The Herald - The Herald Magazine
THE VOICE OF PROPERTY
POPULATION projections by the UK’s Office for National Statistics (ONS) estimates the number of people aged over 65 in England is set to increase by 3.5 million between 2023 and 2040 to 14.5 million, an increase of over one million every five years. And Savills’ research highlights the over-55s now account for 75 per cent of all housing equity in the UK and says this demographic typically gives 30 per cent of the equity in their old home to their children to help them step onto the housing ladder and saves 70 per cent for themselves.
But these downsizers are not only cash-rich they are also energetic, outward-looking and young at heart – and share similar property priorities to those of affluent young professionals with dual incomes and no dependent children.
Savills’ statistics show that around a quarter of those buying a luxury new build in UK towns and cities are over 60 years old, eschewing the notion that most retirees look for a tranquil bungalow by the sea or a peaceful country retreat. As well as designer kitchens, bathrooms and all the mod cons, they are looking for proximity to shops, bars, restaurants, theatres, and galleries, with easy access to international airports.
Independent property developer Dundas is one that has experienced an increase in the trend, with interest from over 60s up 35 per cent since the start of the year. According to the Livingston-based firm, 20 per cent of all enquiries have been driven by potential buyers looking to downsize – and The Wireworks development in Musselburgh is generating the most interest.
Craig Fairfoull, head of sales and marketing at Dundas, says: “Over the first quarter of 2023, we have noticed a stark increase in downsizers looking to purchase homes that fit their needs for accessibility. Musselburgh lends itself perfectly to this trend, with excellent transport links to Edinburgh’s city centre and a plethora of convenient amenities and facilities in the town.” Prices at The Wireworks range from £186,995 to £339,995. Visit: www. dundas.co.uk
A BROWNFIELD site in Glasgow’s Finnieston area – currently housing a vacant office building and car park – has been given the green light by the Scottish Government Reporter for an eightstorey development comprising 59 new build apartments by Nevis Properties.
The Minerva Street development will provide one, two and three-bedroomed apartments, each with at least one private terrace or balcony. And residents will share two large, outdoor garden areas: a residents’ garden and children’s play area on level one, and a roof terrace with panoramic views across Glasgow, cooking facilities and a growing area. The development will also have secure parking and electric vehicle charging units. The developer, is Nevis
Properties, which is part of Kelvin Properties. The plans, designed by architecture studio Haus Collective, focussed on excellent design and high-quality usable external space for residents.
HOUSE buyers in Aberdeen could be lucky this weekend as Dandara is hosting a Great Easter Egg hunt at its Hazelwood development in the West End of the city. Hidden inside the Maple showhome are golden eggs, each of which contains a voucher for £5,000 off one of the properties for sale. Hunt one down between 11am and 5pm on Saturday and Sunday (8-9 April). Vouchers can be used for new reservations at Hazelwood and its sister development The Grange, before 30 April.