Sara Ransom of Stacks Property Search says, “An increasing number of retired homeowners are cashing in their spacious empty nests in the country, and swapping them for a small, manageable, well located retirement pad in London. For many it makes perfect sense. For the retired whose family have grown up and flown the nest, time is plentiful. For those who find the offerings of entertainment in the country too limited, London with its infinite supply of culture and entertainment can provide a very attractive alternative.
“Many of these buyers lived in London when they were young and struggled to find the time and the money to enjoy the Capital’s pleasures. With both resources now at their disposal, London’s playground is entirely accessible.
“There are other benefits too. Maintenance of a small city property is a great deal easier and cheaper; geographical advantages mean that family gatherings are likely to be more frequent; there’s little need for a car; public transport is cheap for the over 65s; international transport links are on the doorstep; and a good London property is arguably more useful to hand down to children than a six bedroom pile in the Shires.
“Finding the right London property for buyers at the upper end of the age spectrum presents its own very distinctive challenges. Young buyers are generally driven by area; but for older buyers who aren’t restricted by places of work or school, the criteria are more varied.
“Some buyers arriving from the country prefer to be near a park, and want space for family to visit. Marylebone / Regents Park, Hampstead, Wimbledon, Battersea and Clapham are good options. These are the traditionalists who want to recreate a bit of country in the Capital for walking the dog and seeing the sky.
Others prioritise being on the river, seeking some peace, quiet, and relaxing walks. Richmond and Twickenham meet the criteria well, but more centrally, there are some fabulous Victorian red brick Mansion Blocks along the Embankment in Chelsea, or in Pimlico, which also has some good 1960s buildings with great views over the River. South of the River, Shad Thames has large converted warehouse buildings with wonderful lateral space, great doorstep facilities such as restaurants and cafes, and spectacular views.
“It’s not unusual for older buyers to insist on lateral space, easy accessibility, and good concierge service. Or to say that Peter Jones and Harvey Nichols should be within walking distance. These are often the Sloane Rangers of the ‘70s, returning to Chelsea fifty years later. The blocks in Cadogan Gardens and Sloane Street are ideal.
“A move into London isn’t for financial lightweights. A six bedroom detached house in Gloucestershire with 5 acres of land will buy a two bedroom flat in Kensington or Chelsea, or a small terraced house a little further out in North Kensington or Earl’s Court. A clear appreciation of the massive chasm between country and capital prices is vital. The move is obviously easier to come to terms with if extra finance, beyond that from the sale of the family property, is available.
If you’re thinking of Retiring to London, Stacks Property Search offers some useful advice for those considering a fairly dramatic move of this kind:
For those considering downsizing or resizing outside the Capital, we have more useful advice here.
It’s easy to assume that the decision to downsize is straightforward; after all, you’ll presumably have cash to spare once you’ve sold ‘the big house’, but of course, the reality is far from simple. In our experience, it is rarely finances that are the obstacle to downsizing. More significant are a...
It’s possible that you may not have sold and bought property for many years and things have changed dramatically over the decades. Taking advice will ensure that you are supported every step of the way. Here are our top 7 tips for downsizers : 1. Don’t just consider your needs as they are...
The eternal property dilemma for home-owning over-55’s is not ‘whether’ to release equity tied up in the wrong house, but ‘when’ will the current house become the wrong house and a burden? Research by Age Partnership, a retirement income adviser, recently found that English people aged over 55 currently hold more housing...
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