The silver pound property boom …..
While the general UK property market remains in the doldrums apart from a few hotspots like expensive London houses and apartments, the over 50’s investing in second homes has doubled since 2008 according to new research from Savills, the leading estate agents.
This is down to a number of reasons; many over 50’s no longer have mortgages and also are inheriting money and property from their parents and relations. Also as the over 50’s retire, some have lump sums from pensions that they are using for downpayments for their second homes. Finally many over 50’s see the current depressed housing market as a perfect time to buy, with many great offers on the market, especially as they don’t have to sell their own homes, and can make quick purchases, which is attactive to sellers.
In fact the over 50’s now account for over half of all second home purchases compared to 34% in the boom years leading up to 2008. Savills found that in the most popular areas for second home buyers like Cornwall, the Silver pound is dominating the market with 60% of homes being purchased by the over 50’s as opposed to 30% in the boom years. In Devon similar figures are 47% of sales now which is double that in the peak years up to 2008.
Overall the UK national average proporition of prime purchases of second homes has nearly doubled from 24% in 2006-7 to 44% in 2011-12. For a comparisson of different counties see the list below
County 2006-7 2011-12
Cornwall 32% 59%
Cambridgeshire 19% 54%
Devon 21% 47%
Gloucestershire 33% 40%
Hampshire 16% 39%
Norfolk 38% 40%
Perthshire 37% 43%
Somerset 19% 41%
Suffolk 29% 46%
National Average 24% 44%
“Are you buying a second home or do you have a second home? Have you any useful tips?
Latest posts by Silversurfer's Editor (see all)
- The Queen – her life in pictures as she celebrates her 92nd birthday - April 21, 2018
- Back-Roads Touring brings the small group experience to Asia - April 19, 2018
- Tafika embarks upon an exciting adventure with fellow release-phase orphan, Batoka - April 18, 2018
- Win ONE of TEN copies of The Sapphire Widow - April 17, 2018
- Why Kim left a gift in her Will for dementia research - April 16, 2018
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!