How much could you save by downsizing?

The average British homeowner could save up to £64,500 by downsizing, according to new research, but finding the perfect spot for a home can be difficult. So, where in the UK could you save the most money by downsizing?

Experts at confused.com mortgages analysed the price difference between different house sizes across the UK.

Downsizing is popular with retirees, and the coastal town Bournemouth has an aging population, which could make it a popular destination for those looking to relocate in retirement, the website said.

It came out on top, with an average saving of over 60% when downsizing a property.

In second place was Sunderland, in the North East, with an average saving of just under 60% for those looking to downsize. Sunderland was among the most affordable areas analysed here, especially for smaller properties.

The city with the smallest potential savings was Kingston upon Hull in Yorkshire, where the average saving was around 25% (compared to 62.2% in Bournemouth).

Meanwhile, the city with the second-smallest potential savings was Milton Keynes, known for its modernist architecture and grid system layout, at 26.3%. Its proximity to London means that demand for housing is high in Milton Keynes, so prices for smaller homes might not be as affordable as in other places.

The biggest potential savings you could make by downsizing in the UK, the study suggested, was dropping from a four-bedroom to a three-bedroom property, at 47.5%, which could save £109,786.

Downsizing from a three-bedroom house to a two-bedroom house could make savings of 34.5%, with a price difference of £59,380.

The step with the lowest saving was between a one-bedroom property and a studio apartment, at just 8.5% and a price difference of £11,091.

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