Securing a property now that better fits their needs, while giving them time to sort through their affairs, is now seen as an ideal solution for those wanting to get ready to ‘rightsize’ into something that will better suit their future lifestyle.
Luke Brady, director at Savills in Bath says downsizers who are not quite ready to leave the family home, but want to secure the ideal property for their future, should do so now, until they feel the time is right to make that move.
In particular he says properties at developments like Crest Nicholson’s Bath Riverside fit a lot of people’s future living plans.
Luke said: “Downsizers have accumulated significant equity during the last 15-20 years and, with the ability to release funds from pensions, have more capacity than ever to downsize. With affordability limiting the younger generation, we expect to see more and more downsizers releasing equity in their own homes to help family members get on the housing ladder.
“We are seeing a growing number of downsizers turning to urban locations with cultural and leisure amenities within walking distance. And Bath is a prime example of this.
“Relatively small in size, Bath punches above its weight in everything from architecture and literary connections to shopping, dining, theatre and sport. Geographically south-west, it is often said to have more in common culturally and economically with towns and cities in the south-east of England.
“Yet, the supply of best in class property in the city, in the most popular downsizer locations and at the right price point, is rare. So when suitable properties come to the market, we often see opportunistic buyers come to the fore.
“These include ex-pats looking to take advantage of a favourable exchange rate or downsizers wanting to relocate over the coming years. They want to future proof; buy now and then let out their property until the point at which they are ready to move in. For some this is just a matter of a few years, for others it’s an investment for retirement which is a decade away.
“New developments in Bath offer downsizers an alternative to traditional second hand period houses and apartments.
“Following significant regeneration in some areas and the release of development land in other parts of town, there is now a number of excellent schemes which go some way to meeting demand. Strong rental values in Bath (we have seen average yields of 3.7 per cent) make a buy-to-let purchase an appealing one and offer an investment opportunity in the short term for those wanting to relocate in the longer term.
“Bath Riverside, for example, is one of the leading schemes in Bath. On the banks of the River Avon, the development is less than a mile from the city centre and offers a range of beautifully crafted apartments, penthouses and townhouses.
“The latest phase – Royal View – offers 45 apartments with prices starting at £340,000.
“Whether they are buying to move now or in the future, downsizers will ultimately seek quality and will look to secure the very best of what Bath property market have to offer.”