a wide variety of amenities, good local schools, access to nature, and convenient public transport links all close by – occupies a commanding and enviable plot, so if you’re looking for a family home with all the finishing touches taken care of, then this could be one for you.
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Presented to the highest of standards throughout, estate agents say this property offers “a complete abundance” of internal living space, meaning it would make a great purchase for a growing family to enjoy for years to come.
Externally, the property benefits from off-road driveway parking for several vehicles and large patio and garden areas to the rear.
Scobell Street / Credit: Miller Metcalfe
The property is currently on the market with the Bury branch of local independent estate agents, Miller Metcalfe, for £460,000 (Offers Over).
This is an absolute gem of a property that is worth viewing to truly appreciate all it has to offer.
Situated on an attractive residential street in a prime position in the heart of Westhoughton, a small suburb just outside of Bolton which boasts its own range of amenities alongside those on offer in the nearby town centre, as well as good local schooling options and public transport links across Greater Manchester and beyond, is this charming 1930s extended semi-detached property that combines classic character with modern living.
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Having been extended by the current owners, the property not offers a perfect blend of period features and contemporary space, and includes lots of elegant original details such as intricate woodwork, feature log burning fires, and high ceilings.
As well as “exuding timeless appeal” on the inside, externally the property also has off-road driveway parking for several vehicles, a detached garage, and a rear garden with a hot tub and open views.
Manchester Road / Credit: Entwistle Green
The property is currently on the market with the Bolton branch of estate agency chain, Entwistle Green, for £450,000 (Offers Over).
Sat proudly on an enviable plot as part of a popular residential estate in the affluent Rochdale village of Norden – which is described as being “a flurry of life” in and of itself, as well as being close by to all the other amenities on offer in Rochdale – is this five-bedroom detached property that’s conveniently offered to the market with no onward chain.
Ready for growing families of all sizes to move straight into, the property boasts light and spacious living accommodations throughout, many of which have been tastefully modernised by the current owners over recent time.
Externally, there is off-road driveway parking for up to three vehicles, which leads to an integral double garage at the front, as well as a large lawned garden area to the rear.
Pargate Close / Credit: Adamsons Barton Kendal
The property is currently on the market with Rochdale-based independent estate agents, Adamsons Barton Kendal, for £795,000 (Offers in the Region of).
Just looking at this stunning property from the outside is like stepping back in time.
Situated off The Green in Worsley, which is by far and away one of Salford and Greater Manchester’s most sought-after addresses to own a property, also thanks to it being conveniently close to amenities, good schools, and transport links into Manchester city centre, is this four-bedroom Grade ll-listed period cottage.
Despite looking traditional on the outside, the property has been tastefully modernised by the current owners on the inside and now boasts a wealth of beautifully-presented accommodation throughout -including a bespoke fitted Neptune kitchen.
There’s also stunning landscaped gardens to the front and rear, a private rear courtyard, and off-road parking for two vehicles.
The Green / Credit: Briscombe
The property is currently on the market with the Worsley-based independent estate agents, Briscombe, for £900,000.
An outstanding Victorian country residence is currently on the market over in Tameside.
Set within approximately two acres of gated grounds in the highly-sought-after semi-rural Hyde village of Broadbottom, all bordering the Peak District National Park, with a wealth of amenities, local schools and transport links of the doorstep, is this six-bedroom detached property that was built by the son of a local mill founder in 1856 and has been meticulously-renovated by the current owners since.
Internally, The Hague is light and spacious throughout, and comprises everything you need for modern living, while still retaining many of its character and charm through period features.
Some of the stand-out features of the property include the impressive entrance hall, spacious breakfast kitchen with marble tops and AGA, four double bedrooms, an attic providing two further bedrooms, and stunning gardens surrounding.
The Hague / Credit: Jordan Fishwick
The property is currently on the market with the Glossop branch of local independent estate agents, Jordan Fishwick, for £1.5 million.
Featured Image – Briscombe | Edward Mellor Ltd | Philip James Kennedy
Property
Plans submitted for new £250 million mixed residential neighbourhood in Stockport
Danny Jones
Plans have officially been submitted for a brand-new £250 million neighbourhood in the heart of Stockport town centre.
The new mixed residential mini-village simply dubbed, ‘Stockport 8’, has been put forward by the local LLP of the same name, set up as part of a partnership between Stockport Council and ECF (English Cities Fund – itself a joint venture between Homes England, Legal & General, and Muse).
Set to cost a quarter of a billion, the proposed neighbourhood is just the latest step of the ever-growing Stockport Mayor Development Corporation (MDC) masterplan, a wider £500m scheme to transform the specific Stockport Town Centre West area into the most sustainable, liveable town centre in the UK.
With a planning application now submitted, we’ve also been given another look at what the new Stockport neighbourhood would look like if green-lit.
We first heard reports of the new Stockport 8 neighbourhood back in January after CGIs of what the developers envisioned were shared with the public, alongside how it fit into the West blueprints.
The overall goal of the development is to create a high-quality, green neighbourhood featuring a mix of housing tenures to suit existing and new homeowners and tenants.
Aiming to build a grand total of 1,300 high-quality, energy-efficient homes all told as part of a whopping £1bn investment in Stockport town centre, there will also be room for businesses and community spaces on the ground floor level to knit into the existing centre and its community.
There’s also an insistence from those behind the project to create different atmospheres, creating new environments for people to meet, socialise, relax and enjoy, such as residential courtyards and green roofs, as well as the usual modern amenities re: parking, vehicle charging, bike storage etc.
All told, the council and their development partners – which include chief designers, shedkm, and landscape architects, Planit – are hoping to contribute nearly a third of the homes in Stockport MDC masterplan, which is hoping to surpass 4,000 homes over a total of 130 acres.
As well as helping contribute to the busy and vital road network that is continuing to be redeveloped, the goal is to create a safe and sustainable travel environment too, with a pedestrian-only street running through the centre of the scheme.
With one big road (Cook Street) running throughout the neighbourhood, the new builds will also look to knit into Stockport’s existing structure, celebrating the area’s rich heritage and character by even reintroducing historic street patterns and street names.
If you’re interested in the skyline-changing new project, you can find out more HERE.
Planning permission applications in Manchester can sometimes take upwards of 13 weeks due to the various individual stages and processes, so we’re still a while of way from knowing if/when Stockport 8 will begin work but with a summer 2027 completion date, it could be a huge moment for the town.
Emily Sergeant -
28th August 2020 
