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Power of the silver pound - over 55 and still property mobile

By Andrew Ellinas LL.B.Thursday, 24 September 2015

Power of the silver pound - over 55 and still property mobile

As an owner of a Central London property, it's easy to think the moving market is all about young professionals and glitzy international buyers looking at houses and flats for sale in Primrose Hill, Hyde Park, Regent's Park and Mayfair.

As a leading Central London estate agent, however, we know that a large part of the capital's moving contingent is made up of retirees and those over the age of 55. Andrew Ellinas, the Managing Director at Sandfords estate agents, says that transactions are increasingly being fuelled by more mature home movers: "London isn't a capital city reserved for 30-somethings and globe-trotting oligarchs. Neither is it a place where people want to leave once they have retired.

Many of the properties for sale in Marylebone, Camden Town, Hampstead and alike are bought by older buyers looking to either remain in the capital once they have retired or by those looking to move back to London after a hiatus. We find a lot of retirees whose children have flown the nest sell up a large family home in the Home Counties and look for a Central London property to live in on a full or part-time basis."

The findings of Central London estate agents Sandfords correlates with new research from insurance firm Prudential, who found that 37% of the over 55s it questioned said they were planning at least one more property move in their lifetime. "The notion that you remain in the same property once you hit 55 or retire is outdated," adds Ellinas."People are working longer and are more active into their elder years. We've got a whole swathe of fit, healthy over 55s who have disposable income and a desire to enjoy what Central London has to offer. Those working part-time or enjoying retirement have the time and the inclination to immerse themselves in cultural and social activities, and many don't want to commute to have to enjoy London's social scene. A main residence or even a small pied-à-terre in one of London's village-type neighbourhoods is a great way of being at the heart of the action, and it also gives the buyer fantastic investment and appreciation prospects."

The new research also revealed that the desire to downsize is a big motivation for moving among over 55s - with 43% wanting to live in a smaller property. For 18% of those questioned, their next property purchase isn't going to be one to live in but actually as an investment - either buying with letting in mind or purchasing for relatives.

"It's entirely possible for those choosing a Central London property to downsize in size but upscale in opportunity. When you consider the Prudential's research found that only 33% of over 55s want to move to a location more suitable for older people, and just 21% intend to move somewhere quieter, it's clear that reaching 55 is not the cut off point in life in terms of social, cultural and lifestyle enjoyment."

If you would like to know more about the buyers and sellers who are making the Central London property market tick, contact estate agents Sandfords today.

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