Research from a leading property source suggests that homeowners aged between 52 and 70 are amongst the richest age group by asset class, having enjoyed a house price growth of 428% since 1983 across the UK and a whopping 559% in London. The phenomenon has even lead to the term ‘the silver pound’, which refers to the purchasing power of the asset-rich 52+ generation.
Many of these people are using their property equity to move closer to their children and grandchildren, or are even moving back into the capital from the Home Counties in search of a vibrant and culturally rich retirement. Rather than taking on the slightly negative term of ‘downsizing’, mature home movers are seeking to upgrade their lifestyle, facilitated by a different style of property in a different location.
Jeremy Karpel, Director at Hampstead estate agents TK International, comments, "an increasing number of our clients are either looking to move closer to their family in Hampstead or enjoy living in NW3, with its fast public transport links to the West End and connections to Heathrow.”
The estate agent has also noted a trend for older buyers opting for brand new properties for sale in Hampstead. "Those enjoying better wealth and health in later life don’t always want the burden of DIY, excessive property maintenance or even a garden to maintain – they want to spend their time travelling and enjoying the Hampstead environs, not plastering walls or repainting the front of their property. We are, therefore, matching some finely finished brand new apartments and houses with buyers,” adds Karpel.
If you’re looking at properties for sale in Hampstead and are considering a new build, here are some of the highlights of buying brand new:
Shorter property chain – As a buyer you will be the last person in the chain with no one above you, hopefully paving the way for a simpler transaction.
Structural peace of mind – New build homes normally come with a warranty that covers the build quality and structure of the property.
Energy efficiency – New build properties are built with high levels of insulation, more efficient heating systems and sustainable materials, meaning a reduction in carbon emissions and lower heating bills.
Off plan opportunities – If you purchase a new build early in the development’s inception, you can choose your desired plot and personalise your dwelling by choosing your own specification and some fixtures.
A spotless finish – You won’t need to deal with other people’s DIY disasters, perform deep cleans or wonder what the previous owners’ habits were like.
Low maintenance – An especially pertinent point, especially if you are purchasing an apartment. A new build home will need little to no maintenance for a number of years. Flats in apartment blocks will usually fall under the jurisdiction of a management company, who will look after the state of repair concerning communal areas, the exterior and any shared gardens.
Lock up and leave – Many new build properties will form part of a larger development, with high levels of security, monitored CCTV, a porter and even a manned reception area. These are great perks for frequent travellers and those splitting their time between two residences.
TK International has a number of new build properties for sale in Hampstead and across the NW London postcodes, including:
This gated Hampstead community presents apartments of varying sizes, all featuring stunning Italian kitchens and wooden flooring
TK International is offering several apartments for sale in Belsize Road Gardens. The nine elegant houses comprising this Swiss Cottage property are set in a gated mews development and include two triplex maisonettes and a selection of two and three bedroom apartments, (many enjoy the luxury of private roof gardens or balconies).
Wooden flooring and wide windows are key characteristics of the bright, spacious reception/kitchen in this NW2 property for sale
Built in 2015, this luxury development is just starting to yield some resale apartments. The site features a concierge, a communal gymnasium, communal gardens and access to a private storage room. TK International is currently selling a three double bedroom, three bathroom penthouse with two dedicated parking spaces and two spacious private terraces in this sought-after NW2 property.
If you are looking to change your lifestyle with a move to Hampstead (check out this South Hill Park property (first photo) or the surrounding NW London areas, browse our online listings or contact our office today.