Castle Village residents agree downsizing offers big opportunities

28 Feb 2007

Residents of the area’s only village exclusively for over 55s have backed the findings of a national housing market survey.

The study, by leading building society Birmingham Midshires, revealed almost half the over 50s planning to buy property this year will be downsizing.

And the majority of residents at Castle Village in Berkhamsted have already done just that and are enjoying the benefits.

As well as releasing equity, downsizing can reduce costly and time-consuming maintenance, freeing homeowners to enjoy their spare time.

Eric and Eve Parry moved from a large four bedroomed bungalow with a big garden complete with fish pond into a compact two-bedroomed cottage at Castle Village last September.

“When we first viewed the property I wasn’t sure it was right for us to move somewhere smaller but we feel so much better off now,” said Eric. “It’s so low maintenance and we get to enjoy fantastic grounds with no effort.”

Downsizing from their West London property freed enough capital for the couple to give their two grown-up sons a windfall and secure their financial future.

“Since we’ve been here we’ve felt too relaxed and comfortable to think about a holiday but we will probably spend some of our savings on a cruise this year.”

Retirement Villages concentrates on building high-specification one, two and three-bed properties. The company’s property sales and marketing director Sarah Burgess, said: "A lot of our residents find their family home is just too big once their children have moved out. They still want to live in a beautiful house in lovely surroundings but they don’t want - or need - as much space or work.”

Eric and Eve Parry moved to Castle Village and downsized.

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