As second home owners sell up, downsizers are making their move according to a property expert.
Jennie Hancock, founder and director of West Sussex buying agency Property Acquisitions, says:“As tax changes force more second homes onto the market, these are being snapped up by downsizers who finally have a decent amount of stock to choose from around the £1 – 2 million mark. The lack of suitable properties to move to has been a major deterrent for downsizers in recent years, but as second home owners sell up, downsizers are finally seeing the opportunity to make their move.
“There’s also a sense that they have run out of excuses after a decade of putting their lives on hold during Brexit, Covid, the cost of living crisis, then the General Election and the Budget, and now they’re running out of time. They’ve been in their homes for 30 or 40 years and they’re thinking if we don’t do it now, we never will.
“Some 60% of the clients we’re working with at the moment are downsizers selling substantial country homes and looking for a more energy efficient and low maintenance property in a village location. Downsizers are usually very keen to play an active part in their local community, so as they move in and holiday home owners move out, they’re breathing new life into South Downs villages that used to be much quieter during the week.”
Hancock says thelong tradition of families passing holiday homes down to the next generation is coming to an end. Not only are there significant capital gains and inheritance tax considerations, but upkeep costs are so much greater than they used to be, as well as higher council tax for second homes.
She continues: “The younger generation just don’t want the hassle or the expense, and they’re also reluctant to spend their precious holidays painting windows and dealing with a mouse infestation when the annual cost of owning and maintaining a UK holiday home today will easily pay for a nice fortnight in Majorca or the Seychelles. That means we’re seeing some quite special properties in fabulous village and coastal locations … coming onto the market, which haven’t changed hands in fifty or sixty years.”
And in terms of larger rural properties, she says that where a generation ago country homes with six or seven bedrooms, outbuildings and several acres of land were like gold dust, in today’s market these are the properties that are sticking.
“I viewed a beautiful period country house in a lovely village north of Chichester asking between £4m to £5m, which had a bathroom from the 1960s and a kitchen I immediately recognised because I had the same one installed in my own house 25 years ago. It needs extensive renovation which altogether could see the cost rise a further million pounds” she suggests.
“These unique houses are incredible but finding a buyer for one-offs like this is very difficult because they will consider the overall cost to bring it up to scratch and to run and maintain it going forward. The country homes market has changed completely and people today want to move in and unpack rather than tackle an extensive back to brick renovation on a large footprint.”
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