Downsizing in Pimlico: What You Would Actually Release
Selling at the £1,000,000 Pimlico average and buying at £700,000 releases about £257,300 after costs. Fees, stamp duty and moving take roughly £42,700 of it.
The introduction costs you nothing. If you go ahead, we may be paid a fee by the firm we introduce you to. There is no obligation.
Selling at the £1,000,000 Pimlico average and buying at £700,000 releases about £257,300 after costs. Fees, stamp duty and moving take roughly £42,700 of it.
Running the downsizing numbers in Pimlico
Start with the gap. Selling at £1,000,000 and buying at 70% of that, £700,000, leaves £300,000 before costs. Costs are the part people underestimate.
Agent fees at 1.5% are £15,000. Stamp duty on the purchase is £25,000. Total £42,700, leaving £257,300 in hand.
Where the sale proceeds go
The commercial page for this town sets out the introduction itself: Equity release in Pimlico.
Moving or borrowing, compared honestly
A lifetime mortgage at 65 on the same property would release about £340,000. Downsizing nets £257,300. The difference is that downsizing costs you the house, and equity release costs you the estate.
Over twenty years that £340,000 release grows to roughly £1,198,039. The downsizing figure does not grow at all, because there is no debt.
The parts of downsizing that are not financial
Council tax follows the property, not the person. Band D in Pimlico is £1,048, and a smaller home may sit in a lower band. Check the band before you offer, not after.
Downsizing works best when you are not in a hurry.
What a move within Pimlico looks like
The schools families ask about here are St Gabriel's CofE Primary School, St Barnabas' CofE Primary School, Burdett-Coutts and Townshend Foundation CofE Primary School, The Grey Coat Hospital and Pimlico Academy. 4 local schools were rated Good or Outstanding overall at their most recent graded Ofsted inspection. Ratings age between inspections, so read the latest report before you rely on one.
On getting about: Transport in Pimlico is a story of one very good line and a very good walk. These indicative times are a starting point, always verify current timetables before relying on a specific journey.
By price, Pimlico ranks 35 of the 320 London locations we cover, at £1,000,000 against a county average of £732,469. Band D council tax here is £1,048, against an average of £2,121 across the towns we cover in the county.
Is Pimlico right to stay in?
Pimlico is a remarkably uniform grid of white stucco terraces and garden squares, with two very large post-war estates and the river along the southern edge.
The full local guide covers schools, transport and the market in detail: Pimlico property and area guide.
Moving within London rather than out of it keeps you near family and known services. The average price across the county towns we cover is £732,469, against £1,000,000 here.
- Cubitt stucco terraces and garden squares
- Materially cheaper than Belgravia or Chelsea next door
- Tate Britain and a mile of riverside on the doorstep
- The lowest council tax Band D in England
- A genuine local high street and street market
- Pimlico station is Victoria line only, no interchange
- Short leases are common and can be expensive to extend
- Within the Thames tidal floodplain behind defences
- Service charges and major works in big blocks can be heavy
- Inside the ULEZ and the Congestion Charge zone
| Who it suits | Out of five | Why |
|---|---|---|
| Downsizers | ★★★★☆ | Lateral stucco flats, Dolphin Square-style blocks with porterage and lifts, quiet garden squares, Tate Britain and the riverside walk, and two major A&E departments within reach, though period conversions without lifts rule out a good deal of the stock. |
| Professionals | ★★★★★ | Walk to Westminster, Victoria and Millbank, or take the Victoria line one stop to Victoria and three to Oxford Circus, with Victoria station, the Gatwick Express and the south-coast mainline a walk away. Few central addresses suit government, political and City-adjacent work better. |
| Buy-to-let landlords & investors | ★★★★☆ | Consistently strong tenant demand from civil servants, parliamentary staff, hospital workers and students, with entry prices below Belgravia and Chelsea, but factor the additional-property SDLT surcharge, service charges and short-lease risk carefully. |
| Families | ★★★☆☆ | St Gabriel's, St Barnabas' and Burdett-Coutts are Good church primaries and The Grey Coat Hospital is an Outstanding secondary, with the river and the squares for space, but faith criteria decide many places, Pimlico Academy's latest inspection carries no overall grade, and private gardens are rare. |
| First-time buyers | ★★☆☆☆ | Better than most of central Westminster, ex-local-authority flats in Churchill Gardens and Lillington Gardens and short-lease conversions can be within reach of two strong incomes, but this is still central London, and both routes carry real lending complications. |
Pimlico is known locally for Tate Britain. Tate Britain on Millbank, opened in 1897 on the site of the Millbank Penitentiary, holding the national collection of British art and the Turner Bequest, and free to enter.
Practical detail for Pimlico: the SW1V (with parts of SW1P and SW1W adjoining) postcode district and nearest A and E is St Thomas' Hospital or Chelsea and Westminster Hospital, verify with NHS.
Pimlico has history behind the price. In Pre-1820s, Low-lying marshy ground and market gardens beside the Thames, south of the growing city, the origin of the name Pimlico remains disputed.
Pimlico at a glance
| Downsizing line | Pimlico figure |
|---|---|
| Sale price, local average | £1,000,000 |
| Purchase at 70% of value | £700,000 |
| Estate agent at 1.5% | £15,000 |
| Stamp duty on purchase | £25,000 |
| Legal and moving | £2,700 |
| Total costs | £42,700 |
| Net released | £257,300 |
| Lifetime mortgage alternative at 65 | £340,000 |
Figures are local averages used for illustration. Confirm your own numbers before acting on them.
Ask about Pimlico
Three details is all we need. You are told before anything is passed to a partner firm.
Your checklist
- A real valuation of your home, not the £1,000,000 average
- The council tax band of the property you are buying
- Total moving costs of about £42,700
- The equity release comparison, in writing, before you decide
The introduction costs you nothing. If you go ahead, we may be paid a fee by the firm we introduce you to. There is no obligation.
Check broadband before you make an offer in Pimlico
Broadband speeds can vary street by street in Pimlico, so check the exact address before you commit. Ofcom's free checker shows which broadband speeds and mobile coverage are available at any UK property.
We can introduce you to a specialist who can combine your mobile, broadband and utilities into one bill. There's no fee for the introduction.
We don't provide these services ourselves. Switching household bills is not a regulated financial service, so FCA protections and the Financial Ombudsman do not apply. We'll only pass your details to the specialist if you ask us to. See our privacy notice.
Questions people ask
How much would I release by downsizing in Pimlico?
Is downsizing better than equity release?
What are the costs of moving?
How do I check broadband speed at a property in Pimlico?
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