Elmbridge in Surrey has been crowned the best place to downsize house, with homeowners scaling down in the area getting the biggest financial windfall of all.
Estate agents Jackson-Stops analysed how much cash homeowners could free up by switching a detached house for a semi-detached house across England and Wales, excluding London.
It found that overall, homeowners could release £209,215 of equity by downsizing. That’s up £5,467 from 2022 and a jump of £91,622 in a decade.
The Home Counties dominated Jackson-Stops’ 10-strong list, with hotspots in Surrey, Hertfordshire, Buckinghamshire, and Kent taking the top eight places.
Nick Leeming, chairman of Jackson-Stops, explains: ‘Downsizers today are of all ages as a consequence of higher rates of borrowing.
'The aspiration to maintain lifestyles, school fees and sunny holidays, as well as wanting to be less wasteful with heating and upkeep, means smaller properties, typically of two and three bedrooms in highly prized locations, have never been so sought after.’
Discover the top 10 locations where it pays to be downsizing home.
1. Elmbridge, Surrey
See more of this three-bed semi-detached house in Walton-on-Thames for £785,000
Average price of semi-detached house: £704,434
Average price of detached house: £1,503,229
Cash freed up: £798,795
Percentage difference: 113%
Topping the list for the second year in a row is Elmbridge. Detached houses in this corner of Surrey cost more than twice the price of the average semi-detached property.
Elmbridge boasts leafy countryside and swanky towns and villages, such as Walton-on-Thames, Esher, Weybridge and Cobham. Little wonder that the area is reportedly popular with celebrities.
It’s a hop, skip and a jump into central London. Trains from Walton-on-Thames to London Waterloo take around half an hour. There’s easy access to the M3 and M25 motorways too.
There are several big-name attractions in the area. They include King Henry VIII's residence, Hampton Court Palace; Sandown Park and Kempton Park racecourses; Brooklands Museum, located on the site of the world's first purpose-built motor racing circuit; and a number of golf clubs. Chessington World of Adventures is also nearby.
Head a little further south and you hit the beautiful Surrey Hills National Landscape (a designated Area of Outstanding Natural Beauty).
2. Three Rivers, Hertfordshire
See more of this three-bed semi-detached house in Rickmansworth for £675,000
Average price of semi-detached house: £591,654
Average price of detached house: £1,156,701
Cash freed up: £565,047
Percentage difference: 96%
Three Rivers sits north west of London in Hertfordshire. It is believed to take its name from the rivers Chess, Gade and Colne. This downsizer hotspot is not short on open space, with its Green Belt alone spanning nearly 9,000 hectares.
Rickmansworth has all you’d expect of a buzzing local town. Meanwhile, villages such as Sarratt, Chorleywood and Croxley Green offer a more rural setting.
Three Rivers offers top-notch transport connections, making it a commuter haven. Trains from Rickmansworth to London Marylebone take less than half an hour. The area also benefits from the M25 and M1, which connects London and Leeds.
If you’re a golf enthusiast, you can take your pick from eight golf courses. Meanwhile, the world-famous Warner Bros. Studio Tour London – The Making of Harry Potter is a must-see for all Harry Potter fans. The Rickmansworth Aquadrome is also a big hit in these parts.
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3. Woking, Surrey
See more of this four-bed semi-detached house in Woking for £575,000
Average price of semi-detached house: £526,933
Average price of detached house: £1,019,404
Cash freed up: £492,471
Percentage difference: 93%
Located in the heart of Surrey, Woking has some quirky claims to fame. It is thought to have inspired The Jam’s single, Town Called Malice. It’s also believed to be where author HG Wells wrote the novel, The War of the Worlds.
Today, Woking is another popular commuter town. It’s sandwiched between some handy roads: the M25, M3 and A3. And it has a busy train station, with frequent half-hour train journeys into London Waterloo.
Woking may not have quite the same cachet as nearby Guildford. But the busy town centre is filled with shops, restaurants, arts venues and other attractions. For a slower pace, try one of the commuter villages such as West Byfleet, Mayford and Pyrford.
On the outskirts of Woking is RHS Garden Wisley, which claims to have some of the largest plant collections anywhere in the world. The scenic Surrey Hills National Landscape is nearby too.
4. Buckinghamshire
See more of this three-bed semi-detached house in Aylesbury for £500,000
Average price of semi-detached house: £464,723
Average price of detached house: £861,641
Cash freed up: £396,918
Percentage difference: 85%
Buckinghamshire lies north west of London. It combines quintessentially English villages and market towns with scenic landscapes, including the Chiltern Hills National Landscape.
It’s a well-connected part of the country, with the M25, M40 and M1 running through or nearby. As for speedy rail links, journey times from Gerrards Cross in the south to London Marylebone are less than half an hour.
Major draws in Buckinghamshire include Silverstone, home to the British Grand Prix, and the 40-odd golf clubs. It’s a good spot for history and heritage buffs too: Buckinghamshire has more National Trust properties than any other county in England.
And there are plenty of places for families to hang out. Look out for attractions that celebrate the famous author Roald Dahl, who lived in the area.
5. Hertsmere, Hertfordshire
See more of this two-bed semi-detached house in Radlett for £620,000
Average price of semi-detached house: £630,967
Average price of detached house: £1,168,885
Cash freed up: £537,918
Percentage difference: 85%
Another pocket of Hertfordshire that borders London, Hertsmere is home to Elstree Film Studios. While you may not know the studios, you will have heard of the movies and TV shows filmed there. They include Star Wars, The King's Speech, Sherlock Holmes, The Voice and Strictly Come Dancing.
