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
Up to 7,000 new homes and a ‘major’ new urban park planned for Strangeways regeneration
Emily Sergeant
Up to 7,000 new homes and a major new urban park are just some of the things proposed for the Strangeways regeneration scheme.
Both Manchester City Council and Salford City Council will be working in collaboration on the ambitious long-term regeneration for the Strangeways and Cambridge areas of the region, and the draft proposals have now been unveiled, outlining the vision that will ‘guide wide-scale investment and development’ across the 130-hectare location over the coming decades.
The draft Strangeways and Cambridge proposals present a ‘high-level vision’ for the area, according to the two Councils.
The plans include up to 7,000 new homes across seven distinct ‘neighbourhood’ areas, many of which will be ‘affordable’, increased commercial floorspace of around 1.75m sqft creating 4,500 jobs, a major new urban park.
The proposals support Manchester’s target to become a zero-carbon city by 2038 and reacts to other environmental factors in the areas.
We are working closely with @SalfordCouncil around the ambitious long term vision for Strangeways and Cambridge.
A public consultation will open soon about the long-term plan for these neighbourhoods.
— Manchester City Council (@ManCityCouncil) March 6, 2025
Crucially, the Councils say the proposals also reflect how HM Prison Manchester – formerly Strangeways Prison – remains a ‘significant barrier to the regeneration ambitions in this part of the city and how they will work with the Ministry of Justice (MoJ) around the ‘long-term future’ of the prison.
A ‘people first’ approach to the regeneration will be prioritised, while the existing architecture and heritage buildings in the area will be celebrated.
“We know this area has challenges, but we also know that there is energy and a community brimming with potential,” commented Bev Craig, who is the leader of Manchester City Council.
“We will deliver huge change in Strangeways in the coming years, working alongside the people who live and work there, and as we move to consultation in the coming weeks, we want to speak to local people and businesses about how we can make this part of the city thrive.”
Salford City Mayor, Paul Dennett, added: “The proposals in the framework seek to identify the best possible options for this area, which include the exciting opportunity to create a new city park for all, with an option for appropriate levels of mixed-use development, to continue to drive sustainable growth.
“I’d urge everyone with a vested interest in this area, whether you’re a resident or business to engage with the consultation process and work with us help shape the future of this part of the city.”
In order to discuss the proposals, Salford Council’s Cabinet will meet on Tuesday 11 March and Manchester’s executives will meet on Friday 14 March.
Following approvals from the respective Councils, public consultations will then begin at the end of March.
Featured Image – MCC & SCC
Property
First look at major new multi-million pound Rochdale housing scheme with 200+ homes
Emily Sergeant
First look images showing a major new multi-million pound housing scheme in Rochdale have been released.
The long-awaited redevelopment of a vacant brownfield site close to Rochdale town centre has moved a step closer this week, following a £15 million funding award from the Government’s community regeneration partnership.
The scheme, which is known as Station Gardens, will feature more than 200 homes – including both apartments and houses – and a park for the use of the wider community, as well as a retail unit on the site of former central retail park close to the borough’s main train station, which has stood vacant for more than a decade.
Rochdale Council says the Government’s funding has given the scheme a ‘much needed jumpstart’ and contractors are expected to ‘start build out of the site this year’.
The first look images of a major new multi-million pound Rochdale housing scheme / Credit: Rochdale Council
As well as the housing scheme, the funding will also support a project aiming to ‘breathe new life’ into empty town centre units by creating local craft workspaces, retail outlets, and a youth arts centre to help community engagement.
It will also support the rebuild of one of the buildings on Hopwood Hall College’s Rochdale campus to create an additional floor for Higher Education and Access Students.
33 new build-to-rent apartments will be created on the corner of Maclure Road and Station Road, just across the road from the train station too, using funding from the Greater Manchester Combined Authority‘s (GMCA) brownfield land fund, and contractors are expected to start delivering this scheme in late spring.
200+ properties will make up part of the development close to the town centre / Credit: Rochdale Council
The Station Gardens scheme is also part of the borough’s wider rail strategy, seeking to redevelop brownfield sites around the borough’s five railway stations.
Up to 7,000 new homes and new employment sites should be delivered by the end of it.
“This scheme will transform an empty brownfield site into much needed new homes, including affordable homes, and a high-quality public park and will bring huge benefits to the wider area,” commented Councillor Danny Meredith, who is the cabinet member for housing and regeneration at Rochdale Borough Council.
“Situated just minutes from our newly regenerated Rochdale town centre and the train station, which gives easy access to Manchester, Leeds and the rest of the borough, this is a fantastic site for new homes.”
Emily Sergeant -
28th August 2020 
