In a comment provided to The Times on the considerations of downsizing Simon Hewett-Avison, Head of Services said:
“For some older people, downsizing can be positive. It can release capital and make things more manageable. But as with any move, there are things to consider. Does the area have vital facilities such as shops and medical services, is there enough space for your belongings and will friends and family be able to visit your new home?
“There can also be challenges when downsizing that could impact on you financially. Moving costs are often expensive and smaller properties are not always cheaper when moving to a new area.
“The money received after a sale can also affect means tested entitlements such as Pension Credit, a lifeline to many older people. It’s important that this is calculated into any downsizing decision, especially if you are motivated by cost of living crisis, as your benefits could stop entirely. At Independent Age, we want to ensure people have enough money in later life to live comfortably, whether they actively choose to downsize or whether they wish to stay in their home.”