Mancunians urged to take advantage of cheaper property prices in Sheffield

New research released by PensionBee has revealed how much money residents of Manchester could save by moving house to nearby towns and cities and taking the opportunity to downsize.

The average cost of houses in Manchester range from £570,409 for a five-bedroom property, to £157,711 for a one-bed.

Comparing these to Sheffield, on average a person could buy the same house for up to £70,000 cheaper.

A five-bedroom home in Sheffield will cost you £527,825, with a one-bed priced at £105,929.

The figures reveal that moving from a two-bedroom house in Manchester to a two-bedroom house in Sheffield could save a person £67,309.

Meanwhile, downsizing from a three-bedroom house in Manchester to a one-bedroom house in Sheffield could see a saving of £149,928.

Romi Savova, CEO at PensionBee, said: “Our research shows the considerable amount of money that could be tied up in your home.

"Given the stamp duty holiday there’s arguably been no better time to downsize, especially if you’re approaching retirement and looking to grow your income.

“Increasing evidence suggests that the majority of us aren’t saving enough for retirement, and where it might not be possible to make larger pension contributions, property can help bridge the gap.

"As our data indicates downsizing could release a significant sum, right across the UK, so it’s something that could be worth considering if you want to boost your retirement fund.”