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Telegraph
03-05-2025
- Business
- Telegraph
The best places to downsize
It's been a month since British households have been battered by a slew of bill increases, and many might be thinking there has never been a better incentive to downsize. While some older homeowners use downsizing as a form of wealth planning to shield it from inheritance tax, or to free up money in retirement, many are put off by hefty stamp duty costs and current tricky market conditions. Those aged over 60 own 56pc of the nation's owner-occupied homes, according to research by property firm Savills, while those aged under 35 hold just 6pc. 'We do not expect to see remarkable increases in downsizers this year, but with further interest rate cuts and an improvement in sentiment over the next five years, we would expect to see more choose to move,' says Nick Maud, director of research at Savills. But when freed up from the restrictions of needing to live near school catchment areas or commuter stations, with a yearning for an unhurried pace of life, where might retirees choose to live? Using socio-economic demographic data profiling to identify where the highest proportion of over-60s have a comfortable retirement, Maud has picked out three areas across each region of England, Scotland and Wales. Along with their proportion of resident retirees, locations have been ranked according to their property markets and access to supermarkets, GP surgeries, hospitals and public transport. Among the top three locations per region, it's clear that small towns reign supreme – especially those on the edge of the greenbelt or even surrounded by rolling hills. 'Homes that sit on the cusp of urban locations are appealing… downsizers want to enjoy the best of both worlds in later life,' says Maud. But which are popular, and how much will it cost to buy a home there? Telegraph Money picks out 15 top spots for downsizing. South West Kingskerswell, Devon A slower pace of life, beautiful countryside with the coast close to hand makes Devon a downsizer's dream. A peaceful village between Torquay and Newton Abbott, Kingskerswell is, according to locals, one of the best spots in south Devon. The one-time rat-run to Torquay has been transformed since the A380 bypass, and is now a destination for downsizers coming down the M5 or M4 corridors, according to Simon Fisher, of Absolute estate agents. 'In the past decade it's become a desirable place full of community spirit and with great connections,' he says. Think thatched cottages with a pretty churchyard at its heart, with plant sales and bell-ringing sessions for 'mental stimulation and stress relief'. Plus, there's Dartmoor on the doorstep. There's a football club (the Colts), a summer fete, events at pubs like the Lord Nelson, and the Kingskerswell Action Group have been busy organising the Easter fair. In the village there's a library, a Co-op and health centre, and it's easy to reach everything else you might need within a five-minute drive to Newton Abbott, Torquay in 10 minutes or Exeter in 25. There are also local buses, and Exeter Airport is only 30 minutes away by car. You can find a three-bedroom bungalow for under £400,000 or a four-bedroom detached bungalow for £450,000-£500,000. Alternatively, there are hassle-free new-build detached homes at Karsbrook Green from £375,000. Brixington, Exmouth Exmouth is especially in demand, with an average house selling within just 26 days, according to estate agency Purplebricks. The famous retirement destination is often picked by people who have either holidayed there for years, or are moving back after a few years in London. Nick Jane, of Savills Exeter, says: 'It offers a relaxed, coastal lifestyle with plenty of amenities and scenic coastal walks but is also a very welcoming community – it's easy to make new friends by joining societies or clubs, particularly the sailing clubs around the Marina.' From Exmouth Marina – where many keep a boat – you can take a water boat taxi to The River Exe Café, located in the middle of the Exe estuary; but Lympstone Manor is also a big draw, he says. On the practical side, nearby Exeter (half an hour by train) has everything else, including The Royal Devon and Exeter Hospital – though Exmouth has its own small community hospital too. You can find some larger houses in Brixington, but buyers often prefer to be more central. Note that property prices can be high, especially for waterfront homes. Boating types like modern Marina apartments (from £750,000), while Foxholes Hill is a prime address for its stunning Exe views. The Avenues (north of The Maer) is a popular pocket of Victorian/Edwardian homes and modern retirement schemes. South East Shoreham-by-Sea, West Sussex On the south coast, Shoreham-by-Sea offers the perfect blend of picturesque landscapes, vibrant culture and a tight-knit community, perfect for retirement, says Melanie Cook, of Fox and Sons, Shoreham-by-Sea. 