DOWNSIZERS DOMINATE THE ENGLISH PROPERTY MARKET
The grey £ is more important than ever in British property.
The latest Rightmove data throws up interesting reading – the grey £ is driving today’s property market:
- The two most active age ranges in theUKproperty market are the 45 to 54 bracket, making up 25% of those planning to put their properties on the market in 2013.
- 55 to 64 year olds add another 30%.
- Those aged over 65 contribute a further 16%, leaving just 29% of intending sellers aged under 45.
- Half of those who intend to buy (49%) will be doing so for at least the third time.
- ‘Downsizing’ is the number one reason for selling in nine out of ten regions in theUK.
Downsizers are moving for a better lifestyle and, in particular, people moving out ofLondoncan afford to downsize in style to more luxury and to the best locations.
The bungalow is being replaced by the apartment as the property of choice with downsizers for reasons of security, lock-up-and-leave, neighborliness, smaller bills/overheads and choice. In fact, the downsizer market has been the mainstay of the new build market in recent years as developers have been quick to switch horses from marketing to the young, first time buyers, to the more mature downsizers. Downsizers should have fewer overheads, more free time and easier lifestyle and taking a longer term view in order to buy the best property will, ultimately, be the best solution.
For example, the over-60’s who move into custom built “retirement” properties could be making a better long term choice because they have future-proofing built in. These apartments are specifically designed and built to encourage owners to enjoy their active lifestyle (because there is a garden to enjoy with worrying about mowing the grass, the housework takes less time, there is an in-built social life for anyone who wants to join in, they are within walking distance of shops and leisure activities and an apartment is more economical to run as they include the latest building materials). On top this, when, inevitably, advancing years reduces the owners’ mobility or health there should be no need to move or adapt the property because the built in features and modifications are ready for whenever they are needed, thus saving on further moving expenses or building costs.
If you want to downsize to a modern apartment and are over 55, Pegasus Court inTaunton offers one and two bedroom apartments onSomerset Square and the boundary of the Somerset County Cricket ground. The town has had a substantial capital investment in a bold redevelopment plan that has revitalized the centre, created jobs and created a buzzing new atmosphere and property prices are reflecting this with steep year-on-year rises.
Prices at Pegasus Court, Tauntonare from £199,950 to £549,950. Please call the development on 01823 252833 to make an appointment to view the show apartment or to discuss your options in more detail. For developments in other locations, click here.
Pegasus Retirement Homes has 22 years of experience of building apartments for the active retired. Pegasus seeks to promote independence, security and a comfortable life in retirement. They currently have 19 developments with apartments for sale located in the Midlands, the South, South West, Londonand Wales. All the apartments are owner occupied. Please see the website www.pegasus-homes.co.uk for details on specific developments or for further corporate information.
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