Hertsmere is an affluent spot that celebs such as Simon Cowell have reportedly called ‘home’, says the Hertfordshire Mercury.
The main villages and towns in this neck of the woods are Radlett, Bushey, Borehamwood and Potters Bar. They are served by speedy trains into central London. The A1, M1 and M25 also cut through the area.
For days out, the award-winning Bushey Rose Garden, Bushey Museum & Art Gallery, and Aldenham Country Park are all worth a visit.
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6. Dacorum, Hertfordshire
See more of this four-bed semi-detached house in Hemel Hempstead for £550,000
Average price of semi-detached house: £544,314
Average price of detached house: £998,404
Cash freed up: £454,090
Percentage difference: 83%
Dacorum is in the west of Hertfordshire and takes in the towns of Hemel Hempstead, Berkhamsted and Tring.
Like many of the hotspots in this top 10, Dacorum has quick journey times into London. Trains from Hemel Hempstead to London Euston take around half an hour. The M1 and M25 run along the outskirts of Dacorum.
The area has popular attractions galore. Don’t miss the Natural History Museum Tring, home to the largest collection of stuffed mammals, birds, reptiles and insects in the UK. Nor Frogmore Paper Mill, thought to be the world’s oldest mechanised paper mill. The National Trust’s Ashridge Estate is also a good shout.
If you’re a foodie type, Puddingstone Distillery, Frithsden Vineyard, and Tring Brewery are likely to be right up your street.
There are plenty of action-packed days to be had too. There’s The XC, an extreme sports facility which claims to have Europe's largest indoor caving system. And also The Snow Centre, which offers skiing and snowboarding on a 160m slope.
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7. Tunbridge Wells, Kent
See more of this four-bed semi-detached house in Tunbridge Wells for £500,000
Average price of semi-detached house: £490,752
Average price of detached house: £899,697
Cash freed up: £408,945
Percentage difference: 83%
Tunbridge Wells lies in Kent, a county often referred to as the Garden of England. The area is named after the historic spa town, Royal Tunbridge Wells. It’s a sought-after place that’s brimming with shops, cafes and bars. Neighbouring towns include Paddock Wood and Southborough.
Tunbridge Wells is particularly picturesque, with a large swathe of the area designated as the High Weald National Landscape.
The rolling countryside is peppered with castles and historic houses, pretty villages, orchards and vineyards. Keep an eye out for the distinctive oast houses, which were used to dry hops.
And yes, Tunbridge Wells is also within an easy commute of London. Trains from Royal Tunbridge Wells to London Charing Cross take less than an hour, while the M25 is also close by.
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8. Sevenoaks, Kent
See more of this three-bed semi-detached house in Sevenoaks for £500,000
Average price of semi-detached house: £530,728
Average price of detached house: £970,063
Cash freed up: £439,335
Percentage difference: 83%
Sevenoaks is nestled between London and Tunbridge Wells. The M25, M26 and M20 criss-cross the area so expect quick connections - not to mention speedy train journeys into central London.
Key towns in this upmarket area include Sevenoaks itself, Edenbridge and Westerham. There’s a host of quaint villages too.
Like neighbouring Tunbridge Wells, Sevenoaks is steeped in history, making it a great place for families to explore. One of the star attractions is Knole stately home, set in a stunning 1000-acre deer park. Other highlights include Hever Castle, Anne Boleyn’s childhood home; Emmetts Garden; and Chartwell, Sir Winston Churchill’s family home.
If you’re after the great outdoors, head for the High Weald National Landscape and the North Downs.
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9. Northumberland
See more of this three-bed semi-detached house in Bedlington for £199,995
Average price of semi-detached house: £183,752
Average price of detached house: £334,577
Cash freed up: £150,825
Percentage difference: 82%
Northumberland is in the north east of England, on the border with Scotland. This popular holiday destination offers escapism and rugged beauty in spades.
It's home to not one but two National Landscapes (North Pennines and Northumberland Coast) as well as Northumberland National Park and Kielder Water & Forest Park. Historic towns and villages in the area include Berwick-upon-Tweed, Wooler and Otterburn.
Northumberland boasts several landmark attractions. Chief among them is Alnwick Castle (a filming location for the Harry Potter movies and Downton Abbey) and Hadrian’s Wall, a World Heritage Site.
Northumberland may have a get-away-from-it-all charm but it’s well-connected. There are direct trains from Berwick-upon-Tweed to the likes of Edinburgh, Newcastle-upon-Tyne and London. And the A1 links London and Edinburgh via Northumberland.
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10. Sunderland, Tyne & Wear
See more of this three-bed semi-detached house in Sunderland for £140,000
Average price of semi-detached house: £143,769
Average price of detached house: £261,153
Cash freed up: £117,385
Percentage difference: 82%
Sunderland is tucked underneath Newcastle-upon-Tyne on the north east coast of England.
Famous for its industrial heritage, Sunderland had a reputation as the shipbuilding capital of the world. Today, it’s a lively and affordable spot to live. And it has some beautiful and unspoilt stretches of coastline to boot. Look out for picturesque beaches, such as Roker and Seaburn.
There’s plenty to discover in this largely urban area. They range from Herrington Country Park and Sunderland Museum and Winter Gardens, to Adventure Sunderland outdoor activity centre and the buzzing seafront.
Sunderland enjoys good transport links to major destinations, with London just over three and a half hours away by train. And the A1, which runs along the edge of Sunderland, takes you north and south.
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