'The Ropetackle Arts Centre hosts a variety of performances, including live music, theatre, and art exhibitions, but Shoreham is also great for nature lovers with the Adur Estuary, a haven for birdwatchers, and nearby South Downs National Park, perfect for hiking and cycling,' she says. Getting around Shoreham is easy, as is reaching nearby Brighton and Worthing. Decent local bus services make it easy to explore coastal spots such as Southwick and Lancing, while more active types might use the bike routes along the Adur River and South Downs Way. The town centre has improved in recent years, and has many independent shops and galleries, although chains such as Marks & Spencer can be found at the Holmbush Shopping Centre. Foodies like the great restaurants that are now around the seafront, but there are also practicalities such as the medical centre and library. North Shoreham, away from the Airbnbs that can be found on the coastal side, is especially sought after by downsizers. Cook says Slonk Hill Road is great for bungalows with great views down across the town towards the sea – a detached three-bedroom bungalow sold last year for £575,000. There are also new-build apartments overlooking the harbour at Kingston Wharf and Wharf Twenty One. London Beckenham, south London Blending leafy green spaces with quick transport links into central London, Beckenham has a good high street of independents, along with affluent staples Waitrose and M&S Simply Food. At its heart is the lovely Beckenham Park Place with its Sunday food market and wild swimming in the lake, and the area also has excellent golf clubs, including Langley Park, Sundridge and Shortlands. For gym-goers, David Lloyd Beckenham is reported to be one of the most over-subscribed 'super-tier' clubs within the network. 'Many active downsizers move to be closer to family and grandchildren, as Beckenham has outstanding schools. It also has a strong community feel, with social groups including art clubs, tennis and running clubs and book clubs,' says Lisa Knight, of John D Wood & Co. The area's healthcare provision is another big draw, she says: the highly regarded Beckenham Beacon Urgent Care Centre acts as a mini A&E, reducing the need for trips to larger hospitals. Downsizers might look for spacious flats on Wickham Road and Court Downs Road – backing on to Kelsey Park and its lake; while the gated development of Langley Park provides the security some prefer. Three-bed flats in prestige over-55 developments from around £600,000. But if you're looking for a bungalow, there aren't many. Harold Wood, east London The Elizabeth Line has helped put east London/Essex locations like Harold Wood on the map for both first-time buyers and downsizers. It's on the edge of the greenbelt, and a lack of nightlife and good bus services make it a hit with retirees. Its low crime rates make it one of the 'better bits of Havering' (according to a local forum) – do not confuse it with next-door Harold Hill. 'The area is largely residential, with a strong sense of community and offers a more relaxed pace compared to other more urbanised parts of Essex,' says Zaid Limbada, of Sandra Davidson Estate Agents. Along with the green lung of Harold Wood Park, there are all the usual useful chains, but for proper shopping it's only half an hour to Westfield Stratford City, or next-door Gidea Park for restaurants. Social events revolve around Harold Wood Community Centre and Harold Wood Library, while Harold Wood Medical Centre provides easy access to primary care. Bungalows in particular are popular for retirees – look around The Green or Gubbins Lane (average house price around £450,000), small semi-detached homes in Harold Court Road for a similar price, or modern flats near Harold Wood Station. East of England Rayleigh, Essex The county's largest newspaper has described Rayleigh as one of those places in Essex 'that can easily be ignored', but downsizers quite like the fact there is no large shopping centre, sports team or massive entertainment complex. Instead, the historic high street, with a weekly market that dates back to 1181, offers good coffee shops, independent businesses (Café No11 near the station is a favourite) and pubs. Southend (with an airport, hospital and seaside) is close by, but there are green spaces too: RHS Garden Hyde Hall is a beautiful place to visit, plus there's Hockley Woods and the nature reserves around the River Crouch. That being said, the traffic is often complained about, especially on the A127 towards Benfleet. But importantly, it also offers bungalows, says Craig Tokley, of agent Bairstow Eves Essex – unlike many other nearby towns. 