Given everything that has been said about the London housing and rental market over the past year, you would be forgiven for thinking the capital is now like a ghost town. Of course, the reports of London’s demise have been grossly exaggerated.
At David Harris & Co, we are pleased to say we have helped many buyers, vendors, landlords and tenants of late. There is still considerable interest and activity for property in and around Finchley. If you are looking for guidance or more information regarding the local housing or rental market, please get in touch.
We also stay in touch with the latest studies and surveys. It is crucial to know what people think, and we are keen to ensure you make an informed decision in the housing market. One topic that has been discussed a lot of late is downsizing, and it appears that while there is a growth in demand for downsizing, this doesn’t mean people want to leave the capital when doing so.
Downsizers Don’t Want To Leave 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:
Two-in-three of people aged over 50 who live in London are open to, or already planning, downsizing
· 76% of this group were empty nesters, meaning their children had moved out of home
· 71% of this group owned their property outright
· 70% of this group live in a property which has a minimum of three bedrooms
London still appeals 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”.
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:
· 74% of respondents who are over 50 cited financial motivation in downsizing
· 54% of this group cited reducing the cost of property maintenance
· 46% of these respondents cited lowering household bills
· 36% of this group said they plan to finance their retirement by downsizing
· 27% of this group said they planned on releasing equity
There were other reasons too, with health and lifestyle being a common response:
· 20% wanted to improve their well-being
· 12% said they plan on leading a healthier lifestyle
· 9% want greater access to parks and green space
· 14% want to improve their immediate environment
We are widely recognised as one of Finchley's leading and most successful independent Estate Agents and have been established since 1989. We can provide you with a property valuation or whatever property or lettings market support you need, and if you are looking for property in the local area, sign up for our property alert service.
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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