A growing number of homeowners are planning to move to a smaller home, according to research from Suffolk Building Society. Their findings reveal that 15% of all UK homeowners are planning to downsize within the next five years as a result of the cost of living, property prices and mortgage rates. One such downsizer is Emma King (44), who has just moved to a two-bedroom apartment at City & Country’s Factory No.1 development in Bedminster, Bristol.
Emma, who works as a freelance project manager, was previously living in a three-bedroom house in Bath with her border collie, Luna. She moved into the property in 2017, a fixer-upper that required a top-to-bottom renovation, which Emma transformed into a two-bedroom home with a large open plan office space. After Emma’s wife passed away in 2016, she found herself living in a property that was too big for just one. Emma says: “We moved to Bath together, and that house would have been perfect for our life together. However, it took a lot of work to renovate the property and to be honest it was a nightmare, and I didn’t want to have to do that ever again. But I’d spent so much time and effort and money doing the house up, I wanted to enjoy it for a while.”
Emma commuted regularly to work in Bristol, where many of her friends and loved ones were located. Realising that so much of her life was in Bristol, she decided to take the plunge and put her house on the market. She adds: “I had been thinking about moving for a while – I knew I wanted to move to Bristol and specifically Bedminster. I viewed lots of houses to begin with; I was hesitant to consider apartments because I was worried about whether they would allow Luna. So when I viewed Factory No.1, I was really surprised to learn not only are they welcoming to dogs, but lots of other residents have dogs too.”
After putting her old house on the market and selling up, Emma hopped between Airbnbs while she waited for her new apartment at Factory No.1 to be built. She adds: “I realised just how important security is to me. Living in an apartment feels so much safer compared to having a front door that opens straight onto the street.”
Emma continues: “I might be a little younger than you’d expect a downsizer to be, but as a solo homeowner I just didn’t need the fuss that comes with the upkeep of a house. My apartment has lovely big windows, excellent soundproofing and enough space for me, and I have my own private terrace. Best of all, my apartment is on the same level as the communal gardens which is perfect for Luna.”
Downsizing also enabled Emma to pay off the small mortgage on her previous home, meaning that she was able to purchase her new apartment outright for £410,000.
Shelley West, Group Sales and Marketing Director at City & Country, says: “Apartment living was traditionally viewed as the first or last step for homeowners. Now, moving to an apartment is an aspiration and a lifestyle choice. Factory No.1 is a fascinating development, located on the site of a former tobacco factory in Bristol’s trendiest district. Now, it has begun its newest chapter, having been transformed into a collection of luxurious apartments set among landscaped gardens within reach of the city centre.”
City & Country is the award-winning developer behind the Factory No.1 development on East Street, Bedminster. Factory No.1 is a transformation of a former tobacco factory, sensitively restored by City & Country with a modern design that reflects the location’s iconic architecture. The development itself comprises a mix of restored and new build apartments and penthouses, with the newest phase exclusively comprised of brand-new homes.
Bedminster, once Bristol’s industrial heartland, is now one of Bristol’s most dynamic districts. With a mix of independent shops, cafes, bars and creative spaces, and Bristol Temple Meads train station, just a 15-minute walk away, offers routes taking just 1 hour 30 minutes to get into London. Bedminster also offers a variety of green spaces, with South Street Park a short 10-minute walk from Factory No.1.
The Factory No.1 sales suite and show homes are open daily from 10am to 5pm, with a range of selected one and two-bedroom apartments available to purchase. Prices start from £275,000 for a one-bedroom apartment. For more information, call 0117 4535 155 or visit www.cityandcountry.co.uk.