'Any properties that are close to the train station tend to be popular as it's easy to travel to key destinations – London is just 45 minutes away. A lot of people migrate here from London as their money can go further.' Smart modern apartments at a development such as The Regency (from £285,000) are also popular with downsizers, while homes backing on to woodland in Great Wheatley Road – Rayleigh's most prestigious address – cost north of £650,000. West Midlands Leek, Staffordshire Locals love the fact that Leek offers a rural life married to good amenities. The pretty market town surrounded by the Peak District National Park was recently home to the launch of the Staffordshire Moorlands Walking Festival, bringing together community, fabulous food and the great outdoors. Spearheaded by Totally Locally Leek, the town has more independents you can shake a trekking pole at – with many on show at its artisan food market every month, along with everyday favourites including Spout Brew House, which is good for brunch; Lion House Tearooms for afternoon tea. Expect to pay around £220,000 for a two-bedroom bungalow on Westwood or Wallbridge, says Dani Aston, of Denise White Estate Agents – her grandparents love the nearby bowling club and historical society. There are comedy and wellbeing events provided by Foxlowe Arts Centre, while Tittesworth Water reservoir and Rudyard Lake north of the town are also favourites, and Leek Moorlands Hospital is handy for health needs. A three or four-bedroom detached bungalow will cost around £350,000, rising to more than £500,000 for a high-spec one on Buxton Road. There's also Portland Grange, a McCarthy Stone development. 'The only downsides are the lack of a train station – but the local bus network is good, it might take 45 minutes to Macclesfield,' says Aston of the nearest large town, along with Stoke-on-Trent, which is a 30-minute drive away. The Brough Park Leisure Centre (MyActive Leek) has also closed for a £17m revamp. Summerhill, Kidderminster, Worcestershire Rather like Leek, Kidderminster combines semi-rural living with a lively town centre just a stone's throw from beautiful countryside between the Rivers Stour and Severn. Its historic market town centre has a handsome town hall, library and parish church used for concerts and recitals, but there's so much more going on. 'History buffs love the local museums and heritage sites. The Wyre Forest & District U3A is active, plus there are also walking clubs, [and] the Kidderminster Harriers Social Club which provides a range of exercise classes for individuals over 50,' says Robert Puccinelli, of agent Connells. Popular eateries include the canal-side Wall2Wall Indian style street food, and the traditional village pub The Fox Inn just outside town. Kidderminster train station has direct access to Birmingham and Worcester, which offer hospitals in addition to the Kidderminster Hospital and Treatment Centre. Along with some over-55s independent living complexes there are plenty of bungalows in the area. Puccinelli suggests Holmcroft Road and Summer Road, where two-bedroom properties sell from around £170,000. Summerhill, in the west of town, offers good access to Habberley Valley Nature Reserve, and Bewdley Pines Golf Club, while the Spennells estate (next to Spennells Valley Nature Reserve) offers a four-bedroom, three-bathroom detached bungalow for £365,000 (through the agent). East Midlands Oadby, Leicestershire Combining the charm of a market town with proximity to Leicester city centre five miles away, Oadby is a peaceful but well-equipped community. Jack Payne, of Connells Oadby, says: 'There are lots of community events giving retirees the chance to connect with others in the area.' These include annual events like the Oadby and Wigston Carnival and the Oadby Christmas Lights Switch On. The Parade is the main shopping street, with a mix of high street retailers and diverse dining options, including artisan coffee shop Bru. Nearby, there's the popular Oadby Owl pub. The rolling hills of south Leicestershire are not far away, with Brocks Hill Country Park and Ellis Park offering opportunities for walking, bird-watching and bowls close to hand. For health concerns, Spire Leicester Hospital is an accessible private healthcare option located on the outskirts of Oadby. While the average house price in Oadby is slightly higher than neighbouring areas, you'll find a good choice of detached bungalows from £300,000-£600,000; detached three-bedroom period homes for £650,000; or developments by McCarthy Stone and Churchill Living. North Beeston, Nottingham One of Nottingham's most affluent suburbs, Beeston is sought for its excellent transport links and having its own high street full of independent cafes and shops, such as Essen General Store (charcuterie, cheese, wine). It's only a 10-minute tram link to the city centre, and trains from Nottingham go into London St Pancras in under two hours. Beeston's location near the A52 and M1 also ensures straightforward access by car to other major cities. With the Attenborough Nature Reserve and River Trent on its doorstep, along with Chilwell Manor Golf Club, it's great for sporty mid-lifers. They can also access top-notch facilities at the campus of the University of Nottingham, including the boating lake, Lakeside Arts – a visual and performing arts centre – and the Nottingham Tennis Centre. There's peace of mind, too, with good healthcare provision from Queen's Medical Centre and Nottingham City Hospital (a 20-minute drive away). Clare Bingham of Savills says: ' Prime roads include Beeston Fields Drive and Old Drive, close to the golf club – with detached properties within walking distance to the centre. Neighbours get to know each other and it is very social.' For low-maintenance new builds, the Pen Pentreath-designed development at Barton Quarter has homes built in the local vernacular. Prices are around £300,000 for a two-bedroom apartment. Wales Llandrillo-Yn-Rhos, Conwy After years of happy holidays on the stunning beaches of the North Wales coast, many from Cheshire, Wirral and Manchester decide to make a permanent move to the area when they retire. 