Over 55s Are Moving from Large Suburban Houses to Smaller City Blocks

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They're affluent. They're responsible. They're mature.

They're in the market for city housing.

And, if you're a landlord, they may be a group worth targeting as residents for your block of flats.

The New Hipsters

They're the last of the baby boomers: the over-55 generation born to parents who struggled through World War Two.

But many of these boomers are not struggling at all. In fact, they often have substantial guaranteed incomes from sizeable investment portfolios and fat pension plans.

A recent article in The Guardian calls them "an untapped demographic in the housing market." These people often seek one- or two-bedroom flats in property blocks in London, including in the hippest neighbourhoods - hence their nickname, "The New Hipsters."

Quadra

For example, the over-55 crowd is flocking to trendy Hackney in Inner London.

Quadra, a Hackney housing development, offers its properties exclusively to those aged 55 and up. Quadra housing targets 'empty-nesters' who have forsaken sprawling suburban homes and are downsizing and relocating to the city.

Claire Anderson, director of development for Quadra's housing association, reports, "We make no assumptions about retirement at the age of 55. 'Downsizer' simply describes what people are aiming to do, usually when children have grown up and left home." She adds, "They're freeing up money held in equity and property to do other things."

DWELL

Sheffield University has undertaken a project called DWELL: Designing for Wellbeing in Environments for Later Life.

DWELL researchers noted that in 2016 there were 20 million UK households in the 55-and-over category.

Jeremy Porteus, director of the Housing Learning and Improvement Network, wrote the introduction to DWELL's recent report in which he observes, "Research consistently shows that many healthy, confident people consider relocating from their family home once they reach their mid-50s." He concludes, "Clearly we need a range of downsizer homes… to meet the wide range of aspirations and means" of the over-55 generation."

Does your property block focus on a specific age-range of leaseholders? Are they more discerning in terms of standards for their block and its communal facilities?

If you're the landlord of a block in London, Manchester or the South East, we'd be delighted to chat about the ways in which we could manage your property to the highest standards to please all of your residents, young or old! To find out more, please call Roisin on 0845 456 8775.

Posted on Friday, July 07, 2017.