THE soaring cost of heating is leading to a surge in the number of homeowners looking to downsize, a property expert has said.

Jonathan Rolande also pinpointed interest rates as another reason why people were looking at buying smaller properties and putting larger homes up for sale.

But Mr Rolande, from the National Association of Property Buyers, said a nationwide shortage of homes means many will likely be left disappointed.

He said: “We are definitely seeing a move towards people being more open-minded to downsizing now than they were five or ten years ago.

“The main thing driving this is heating costs. It isn’t just the size of a property but also its age and construction that can lead to sky-high energy costs. That’s why many older owners are considering selling up to avoid expensive work to make their home cheaper to run.”

Mr Rolande said estimates suggest over £10,000 needs to be spent to move an average Band F or G home to a C on the EPC scale.

On the impact interest rates are having, he continued: “With recent hikes, owners of larger, underused homes see sense in selling up to move down and pay off the outstanding mortgage rather than having to find monthly payments. Rates for equity release have also climbed, making this a less attractive prospect than it once was.”

Mr Rolande said a third reason behind the downsizing surge could be linked to repairs and maintenance.

He added: “We’ve seen labour and material costs rocket too, which means carrying out day to day repairs, maintenance and renewals is more expensive than ever. This is tempting some to look at smaller properties and gardens.”

His comments come as new research shows there has been a notable rise in the number of people looking to downsize to smaller properties since last September.

Savills surveyed agents representing its 130 UK offices and found more than half – 53% – had seen an increase in the number of downsizers on their books.

Finding the right next home seems to be the biggest barrier to those who have made the decision to downsize, according to 79% of Savills’ agents.

The majority of agents – 61% – said that their downsizers are planning to remain locally based. Popular criteria for downsizers looking to move included homes being in good condition, cheaper to run and lower maintenance overall, the findings found.