'The desire to live by the mountains, our beaches and coastlines is also a huge attraction, as is the supposedly 'milder climate' near the coast,' says Zoe Cunliffe, of agent Beresford Adams. 'Plus there's the pull that the area is reasonably priced, given where people are relocating from.' The pretty Llandrillo-Yn-Rhos (or Rhos-on-Sea) has the bigger seaside town of Colwyn Bay, and Eryri National Park (Snowdonia) on the doorstep, so walking and sea swimming communities abound. There's also a popular golf club – but the area gets busy in peak summer. Volunteer positions are offered in turn for free access, discounted tickets and more, points out Cunliffe, who says that the National Trust's Bodnant Garden and Venue Cymru in nearby Llandudno host major productions that often feature downsizers. The promenade and beach has been greatly improved by a 'Riviera look' upgrade, with seating areas and better parking. Great independents include the Marmalade Kitchen café and The Grape to Glass Wine Shop. Healthcare-wise, it was noted that the provision could be better for complex issues. Bungalows cost from £350,000 in the central/coastal part of town, but from £200,000 in the Dinerth Road area inland. Yorkshire and the Humber Clementhorpe, York Between the River Ouse and the much-loved 'Bishy' (Bishopthorpe) Road, Clementhorpe is the former riverside home of Terry's confectionery in the south of York. And life is sweet for downsizers, thanks to the mix of great independent shops, cafes and restaurants, a little removed from York city centre. 'It has a mini village feel to it, but is conveniently located just a short walk from the city centre,' says Ed Stoyle, of Savills York. On Bishopthorpe Road you can find the Winning Post pub (and its 'Dog of the Day' award), the cosy Pig and Pastry café, while keen bakers love Frankie & Johnny's Cookshop. Nearby there's also the requisite chemist, library and health centre, and there's York Hospital just a 15-minute drive to the north. It's around a 20-minute walk to York railway station. A huge highlight is Rowntree Park (donated by Joseph Rowntree to fallen staff after the First World War), home to Rowntree Park Reading Café with its full library service and lots more: reading groups, knitting circles, Scrabble and crochet have been known to take place throughout the week. The area is known for its manageable and affordable Victorian and Edwardian terrace houses, says Stoyle. Three-bedroom homes sell from around £450,000, and two-bedroom flats in the riverside Postern Court go from around £250,000. North East West Monkseaton, Tyne and Wear Proximity to the stunning beaches of the north-east coast, and buzzy Tynemouth and Newcastle, makes Monkseaton a favourite for a quiet life that's still near some action. The small town has been voted the best place for community wellbeing in the North East (according to a Co-op survey), and it certainly has all the right ingredients: Whitley & Monkseaton Bowling Club, green space at Souter Perk, coffee mornings at Monkseaton Methodist Church, nice cafes (try The Scarecrow Coffee) and pubs like The Monkseaton Arms. Retirees also like the volunteering group and the SHF Gym, and there's North Tyneside General Hospital just a five-minute drive away. 'It's a lovely quiet area and only five minutes from the buzzy Tynemouth for more restaurants, but you'll pay at least £100,000 more for a bungalow there,' says James Mansfield, of Bridgfords Newcastle-upon-Tyne. 'There are some great bungalows in Monkseaton in the £200,000-£300,000s, but also a selection of residential developments with ground-floor apartments or blocks with lifts.' Close to West Monkseaton Station (25 minutes into Newcastle) you can buy an extended and well-presented two-bedroom bungalow for around £315,000. North West Poulton-Le-Fylde, Normoss, Lancashire On the north-west coast of Lancashire, with the Forest of Bowland National Landscape a few miles to the east, Normoss sits on the edge of the greenbelt, in the south of Poulton-le-Fylde. Retirees love the small-town feel with good access to Preston and Blackpool, says Sharnah Wilding, of agent Entwistle Green. 