Forget downsizing – now ‘my-sizing’ is a new trend
TRADITIONAL ‘downsizers’ are being eclipsed by a new trend in ‘my-sizers’; those moving to a house or apartment of similar value driven by a change in location, land, size or style of home.
Downsizing is traditionally defined by moving into a smaller and cheaper property, often motivated by reducing living expenses, retiring or becoming empty-nesters. But rightsizing, or my-sizing, is all about finding the house perfect for your needs, whether larger or smaller.
According to the recent Strutt & Parker’s Housing Futures report, the main reasons for moving home are finances and lifestyle reasons.
“Our findings point towards a new trend in people wishing to right-size, or what we refer to as ‘my-sizing’,” said Stephanie McMahon, head of research at Strutt & Parker.
“My-sizers are those who are moving home so that they can better suit their evolving needs, both in terms of space and finances.
“This might not be the usual move to a smaller house with less land – it might be to acquire more land and a smaller house, or less land and bigger house. Or it could be moving to a similar house in a more affordable location to release some capital or a similar sized property which offers more convenience.”
Steven Spencer, partner at Strutt & Parker, Gerrards Cross, commented: “In the Home Counties we have noticed a rise in sellers in an ‘inbetween’ life stage, where some of the older children have left home, and perhaps there has been a job change.
“They are not ready to give up all the space, but are looking for a change in their lifestyle and a different configuration of accommodation with plenty of living space, and they no longer need all the rooms or indeed the garden.
“This was particularly evident from our recent launch weekend at Lynbury Crescent in South Park Crescent, which is a development of eight luxury apartments of around 2,000 sq/ft (similar size to many family homes).
Located in a quieter part of Gerrards Cross within a short stroll of the shops and station, these sizeable apartments offer incredibly spacious accommodation with far-reaching tree top views over the Misbourne Valley, which is certainly a rarity for such a convenient spot, and is a sight to be seen.
Stephanie McMahon added:“We refer to current my-sizing phenomenon as the 4S’s: shrinking to share, save and spend.
“As well as life stages, variations to Government policy and property taxes can also have an impact – such as stamp duty changes.”
LYNBURY CRESCENT: Appealing to buyers looking for a change in lifestyle and differently configured but not necessarily less space, this development of eight luxury apartments in Gerrards Cross has proved popular with ‘my-sizers’.