The media might make it seem as though everyone is leaving London, but we know this isn’t the case. At Stones Residential, we are pleased to say we have helped many buyers and vendors in recent months.
There is a considerable level of activity in the housing market, and by all accounts, it is likely that the capital housing market will remain busy for some time.
Will downsizing become prevalent in London?
A survey conducted by Barratt London offers some interesting insight into what might happen next in the London housing market. Some of the key findings from the study include:
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Two-in-three of people aged over 50 who live in London are open to, or already planning, downsizing
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76% of this group were empty nesters, meaning their children had moved out of home
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71% of this group owned their property outright
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70% of this group live in a property which has a minimum of three bedrooms
London still appeals to many people for many reasons
While there has been a lot of talk about people exiting London, this survey suggests many households are keen to remain in the capital.
Overall, 67% of respondents agreed with the statement, “Downsizing presents an opportunity to move to a different area” but only 32% of those over 50 agreed with the statement, “Downsizing means moving further away from London”.
Notably, this desire drops even further amongst the over 50 residents of Zones 1 and 2 in the capital
Why do people want to downsize?
With so many households keen on downsizing, there must be reasons. The following responses were found in the survey:
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74% of respondents who are over 50 cited financial motivation in downsizing
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54% of this group cited reducing the cost of property maintenance
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46% of these respondents cited lowering household bills
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36% of this group said they plan to finance their retirement by downsizing
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27% of this group said they planned on releasing equity
There were other reasons too, with health and lifestyle being a common response:
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20% wanted to improve their well-being
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12% said they plan on leading a healthier lifestyle
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9% want greater access to parks and green space
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14% want to improve their immediate environment
Pam Reardon, Director of Sales and Marketing at Barratt East London, commented: “This shift in priorities is one of the big reasons why Ridgeway Views has resonated so well with this category of buyers. It is a Zone 4 location but located within the Mill Hill conservation area, perched on a hilltop overlooking the Totteridge Valley. There is a balcony or terrace with every home here, and we’ve planted over 4,000 trees for a real back-to-nature atmosphere. Many of our buyers have moved from larger period homes in neighbourhoods such as Harrow, Hampstead and Highgate, looking for access to friends and family locally. A new-build uniquely offers them low maintenance, security and connectivity. The best of both is hard to find, but we’ve struck a chord here at Mill Hill.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
