The rise of a new phenomenon is shaking up the UK housing market. A silver generation of downsizers are carving out a space for themselves this year in a market once dominated by first-time buyers, young couples and professionals and nowhere is this more apparent than in the Capital.
This surge looks set to continue in 2015 as millions of older buyers downsize from large family homes to be closer to the culture, amenities and vibrancy of the city. The appeal of rural living is continuingly being passed over for the vitality of urban life and Stanmore, North West London has become increasingly popular with rural dwellers.
Local agents have seen older buyers flocking to the quiet and well-connected neighbourhood, driven by Stanmore’s historic roots and vast green spaces.
Mark Johnson, Associate at Preston Bennett in association with Hamptons International, comments: “Not only does downsizing release capital, it also enables home owners to simplify their lifestyle. Throughout 2014 we saw a marked increase in the number of buyers who are looking to downsize from large family homes to properties which afford convenience. For those looking for a lock-up-and-go way of life, the move to a new-build development is the obvious choice, and Stanmore is complete with all the requirements that such buyers are searching for.”
Growth in the downsizing market comes as Prudential’s latest downsizing index revealed that more than two million people over the age of 55 intend to sell their current home and downsize to a smaller property.
More than 60% of those polled by Prudential cited having too much space as the main driving force for downsizing, followed by convenience of running a smaller home and reducing day-to-day costs. However, there are financial gains to be made and Prudential found that homeowners hope to raise more than £87,000 on average by selling their current homes, using the proceeds to purchase a smaller and cheaper property. Many are also seeking new-build properties which offer a new way of life, with on-site facilities and green space.
Ideal for downsizers in North West London is St Edward’s stunning new lakeside development Stanmore Place. Consisting of 798 new homes when complete, Stanmore Place offers a cosy and intimate neighbourhood against the backdrop of a serene waterside setting, which boasts several resident families of ducks, moorhens and freshwater fish. Additionally, the spacious apartments, many of which have balconies or terraces, benefit from access to beautiful landscaped grounds.
Tim Pettman, Sales Director, St Edward, comments: “Stanmore Place provides a terrific opportunity for downsizers to own a home close to Central London without sacrificing the peaceful and relaxing lifestyle.
“With facilities such as the 24 hour concierge, private residents’ gymnasium and open green space the quality of life available at Stanmore Place is attracting significant interest from mature buyers looking to downsize.”
Tom Yeomanson, Associate, Knight Frank, adds: “Developments such as Stanmore Place continue to be attractive to purchasers looking to downsize as they provide modern, purpose built apartments that traditionally require little to no maintenance.
“As well as offering a ready to go “turn-key” home, these kinds of developments appeal because they provide many important extras, for example lifts to higher floors, estate management and security, and facilities. In addition, locations like Harrow are popular because they can provide quality housing solutions within striking distance of prime central London, yet at significantly lower prices.”
St Edward’s collection of new homes is ideal for downsizers seeking a tranquil and picturesque setting within easy reach of Central London where young professional children may reside. The quieter lifestyle is epitomised by the magic of Bentley Priory Nature Reserve - excellent for afternoon walks and nature trails with family and local residents.
Stanmore Place’s contemporary and spacious homes allow for ample space for entertaining visiting friends and family. Residents and their grandchildren can also take advantage of the award winning garden designed by Chartered Landscape Architects Fabrik. The luscious and green open spaces are perfect for young and old to relax in this family friendly environment.
Water is a central theme at the development, which includes three impressive large fountains. At night the water features and landscape are brought to life with spectacular illumination lining the lakeside.
While the landscape at Stanmore Place has been designed to enhance the local ecology, all homes offer efficient use of energy; with high levels of thermal insulation, energy efficient lighting and highly efficient central boilers.
Downsizers at Stanmore Place can also take advantage of the 24 hour gym, dedicated concierge service, car share club and Business and Innovation Centre. The wider Stanmore and Bushey area surrounding Stanmore Place creates a village ambience on the outskirts of Central London. Antique shops, cafés, boutiques and restaurants nestled along The Broadway and Stanmore Hill create a quaint cosmopolitan atmosphere, while the nearby Sainsbury’s superstore and Brent Cross Shopping Centre cater to residents’ practical retail needs.
The development has fantastic transport links, located within easy walking distance of Canons Park underground station, which provides direct Jubilee line access to Bond Street in less than 30 minutes. Access to the M1 and M25 allows for easy transit to Heathrow and Luton airports.
St Edward will be hosting a downsizing event at the Sales & Marketing Suite at Stanmore Place on Saturday 31st January, 12-4pm.
Prices at Stanmore Place’s newest collection of homes start from £395,000. For more information please visit www.stanmoreplace.co.uk or call 020 3740 2940.