Auctioneer Patricia Stokes outlines why it's never too late to downsize 

Patricia Stokes, whose auctioneering business is based at 1, Horgan's Quay, Cork.

You are never too old to consider change.

As another year in the Cork residential property market comes to a close, I am always mindful that when we sell a house for a vendor there is a purchaser on the other side who has just bought their new home and all the excitement that brings given it is probably the largest investment they will ever make. In view of the lack of product available this year again not everyone has obtained the goal of their new home as currently we are not building enough homes to meet the pent-up demand.

We had a number of wonderful client sales this year however there was one that resonates with me. It was a four bedroomed detached bungalow on 0.3 acres in a rural setting. Our vendor was a young 90 yr old gentleman who was now living alone and had made the decision that it was the right time to move. While very active, still driving and managing to take care of the entire property inside and out he felt that selling his home might bring a sense of renewal and excitement. A new environment that would open up opportunities to meet new people, engage in different activities, or simply enjoy a change of scenery. It got me thinking as to why more do not embrace this opportunity. While this decision can feel daunting, I saw how the sale of this particular home was a positive, empowering experience, which allowed him to embrace a new chapter.

Similar to many other homes we have sold over time this home had accumulated years of cherished possessions which included an extensive array of seashells collected by all family members from walks on beaches to multiplies of photo albums, certificates, invoices for house maintenance and school reports to name just a few of the collections. Our vendor saw that downsizing offered the opportunity to declutter and prioritize the items that truly, at this stage of his life, brought joy or held special memories. While standing in that home I thought how fast life has moved, photos are no longer accumulated in physical albums and whatever documentation does not fit on our handheld electronic device “the cloud” now takes care of.

Whether it is moving closer to family, relocating to a vibrant community, or simply finding a peaceful retreat, downsizing allows you to align your living space with your current needs and aspirations. It is never too late to explore new horizons, and this next chapter could bring fresh experiences and a renewed sense of purpose. Moving to a smaller, more manageable space allows you to let go of what no longer serves you while keeping what’s most meaningful. You can enjoy the simplicity of less maintenance, fewer responsibilities, and more time to focus on the things that matter most. A well-timed rightsizing decision can also result in financial benefits. After living in your home for many years, the property’s value may have increased substantially, allowing you to release some of the equity you have built up in your home. The proceeds from the sale after securing the replacement property can be used to supplement your pension, fund travel, or invest in a more comfortable living arrangement.

We have just had a general election where housing was the number one issue. The important thing now is that a government is formed quickly and that we continue with the policies that are working and just refine others so that we can continue to deliver more homes year on year to meet the growing demand. I believe more attention should be given when Development Plans are being reviewed so that provision is made for smaller unit house types within a community to ensure people, as they grow older, can rightsize to a more manageable type of home and yet still remain within their own community which is very important and makes the decision less daunting. It is time to consider incentivising older people to downsize which would create movement in the market and deliver larger homes for younger families where the facilities and services are already in place. This would also benefit communities where you would get a better mix in age profiles.

Áras Mhuire on Skehard Road, Blackrock, is one of a very few over-60s housing schemes designed for downsizers

Census 2022 reveals that the number of households in Ireland reached over 2.1 million, an almost 6% increase from the recorded 2016 Census figure. This growth is consistent with the country’s overall population increase, which rose by 8% between 2016 and 2022. One of the most notable trends in household formation in Ireland is the increasing proportion of single-person households. Life expectancy in Ireland is relatively high, with the average age of 82 years. This contributes to the increasing number of older people in the population and it is important that they have the ability to live within their community for as long as is possible. Further data from the CSO note that one-person households now account for nearly 27.4% of all households. This increase is driven by a combination of demographic and cultural changes. The aging population plays a significant role in this shift. Census 2022 highlights that the number of people aged 65 and older is 15% and is set to rise over the next decade and with it, the proportion of people living in single-person households. Therefore, it is imperative, that our policy makers ensure there is adequate provision to facilitate the opportunities for these people to rightsize within their own communities and consideration should be given to grant aiding them as it will free larger homes for young families.

The compact growth guidelines which was adopted earlier this year should be considered more in urban areas where apartment viability is an issue as it can deliver densities in excess of 40 units per hectare with all having own door access. Given the location of these brown field sites within the town and city environs it would give the opportunity for these rightsizers to relocate and still be close to all services. This type of unit would also appeal to younger purchasers and this would deliver stronger and more sustainable communities. Our policy makers feel the imperative that the only way of achieving greater density is by delivering high rise apartments. In my view compact own door designs can also achieve these goals and it can do so in a much more cost effective way and one that is easier to finance.

In my experience from dealing with vendors they are happy to rightsize regardless of age demographic if the right product is available to them. As they say in the movies “Build it and they will come”.

Trish Stokes heads up the Cork agency Patricia Stokes Auctioneers