Home downsizing enjoyed a surge from April 2024 to April 2025, with approximately 133,400 households moving to smaller homes – a 37% increase compared to the previous year.
A significant reason for this increase in downsizing is the drop in mortgage rates, which means that those downsizing know they can get a good price for the house they are selling.
Changes in inheritance tax have also meant that larger houses left to family members are liable for more tax. Iain McLeod, head of private clients at financial management company St James’s Place, said:
“I’m seeing more inquiries from clients about how they can unlock the equity contained in their primary home.”
Releasing cash tied up in a home provides money that can be used towards the children’s first house purchase, or to make life more comfortable in retirement.
Finance is not the sole reason for downsizing though. Many move because they want to be nearer their family, or wish to move to a more attractive location.
There are many reasons to stay in a large house, such as nearness to friends, emotional attachment or difficulties in finding a suitable smaller home, but many still want to downsize. This process can, however, create storage issues. The smaller home may not be big enough to hold all the household’s possessions; and if some of these items have value, storage facilities can be used to keep them safe.
For storage in St Helens or Liverpool, ask Merseyside Movers & Storers to pick up any items, and we’ll store them safely in our secure facilities until needed.
