More people looking to downsize to smaller properties, says estate agent

Savills said the majority of agents across its network have seen an increase in people looking to downsize since last September.

Estate agent Savills has seen an increase in people looking to downsize to smaller properties since last September (Joe Giddens/PA) (PA Archive)

Estate agent Savills has seen an increase in people looking to downsize to smaller properties since last September.

The property firm surveyed agents representing its 130 UK offices and found more than half (53%) had seen an increase in the number of downsizers on their books.

Andrew Perratt, head of UK residential at Savills, said: “Equity-rich older homeowners are some of the best placed to moved in today’s market as they are less likely to be impacted by higher mortgage costs.