'It is a popular spot to live for downsizers, especially in comparison to other locations near Blackpool.' Poulton (for short) has a beautiful church at its heart, a warm community feel, Monday market, independent shops galore and the upmarket Booth's supermarket. Locals support their market town with events such as the Poulton Gala, 'Poulton In Bloom' and a Christmas festival. Keen senior footballers might join the Blackpool Senior Seasiders – a walking football club with over-60s and over-70s clubs, while within (tee) striking distance there's Royal Lytham & St Anne's Golf Club, as well as a gym in the centre. House prices are reasonable and there is a vast variety of options, says Wilding: 'Moorfield Park is a great development.' Prices start from £115,000 for a three-bedroom semi. In Normoss, a residential area close to Blackpool Victoria Hospital, bungalows cost from around £180,000. Scotland Central Ayr, South Ayrshire With excellent connections to Glasgow and Glasgow Airport, Ayr sits on a stunning coastline backed by moorland. Downsizers – who are often people who moved away to Glasgow for work and later return to retire – love a detached bungalow here, says Aimee McCallum, of Slater Hogg & Howison. Although it is 48 minutes by train to Glasgow, within the quiet county town is a thriving centre with a rich history that goes back to Robert the Bruce, and lovely estate parks such as the Rozelle and Belleisle. Ayr Town Hall dominates the skyline and offers jazz, cabaret and theatre, while the Citadel Leisure Centre has gym, swim and fitness classes. Ayr Beach – which features the Lang Scots Mile – keeps local walking groups busy. Opportunities in Retirement Ayr (OiR Ayr) offers a host of activities, from lunch clubs to Sew & Stitch, pétanque and 'Golden Girls aerobics', so it's not surprising that Ayr is officially working towards becoming an 'age-friendly community' with its Ageing Well Strategy. 'The areas of Doonfoot, Seafield and Belmont are popular for bungalows as these areas are close to both the town and the beach. They cost from £150,000 to £300,000,' says McCallum. Closer to the beachfront, there are retirement flats and conversions, especially on South Beach Road, where you can get two-bedroom properties from £120,000.
Daily Mail
01-05-2025
- Business
- Daily Mail
Major bank cuts mortgage rates and now has a 3.79% best buy - here's who can get it
Halifax has cut its mortgage rates and now offers the cheapest two-year fix. The lender has reduced its lowest two-year fixed rate for people remortgaging from 4.1 per cent to 3.79 per cent, which makes it a best buy. It is one of several banks and building societies to now offer rates below 4 per cent to those remortgaging or buying with a large deposit or equity. The headline rate is available to those who are taking a mortgage of £250,000 or more, and have a deposit of at least 40 per cent. This means they will need to own a home worth at least £417,000. The mortgage also comes with a large fee of £1,999. Borrowers need to weigh up rates and fees carefully, as adding the fee to the loan may cost them more in the long term than taking a slightly higher rate. They can do this using This is Money's true cost mortgage calculator. Borrowers wanting to take this mortgage must also be a new Halifax customer, with rates for existing customers slightly higher. The next-cheapest deal available for the same circumstances is 3.88 per cent with NatWest. This comes with a lower fee of £1,495. HSBC is also offering 3.88 per cent on a two-year fix, but only to customers with a Premier bank account. Jack Tutton, director at Hampshire-based broker SJ mortgages, told news agency Newspage: 'The mortgage market is really hotting up and Halifax has stolen the march with its latest cuts. 'Their headline rate of 3.79 per cent will be a game changer and will make other lenders consider their pricing.' For those looking for a five-year fix, Halifax has a rate of 3.88 per cent, also on a 40 per cent deposit and for those remortgaging with loans of £250,000 or more. It also has a £1,999 fee. The biggest reduction was to its fee-free two-year fixed remortgage product for a 40 per cent deposit , which was reduced from 4.85 per cent to 4.51 per cent. Lenders are reducing rates for several reasons, one of which is the likelihood for further falls in the Bank of England's base rate. They are also trying to win customers, amid worries that the increase in stamp duty on 1 April might slow the housing market. Figures from the Bank of England today suggested that fewer people are taking out mortgages to buy a home. Mortgage approvals for house purchases fell 1.2 per cent in March — the third monthly drop in a row. Because mortgages are usually approved weeks or months before a property purchase completes, those getting a mortgage in March would be very unlikely meet the deadline for reduced stamp duty. Nick Maud, director of research at agent Savills, said: 'Activity peaked in October and December 2024, likely driven by first-time buyers rushing to beat the stamp duty nil-rate deadline. However, momentum has trailed off thereafter. The prospect of further cuts to the base rate and the loosening of lending regulations, as proposed by the Financial Conduct Authority, may help to stimulate demand over the coming months.' How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
