Recent national property headlines have been focusing around the high number of first time buyers in the current market, with not many are focusing on the older demographic of buyers who are purchasing additional properties in the capital. With those at the beginning of the property ladder, it may be tough to secure the ideal property within a realistic price range. However, we have seen an increase in the older generation who are looking to re-establish themselves in the London property market and enjoy the attractions and lifestyle options the city has to offer.
The consideration to invest in a property in central London comes hand in hand with those weighing up the pro’s and con’s of property investment versus a traditional pension. With equity in place to invest in an additional property, a fair number of 60+’s are buying in London to make the most of the city’s lifestyle whilst they have fewer restrictions, in terms of full time work and additional obligations.
Benefitting from the theatre culture, varied cultural restaurants in abundance throughout the centre of the capital, the extensive shopping possibilities and the unexpected copious amounts of green space (such as the beautiful Hampstead Heath), the desire to stay within London or move in to the capital rather than downsize in a rural retreat is a tempting possibility.
Tending to buy a Pied-á-Terre style property within a notably safe and secure location, we have seen investments focus around lateral living, whilst considering entertaining for family and friends as a high priority. With the foresight of grandchildren having a place to stay when either visiting or studying in London, priorities reach further than simply being able to enjoy the lifestyle of a world famous city at ease.
Planning ahead and thinking for long-term investment purposes, there have certainly been notable purchases from those looking to enjoy their retirement and fulfil ambitions of city-living that they may not have had the opportunity to do in earlier years. With the property market in London looking to cool in comparison to a frenzied first six months of 2014, there is opportunity for buyers to purchase a sound investment in a calmer environment.
If you are considering a move to London, do get in touch for more information on how Garrington can assist you.