Meet the downsizers

Young professionals are abandoning the painful struggle up the property ladder and looking to move to smaller homes.

A new phenomenon of "climb-down" has been identified in a survey, which found that almost 40 per cent of people plan to reverse the normal pattern of buying ever larger properties as they grow older and wealthier.

The soaring price of houses combined with a backlash against long hours and stressful working lives means people are no longer prepared to pay the price for "trophy" homes.

The trend is an historic about-turn against the traditional parental advice that borrowing to invest in bricks and mortar is the best route to financial security. It could have dramatic implications for the higher end of the property market if the usual conveyor belt from flat to house to big family home grinds to a halt.

The survey - conducted nationally by pollster NOP - found that 38 per cent of people aged between 25 and 34 were happy to downsize their property if it meant they could wipe out their mortgage. When asked if "it's important to me to have a big, impressive house", 84 per cent of respondents said no.

Lise Bulloch of Britannia Building Society said: "Paying off the mortgage early is a key goal for the climb-downer. People want more time to themselves; they're less and less preoccupied with climbing the property ladder and more concerned with enjoying life. Many homeowners nowadays are saving towards fulfilling

ambitions, whether that's taking a year out for the holiday of a lifetime or turning a hobby they're passionate about into a successful business."

Climb-downers would also use the spare time to go back to university, learn new skills, do voluntary work or spend more time with the family, according to the study which was commissioned by Britannia.

There has been a huge growth in the number of people seeking to downshift their lives to escape from the " gerbilwheel" of full-time employment in recent years.

Around two-thirds of people under 35 are considering a downshifting move, according to a recent survey, with about one million people between 35 and 54 developing serious plans to make the move. Around 40 per cent of farm buildings sold in Wales last year were bought by urban professionals, according to one report.

The Britannia also revealed overwhelming disillusionment with highly-stressed jobs and a huge preference for extra free time over more money.

The number of people saying they wanted a fulfilling life outnumbered those wanting a highly-paid job by three to one in a dramatic about-turn in attitudes towards "success" since the Eighties.

There was further evidence of a shift in demand for property in the latest figures on the market from the Royal Institution of Chartered Surveyors.

This found that the hottest competition is currently for smaller two- to three-bedroom urban houses, with large country homes performing far less well.

In the most sought-after areas, there are the first signs of a return to gazumping, according to the institution, a direct result of a fall in the number of properties on the market in October for the fifth consecutive month. "The number of new properties coming on to the market seems to be failing to keep pace with sales," the RICS said.