Home owners downsize 'to cut bills'

A third of home owners who plan to downsize in the near future are doing so in order to cut their household bills, a study has found.

Just over half (51%) of home owners surveyed who are planning to move house in the next three years said they plan to downsize, compared with just over a fifth (22%) who are looking to trade up to somewhere bigger, Lloyds TSB found.

But "empty nesters" who no longer need the space are not the only ones looking to trade down, and while 63% of those looking to do so are aged over 55, more than a quarter are aged between 46 and 55 and around 5% are aged between 36 and 45, the study found.

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Homeowners downsize over bills

A third of homeowners who plan to downsize in the near future are doing so in order to cut their household bills, a study has found.