More Mature Homeowners Looking To Settle Down

12th July 2021 posted in SELLERS LANDLORDS

At Country Properties, we know many homeowners are re-evaluating what is important to them, and whether they should move home. The housing market has been extremely busy in the past year, and there is still a backlog of property transactions.

However, this doesn’t mean that you have missed out on a move. There are still plenty of opportunities to find a new home, and if you are looking to change things in your life, this is still an ideal time to make a move.

Remote working has changed buyer behaviour in the housing market

With remote working a reality for many professionals, a lot of households are now looking to make a move that they might have been planning for retirement. Anyone looking for a more enjoyable and relaxed pace of life can now couple this with their working routine.

We believe Letchworth Garden City is the ideal location for people looking to combine the best of both worlds now, while still setting themselves up for a relaxed time in their golden years.

This is something we have seen in our discussions with clients, and it is a topic that has arisen in various studies of late. According to a study by a leading insurance company, 12% of people aged 50 or older in the UK plan to relocate.

According to the Office for National Statistics, cities featuring significant numbers of exits include:

·       London

·       Birmingham

·       Bristol

What matters to you when moving home?

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 making a big move like this

·       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.”

Currently, in line with Government guidelines, our Letchworth Garden City branch is open and our and lettings personnel are here to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email ian.ellmers@country-properties.co.uk.