THE baby boom generation are now looking retirement in the face. Or at least they thought they were. In actual fact retirement plans for very many people in their mid-fifties to mid-sixties are being hastily redrawn, with the need to carry on working for longer than anticipated becoming an unavoidable reality.

Apart from the effect of the financial crisis on the value of both personal pensions and life savings, a good many parents are also wishing to help their twenty-and thirty-something offspring get onto the housing ladder, which - you guessed it -means even more expense!

And it is not just the older generation that are feeling the pinch. Many middle-aged, middle-income families have found themselves uncomfortably stretched by the relentless increase in the cost of living which we have experienced over the last few years. Many thirty-to-forty-somethings have become increasingly disillusioned with the costs of servicing the typically high mortgages that many have found themselves saddled with, as a result of moving up the property ladder during the boom years.

With all this endless expense, no wonder there is a desire for more and more of us to want to live in more efficient properties which are cheaper to run, less time-consuming to maintain and which ultimately will leave us with more money in our pockets to enjoy the things that matter most in life.

For many the answer is downsizing. Far from being seen as a retrograde step, it is increasingly becoming an exciting and attractive opportunity to engage in a more active and expansive life of travel and adventure.

The growing number of downsizers are creating a new dimension in the property market. Larger flats and smaller elegant houses in and around suitable towns and cities, where upkeep is minimal and amenities are close at hand, are increasingly sought after. These are the types of property which owners can lock-and-leave when they head for foreign holidays, the golf course or that long-wished-for second home.

All this sounds very exciting, but it also raises the question of who will buy the larger houses that the downsizers are leaving behind. Despite concerns over a mansion tax and a greater than ever desire to live within one’s means, I think the market for larger houses will remain strong – as long as prices accurately reflect the mood of what is now a much less extravagant pool of buyers.

So, with the market in clear recovery mode, this could be a very good time for astute sellers to downsize. Government initiatives over the coming months should further stimulate the market and low interest rates for the time being will tempt housing ladder climbers. We don’t know what the long-term market future will be, but we do know that a move right now will take advantage of an extraordinary set of market conditions.

Planned well and executed skilfully, downsizing can be fun. Remember, it is said that the best things come in small packages. This can certainly be true of houses.

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