If the children have left home, so can you. Today's empty-nester parents are downsizing to central London apartments and the bright lights.
Once the children have moved on, so can you.
There was a time when this meant empty-nester parents selling their big suburban house and buying a little place by the sea or a cottage in the country.
For a significant number now, though, the norm is downsizing into the city to a smart new-build flat that is easy to run, sustainable and set in the thick of the action.
Such a move often means parents get to live closer to their kids who may well have found a flat of their own, thanks to a deposit drawn from the equity freed up via the Bank of Mum and Dad.
According to Hamptons International, about 14,000 people per year move into London from the home counties in order to be closer to their children and to make the most of the city’s arts, entertainments and ever-expanding foodie scene.
Those who have the budget opt for Kensington & Chelsea or Westminster, while those who want something a little more leafy or less expensive favour Richmond, Croydon, Havering, Bromley, Sutton or Bexley.
The power of the grey pound has been something of a revelation.
Nina Coulter, a director at Savills’ London residential development team, says: “We have seen a surprising number of downsizers across many of our schemes.
“We think that with the reduction of buy-to-let investors, and people wanting to travel more and free up some cash from the family home, people are looking at new-build properties as a convenient lock-up-and-leave option.”
These older buyers have much the same wish list as their kids, starting with a hassle-free urban lifestyle.
They seek “security, lift access and the proximity of a huge variety of restaurants and shops”, adds Coulter.
“Also, the downsizers we sell to take a big interest in design, the specification of their apartment and the communal spaces. It’s not really about whether there is a hand rail in the bath any more, but whether their lifestyles are being catered to.”
https://www.homesandproperty.co.uk/property-news/buying/best-london-homes-for-downsizers-a136566.html