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
A look inside Fusion Manchester’s brand new state-of-the-art student accommodation in Deansgate
Lydia Mastrolonardo
Some brand-new luxury student accommodation is due to open this September just in time for the start of the academic year.
When it comes to those incredible facilities, we’re talking a gym, a yoga studio, three outdoor terraces with views across the city, study spaces, a private dining room, a gaming lounge, and free laundry. Not to mention a coffee lounge with free tea, coffee, and breakfast cereals.
They truly have thought of everything to allow students to thrive and make the most of the Manchester life, including running social events, co-working spaces, and mental health support.
This is Fusion Manchester’s brand new state-of-the-art student accommodation in Deansgate / Credit: Darren Robinson Photography (Supplied)
And as for the location? Well that’s just the cherry on top.
Fusion Manchester is nestled in the heart of Deansgate, making it less than a five-minute walk to Deansgate Train Station or tram stop, as well as being in prime proximity to the University of Manchester and Manchester Metropolitan University which are both around 20 minutes away on foot – ideal when you’re running late for a class.
It also could not be in a better spot for making plans on the weekends with new friends, as it’s just a stones-throw away from some of the best cafes, restaurants, concert and retail spaces that Manchester has to offer.
The rooms boast incredible panoramic views / Credit: Darren Robinson Photography (Supplied)
All residents’ rent covers their utilities, superfast Wi-Fi, free laundry, regular housekeeping and access to shared facilities, as well as the building having a 24/7 reception, secure fob entry, and CCTV throughout, to keep students feeling nice and safe.
Rooms range from en-suite accommodations at £265 per week, to classic, premium, or deluxe studios from £345 per week – but hurry, as they’re booking up fast and it’s not hard to see why.
If you’d like to book a viewing or learn more about Fusion Manchester, click here.
Featured Image – Darren Robinson Photography (Supplied)
Property
Manc architects submit plans to demolish 1970s office block and make way for new residential area
Danny Jones
A Manchester-based architects has submitted promising proposals to demolish an old 1970s-era office block and make way for a brand new residential community in Stockport.
The vision seems fairly ambitious and lofty – pun intended – but the potential outcome could be stunning.
Ollier Smurthwaite (OS) Architects are the local practice behind the new housing plans, which will not only provide nearly 300 new homes but also bring part of the Stopfordian skyline down; it’s not often you hear of things getting lower when so much of Greater Manchester just keeps building up.
Sharing the first proper glimpse at what they hope the redeveloped corner of the busy A6 main road will look like, many have been pleased to see familiar red brick and a traditional feel as opposed to more glass towers.
Writing a lengthy caption alongside the social media post, the OS state, “We are preparing a planning application for the St Christopher’s site in Stockport.
“Located at the prominent junction of Wellington Road South and Longshut Lane, the proposal aims to transform the prominent corner by demolishing the existing 10-storey 1970s office block to make way for a new residential community.
“The proposals are for a modern ‘mansion’ block with taller ceilings, more windows, better communal areas and private gardens.”
It remains to be seen at what price point these apartments will be available for.
Promising a total of 278 ‘new dwellings’, the scheme will crucially see the height of the existing plot lowered to fall in line with other neighbouring properties, as St Christopher’s House currently sits well above the nearby terraces and its metropolitan style does stand out against the surrounding brickwork.
The early reception to the proposed plans looks to be largely positive, too, with one user commenting online, “A very nice looking building with character. More of these please”; another went so far as to add, “These are the sort of modern buildings that will become grade listed.”
It’s also worth showcasing what exactly these blueprints look like when they’re brought to life, such as another development over in Longsight:
Render vs Reality. We recently completed our Daisy Bank scheme in Longsight Manchester for 72 new homes. The scheme takes contextual references from Dalton Ellis Hall & Victoria Park Christian Fellowship in the adjacent conservation area.@createstreets@archi_tradition… pic.twitter.com/DasRUtaylh
Safe to say that seeing what businesses trying to regenerate boroughs actually deliver compared to their initial mock-ups is always useful.
The award-winning firm goes on to add that “the building will be deliberately stepped back from the pavement to create a planted tree-lined avenue”, which will also revolve around a central courtyard and residents’ gardens, with ground-floor flats benefitting from private patios.
CGIs of shared communal roof terraces also give the designs that added modern look, with few other places in the vicinity offering this kind of space. It could be a welcome addition to the region that is already going through plenty of change at the minute.
Another big construction scheme is the one being carried out by Capital and Centric over the new Weir Mill district, which could be transformational for the town centre.
Emily Sergeant -
28th August 2020 
