The numbers of home buyers coming into the capital has soared over the last 10 years, with new buyers of London properties increasing from 11.7% in 2007 to 14.3% this year.
New data released by Hamptons International show that the numbers coming into London has reached a new high. Most of the buyers are coming in from the home counties. According to David Fell, analyst for Hamptons, the majority of the buyers bought their first property in the capital, before moving out to the home counties to buy a family home. As the children grow up and leave home, many of these buyers are returning to the bright lights of London, to be close to the cafes and culture.
Around 43% of the property wealth in the UK is owned by this generation of baby boomers, equating to £1.5 trillion of property equity, with quite a large portion being reinvested in London. Fell stated that the new developments in London, in addition to transport links and amenities make the city an attractive option for retirement. Many of the buyers will be paying cash for a smaller home in the capital, while others will have a substantial deposit.
Another benefit for those who are selling up and downsizing in the city, is that they can help their children to get onto the property ladder, as they release the equity in their family home. Mortgage advisors are required to be CeMAP qualified to practice, but the knowledge gained on a CeMAP training course can offer valuable insight into the property sector.