Boost for downsizing Londoners in new Hanover development
Hanover's new development in the affluent suburb of Muswell Hill looks set to provide a modicum of solace for potential downsizers
05.05.2015 New development in Muswell Hill will help address the lack of suitable homes in London for those seeking to downsize.
The supply of suitable and affordable homes in London is often cited as a barrier for those seeking to downsize in the capital – despite the financial ‘windfalls’ that many commentators predict.
According to analysis by Lloyds Bank in late 2014, Londoners freed up an average of around £290,000 when moving from a detached home to a bungalow in 2014. This was £237,000 when ’trading down’ to a semi-detached home.
However, despite the financial incentives, many people decided not to downsize through fear of having to compromise their lifestyles and aspirations for their later years.
Now, Hanover's new development in the affluent suburb of Muswell Hill looks set to provide a modicum of solace for potential downsizers. A joint venture with the top 20 UK house-builder Hill will see us develop 161 new homes in this leafy enclave.
The development, on the site of the former St Luke’s Hospital, comprises of one-, two-, three- and four-bedroom homes, and is the single biggest development in the 50-plus year history of Hanover.
The core of the development, over six acres of landscaped grounds, is designed around a Grade II Listed neo-Georgian building from the 1920s and two locally-listed Victorian houses.
Homes will be available across a mix of tenures – private sale and affordable rent and shared ownership, giving a range of options for those looking to downsize.
Hanover’s Chief Executive Dame Clare Tickell said of the development: ‘Hanover has great experience of developing quality, affordable housing for people over 55. We’re delighted to be working alongside Hill to add to the housing – and downsizing – choice of Londoners with this major development in Muswell Hill.’
Of the choices available to downsizers, Andy Hill, Chief Executive of Hill, added: ‘The absence of suitable housing is preventing many people in London from making the step (into downsizing). This diverse and particularly innovative development will start to address the acute housing shortage in the (Muswell Hill) area – helping a broad spectrum of local residents as well as revitalising a local landmark.’