Mature Homeowners Are Considering Moves

At Atkinsons Residential, we stay in touch with the market. We know the latest figures for national studies, and we know what local buyers and vendors want.

It doesn’t surprise us to learn many mature homeowners are considering their options in the market.

Are you looking to move?

Downsizing has become a hot topic for many reasons in recent times. According to a study by a leading insurance company, 12% of people aged 50 or older in the UK plan to relocate.

Areas listed as “retirement migration hotspots” by the Office for National Statistics include:

• Dorset

• Shropshire

• Wiltshire

Cities where the largest number of exits include:

• London

• Birmingham

• Bristol

You’ve probably read about the huge number of people leaving London of late, and while there has been a slight exaggeration in these figures, there has been movement.

We have seen this in and around Enfield. While the London Borough of Enfield indicates our local area is part of the conversation when it comes to the Greater London housing market, it is clearly far removed from central London areas where people are leaving.

Locations like Enfield offer the best of both worlds, and we are pleased to say we have helped many people in recent months. If you are considering a move, please get in touch, and we will be more than happy to assist you.

Why are people looking to move?

A recent study by Legal & General finds that over-50s have been influenced by the lockdown. People in this age group are now planning house moves, with the following reasons being important:

• Wanting to live somewhere that provides a better quality of life, cited by 7% of respondents

• A desire to live closer to family and friends was said by 4% of respondents

• Looking to live abroad was stated by 3% of respondents

Things to consider before settling on your preferred location:

• The equity on your current home, and how it can be best used

• How future proof will your new home be?

• How will your living costs be affected by a move?

• Will it be easy to maintain (or improve) your current lifestyle when you move?

Claire Singleton, CEO, Legal & General Home Finance, comments: “Relocating in retirement was already a well-observed trend, with older people reprioritising their needs as they enter the next stage of their life. As with many aspects of our lives, the challenges of the pandemic seem to have led many people to take stock of their current living situation. There can be many benefits to relocation, whether it is a better quality of life, more space or even the opportunity to be closer to loved ones. One thing that is clear is that many people will also see their decision informed by how their property wealth factors into their long-term financial planning.”

If you are looking for guidance or assistance in the Enfield property market, we can help. At Atkinsons Residential, we are estate, land and letting agent specialists, and we look forward to assisting you as best we can. If you would like to arrange a property valuation, please call us on 020 8366 0261, while you can contact us on 020 8342 1234 for all letting enquiries.