While downsizing was once the preserve of retirees and empty nesters, it is now considered a rewarding option for all homeowners, with released equity used to boost everyday finance and a smaller home minimising day-to-day maintenance and upkeep.
51 per cent of those intending to sell in the next three years are motivated by a desire to trade down, according to recent research by Lloyds,* and there are various reasons why moving to a smaller home makes sense.
Downsizing can free up equity that can be used to improve quality of life. This equity is often used for travel or to assist children with tuition fees or buying their first home. It is even used when securing retirement plans, in lieu of low value pensions.
A smaller property can also be appealing as they usually require less upkeep. Smaller homes have fewer rooms to clean and generally more manageable gardens, leaving owners with more time to do the things they enjoy. Buying a new build apartment can also minimise ongoing maintenance and reduce every day running costs thanks to energy efficient building materials and regulations.
Mr and Mrs Versnel recently bought a three bedroom apartment in Darwin House, one of the most exclusive phases of Berkeley's Cambridge Riverside development. Paul, a geophysicist working at the Cambridge Business Park, and his wife Jenny, studying for a PhD at Cambridge University, chose a modern apartment overlooking Midsummer Common and the River Cam because of the ease of living the property would provide them.
Paul, 49, explains: "Our last property was a period cottage in a rural village setting, whilst idyllic in many ways, the continuous upkeep and distance from the city centre became an issue.
"Downsizing just made sense to Jenny and me, as a smaller new build apartment requires less maintenance in comparison to a larger house. We also travel a lot of the time, so downsizing freed up finance to enable us to continue to do so.
"While we were looking for something smaller than our existing home, our new property still needed to provide sufficient space for the family to visit, and nothing could match the quality, security and location that Cambridge Riverside offers."
Berkeley's Cambridge Riverside offers a stunning collection of studio, one, two and three bedroom apartments and penthouses that each come with a terrace or balcony. In addition, the luxury development will also feature 10 four and five bedroom townhouses, all offering quality features and generous private gardens.
Cambridge city centre offers a great selection of shops, boutiques, restaurants, cafés and bars, providing numerous places to enjoy the cosmopolitan atmosphere of this great city while the development's location adjacent to Midsummer Common and on the banks of the river, allows residents to make the most of the great outdoors, as they can play sports, ride bikes and row just seconds from their front door.
As well as enjoying riverside life, all buyers can take advantage of Cambridge Riverside's concierge service and the state-of-the-art residents' gym which offers residents the chance to exercise seven days a week.
The development has excellent rail connections both regionally to Newmarket and Stansted Airport and direct into London via both King's Cross and Liverpool Street stations in just under an hour. By road, the M11 is only a short drive away which gives direct access to the M25 in the South and leads via the A14 to the A1 (M) in the North.
Studio and 2 bed apartments start at £204,950. There are just three 3 bed duplex apartments available, prices from £824.950. In addition, an exclusive collection of 4 and 5 bed townhouses will be launched soon. For further information please contact the sales and marketing suite, which is open daily from 10am until 6pm, on: