Young Brits more likely to downsize homes than older generations, study says

Young people in the U.K. are four times more likely to downsize their homes this year than those aged over 55, a new study found.

The research, published Saturday by investment manager Hargreaves Lansdown, also showed that Brits aged between 18 and 34 were more likely to downsize than move up the property ladder in 2019. It examined the plans of both renters and homeowners.

Among the wider population, 6% of people were planning to move into a smaller property this year, with one-in-six planning to move home. A large proportion of the planned moves was among young renters, a third of whom were planning to move to a new house over the next 12 months.

The report noted that as rents were rising, tenants may be forced to continue downsizing to keep the cost of living manageable. People who were aiming to buy their own home may also have to downsize again in order to get onto the property ladder, researchers said.

The survey will likely add to a growing debate about housing and the generation gap in the U.K. Some housing experts suggest exorbitant prices in places like London have been accentuated by a reluctance from “baby boomers” to downsize their homes.