William Shakespeare wrote hauntingly of the 'seven ages of man' from 'mewling infant' to dentures and dementia. Now the 21st century brings us the 'five ages of homebuying'. Of course if you have been through the buying and selling process the chances are that you will feel ancient at the end of it. But your property life cycle is more complicated than that.
Planners and developers should take note. It's not just purchasing power which dictates where people want to live and buy property; it is where you are in the five ages of homebuying, according to the Royal Institution of Chartered Surveyors or RICS. Its survey of England and Wales points to natural segregation or 'ghettoisation' as people show signs of gravitating towards places which provide them with the facilities they want during different phases of their lives
Chartered surveyor estate agents were asked to state the three most important criteria specified by homebuyers registering on their books. Homebuyers were divided according to age and life stage into; single buyers; couples with no children; couples with children at home; couples with children that have left home; the over 65s; and buy-to-let investors.
From nightclubs to good night's sleep
More than three quarters of single buyers put good nightlife and proximity to bars, restaurants and clubs at the top of their list when researching locations for their first pad. Once they meet their dream boy or girl and create their own buzzing nightlife, their tastes mature towards other leisure facilities such as theatres, art galleries and gyms.
The patter of tiny feet brings a major change in property priorities. Unsurprisingly, the most important factor for couples with children at home is proximity to good schools and nurseries. A massive 92% say it is top priority. This supports the trend identified by RICS last year that nationally people will pay a premium of 12% for a house in a good schools catchment area. Gardens also rise up the list of must-haves at this stage and stay there. More than three quarters of homeowners count a garden as a major factor in their property choice after their children have left home.
Of course, after all those years of moving and mortgages, all you want as you reach retirement and beyond is a quiet life. A peaceful neighbourhood is the main requirement for those aged 65 and over and rates highly with empty-nest parents. Security and access to local shops also takes on more importance for this 'age'.
Good transport links rank as one of the top three most important factors for all age groups and buy-to-let investors when deciding where to buy, with the exception of the elderly.
Age concern
RICS says that this study is more than a interesting insight into buying habits. 'These patterns are a very important guide to planners and developers, with the quest for sustainable, mixed communities proving to be particularly challenging,' explains spokesman Jeremy Leaf.
The data is also helping property experts to track what RICS describes as 'age ghettoisation' across England and Wales. Southwest London, for example, is home to Clapham and Wandsworth's 'Nappy Valley' where the birth rate is the highest in Europe - you have been warned. Green open spaces and a village feel plus a painless commute to the centre of town make these areas a parent's dream.
There are swathes of retirement areas across the south coast, such as Bexhill-on-Sea and Bournemouth, although estate agents are quick to point out that the latter's thriving student population is waking up the sleepy image of the city. Concentrations of young people can be found in areas such as Hyde Park in Leeds and Fallowfields in Manchester, in part generated by the university population but perpetuated by the desire for young people to live somewhere 'happening' (their word, not mine).
Finding the right location for your 'homebuying age' should not be hard. It is all part of the joy of spending weekends in various areas getting to know what they offer. Affording to buy there is another matter.
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