Phil Spencer's thoughts on downsizing (or as I say, rightsizing)

I was lucky enough to attend an informal lunch at Riverstone, Kensington where Phil Spencer shared his thoughts on downsizing with the residents of Riverstone, those considering a potential move in later life and a small selection of businesses, such as Turners Oak, that support those moving in later life.

As always the hospitality at Riverstone was exceptional - but more on that later. I was there to hear what one half of the most well-known TV duos had to say about the reality of moving in later life, as he sees it.

An introduction to Phil

If you don't know Phil, he co-hosts Location, Location, Location and Love it or List it with Kirstie Allsopp on Channel 4. Phil started his talk by sharing with us how he ended up as a TV presenter. He first studied as a surveyor before realising there was very little advice and support for buyers when it came to purchasing property, and so he founded a home buyers service in London in the late 1990s. Kirstie Allsopp was doing the same and it was their focus on supporting buyers that brought them to the attention of Channel 4 in 2000. The rest, as they say, is history.

So it's safe to say that Phil knows a thing or two about the property market. The negotiations he and Kirstie undertake on Location, Location, Location are real - and can take hours! As Phil says they are probably the best example of reality TV - these are real people's lives, homes, futures and finances.

Change is coming - we are an ageing population

Before sharing his thoughts on downsizing Phil painted a bigger picture of change. He had clearly done some research about wider changes that are occurring that ultimately impact the property market. Phil shared an eye-opening fact from Japan - that over the last few years adult nappies there far outsell children's nappies. That gets you thinking about the changing demography of the Japanese population and what that means for them as a society.

In relation to the housing market here in England, Phil shared that the average age of a first-time buyer when he and Kirstie started their TV careers was 28; it's now 36. Research from The Department for Levelling Up shows that between 2018 and 2043 there will be a 47% increase in the number of homes owned by those aged over 65. Compare that to an estimated 3.6% rise in homes owned by 25-64 year olds. Our homeowners are getting older.

Phil's take is that this will lead to a reshaping of the property market and property developments. We are already seeing this with the vast investment in Integrated Retirement Communities such as Riverstone - providing independent living for those in later life alongside restaurants, leisure facilities and even concierge facilities.

What does Phil think about downsizing?

Firstly I'll say that he did change to saying rightsizing rather than downsizing! (Did you know that in reality only 35% of moves in later life are motivated by a downsize?)

His first clear takeaway was to consider the facts. He talked of the property market being like a cauldron full of variables which can make it difficult to use as a decision-making tool. It's much more useful to focus on the facts and control what you can control. Consider what the reality is - for you. Not just now but in the future. Will your current home be suitable for you in five years' time? What is your financial position and what do you want it to be in the future? What is the situation with family? What is your health like? What brings you joy? The market is the market but your life choices are yours to make, as long as you make them in time.

Secondly he spoke of his appreciation that leaving a much-loved home that you have lived in for many years can be emotionally challenging. A home where you have raised your children, or lived a full life with a loved one who is no longer with us, will be full of memories, making it hard to leave. Remember, Phil said, that you can take your memories with you and you can take keepsakes, art, and items of furniture that help keep memories alive to a new home. It's important to not live in the past when the past is no longer the reality.

His final point on downsizing was clear: DO IT WHILST IT'S STILL FUN! Make a move when you can embrace your next chapter and flourish in it. Go and explore the options that are out there and take control of your future. 'Downsize your home. Upsize your lifestyle' is his mantra for moves in later life. Don't wait until it's too late and you have to move rather than choose to move.

My thoughts

I wholeheartedly agree with Phil. I would also say that it is much easier said than done! I have worked with clients who have been contemplating a move for years and who just can't see the woods for the trees.

I often talk about the emotional, practical, logistical and financial uniqueness of moving in later life. There's no other move like them. Often there can be logical reasons to make a move with people telling you that you 'should' do it. This stance can completely dismiss the emotional reality of leaving your current home as well as minimising the overwhelm someone can feel about the logistics of it.

Our homes form a huge part of our identity, especially when we have lived in them for many years; giving them up means giving up a part of ourselves. That deserves consideration and attention. It can mirror the grieving process and can take time to acknowledge and accept.

Without a catalyst to make a proactive move it is much easier to stay where you are, especially if that much-loved home is still working for you well enough. And I think that's the stark reality of not making a proactive move in later life - a home can go from working for you 'well enough' one day to no longer working at all the next.

My final takeaways actually come from the stories shared by the residents at the end of Phil's talk. Two people who had made a move in later life spoke of their experiences. One said that it was a 'feeling of letting go' which was 'really liberating'. Another spoke of the move being a 'relief' and that there was so much support available when he actually started to look for it that the things he was worrying about were in fact not the huge obstacles he had thought they would be.

My advice is to speak to others who have made a move in later life, give yourself time to consider options and to work through your emotional responses to a move, visualise what you want your next chapter to look like, and seek support - there really is help out there.

Thank you to Riverstone and Phil Spencer. Get in touch with us if you'd like to know more about how we can support your move in later life.

Susan, Founder of Turners Oak