Parents who swapped the capital for the Home Counties a generation ago in order to raise their children are heading back to Central London, reports Cluttons.
Now, with children having left home for good and prices in some areas of London at a more affordable level than they have been for several years, Cluttons has seen an upturn in middle-age-to-retiree homebuyers looking to return to the buzz of a London lifestyle.
The capital has changed considerably over the past five years, becoming more of a cultural centre with new improved public transport links. Many retired or pre-retirement age homeowners are moving back, giving up large homes with time-consuming gardens to move to lower maintenance properties.
The South Bank has been especially popular for this market, with its ever changing river views and proximity to the growing number of cultural attractions, in addition to Borough market, renowned for its fresh produce and eateries.
James Hyman, at Cluttons, said:
“Traditionally, this stage of the cycle involves downsizing to release equity and relocating to a more rural or coastal setting. However, we have seen a growth among so called empty-nesters, who are postponing their retirement dates and seizing the chance to return to London to rediscover a lifestyle they had at the beginning of their career.
“Many looking to trade in their large detached homes with substantial gardens for apartments with good internal amenities and security such as porterage and based in locations easily accessible to the cultural attractions London has to offer.”
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