U.K. sees dramatic rise in people looking to downsize their homes.

Although the bank of England has reduced the base rate from 5.25% to 5%, the huge increases in monthly payments in comparison to 2020 has seen an explosion in the number of people looking for a solution, and for many, it seems that the only way may be to look for a more affordable option.

Analysis of Google data by Storage Vault showed that monthly searches for the term ‘Downsize’ meaning moving from a larger property to a smaller one, have risen 82.72% between July 2020 and June 2024.

Place:

2020

2024

% change

U.K

8,100

14,800

82.72%

As individual nations, Northern Ireland saw the highest increase with searches rising 129.41% from 2020. Wales came second with 126.92% and Scotland 3rd with a 120.34% rise. This shows that each individual nation saw a large jump in the number of people who perhaps feel like the larger property they’re currently living in is unsustainable, which leaves questions as to how a boost in the number of people looking for cheaper properties might affect the housing market.

Fraser Sutherland of Storage Vault added: “As mortgage costs have continued to rise for people in the U.K., people will eventually be forced to consider whether their properties are sustainable, or whether they need to move into a smaller and more affordable property.”

“People often however, have to consider whether their lives, and by extension their possessions will fit easily into a new environment and at times, downsizing means they have to make additional choices. As a storage business, we do see customers using facilities during house moves in order to give them more time to help fit their possessions into new surroundings.”

“Ultimately, despite some recent cuts to mortgage rates, if the Bank of England’s warnings about more upcoming rises is correct, then downsizing is only likely to increase as a solution to people’s already stretched budgets.”