Property in London: They want to be alone
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The singles market in central London property is swinging, with lone buyers purchasing smart, sassy pads in the more expensive, upmarket developments, spending between £400,000 to £700,000 on their apartments. Whether male or female, they want somewhere which is secure, close to where the action is and easy to commute from. They might not want something quite as ritzy as Sex & the City's Carrie Bradshaw or Samantha Jones, but they do want ultra cool, contemporary homes with all the high-tech features. "In high-end developments the proportion of single buyers is around 20 per cent, split equally between men and women, with a large chunk of that made up of divorced people," says Ed Lewis, head of Savills New Homes. "Single purchasers are attracted to the lifestyle, community and location of many new developments. Particularly popular are those on the doorstep of vibrant central London locations and schemes with community spirit, leisure facilities, parking and safe, convenient routes to public transport. For women, security and concierge services are also an issue." According to the Joseph Rowntree Foundation, more and more UK homeowners are singles, with the number of single people living on their own doubling to nearly seven million in the last 30 years. The foundation expects this to soar to around nine million by 2021. Fewer people than ever are choosing to co-habit or get married, or are marrying later in life," says Mike Bickerton of DTZ Residential. "Add to this divorce, and a new generation of highly affluent and successful older single people is also emerging. It's no surprise, therefore, that the affluent free and single, of all ages, are being attracted to London as a centre of entertainment, style, and a great social scene. It's also worth noting that with a population of 7.5 million people, there are of course many other eligible singles around." Geraldine Edgar, who is 51 and single, bought a one-bedroom apartment with fabulous views over the Thames at Riverside Quarter four years ago. She works for BSkyB as a design manager for Sky News. "The privacy factor was very important for me," she says. "It feels a little bit like you are in a hotel. I can walk along the river in my bathrobe to the leisure centre, for instance, which I use three or four times a week. Another great thing is that the estate management people are very friendly and helpful. You do need back-up if you are single and working and if I need something doing in my flat when I am at work, I know I can leave the key with them perfectly safely." The development is open to the public, which she likes, but says it still feels very secure. "I have a car and a motor-bike, which I keep in the underground car park. From there I can reach my flat via the lift." There is a mini-bus shuttle to Wandsworth, but Geraldine says she prefers to walk by the River Wandle and through the park. "I walk to Waitrose in Putney and often go to The Pantry for a cup of coffee," she says. On site, she can pop into a little supermarket and dry cleaners, a pub, café or the Marco Polo restaurant. "There's also quite a chummy residents' association, which organises summer barbecues and carol singing at Christmas and, although the development is very private, you don't feel cut off." "I have noticed a definite increase in the number of older, single people looking to buy in London in the last couple of years," says Russell Hunt, managing director of Property Hunt (020 7228 7077, www.property-hunt. co. uk ). "Apart from people getting divorced, there's also much less pressure to get married when you're young. "The credit crunch has a limited impact on singletons looking to buy and sell as their general outgoings and financial responsibilities are less than those with families, they have more potential deposit capital than first-time buyers and they are still upsizing, so are unlikely to have lost much equity in their home, like some downsizers." Adrian Charity, 33 and a business partner for Clydesdale Bank in the City, bought his two-bedroom apartment at Royal Arsenal, Woolwich, three and a half years ago. "I like Royal Arsenal because it's a really nice environment," he says. "I like the way it's been planned with the old buildings and parks. Because there are quite a lot of relatively small buildings, it is easy to get to know people. Now the development is more established, the social life has really taken off. There's a nice bit of grass by the river to party on and there's an active residents committee, which has a regularly monthly dinner club. "We rotate around a few different restaurants in the area. There are always half the number of people that I recognise and the other half that are new - a nice bunch of people, mostly from professional backgrounds. "Ages range from early twenties up to late fifties, and there's an equal mix of couples and singles, so it's very relaxed. A few of us also host regular parties." Andrew commutes to work every day by the Thames Clipper - "preferable to the Tube" - and the development is also only six minutes away from the O2 Arena. "Greenwich is easy to get to by bus and you can take a boat into the West End or get the Jubilee line and change at Waterloo. "Woolwich itself is not that brilliant, but Royal Arsenal is a bit of an oasis, and a very nice place for a single person to live." Central London - Hot property area - Property in Barbican , Property in Bloomsbury , Property in Clerkenwell, Property in Limehouse |
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