Can you retire to London?

[YoureRockingTheBoat]

The thread about the parents who are upsizing has prompted me to reflect on one of my own ambitious ideas, because I’m thinking it doesn’t involve downsizing, financially speaking.

I’m single, living in a two-floor flat that I paid c£750k for in an expensive city centre. I’ve pretty much always lived in flats/terraces, and in fact I regret that this one has a garden. So I am pretty clear that I don’t need the amenity that comes from a ‘house.’ I’ve divorced and am not at all sure what I want from life, but one thing I do often come back to is that I’ve never lived in London.

Clearly I have to measure for myself my own piece of string, but for the sake of argument - do older folk have cool tiny homes in London and whereabouts are they located?

Yes DH and I live in zone 5 currently but once we downsize and the kids are off our hands we most definitely plan to retire more centrally. Seems like a no brainer to us - plenty of shops and amenities; good hospitals; free transport; cultural offer etc.

We already live in one of those boroughs @Fluffycloudsfloatinginthesky. Although I fancy much closer into the centre.

I know a few that have bought flats that overlook the Thames.

This is my exact retirement dream.

I too have read how people retire to Barbican - but it is expensive.

My only concern at present is that the expense of housing will prevent lots of high quality, but low paid, youngsters servicing our needs, i.e. London becomes a retirement home where the staff can't afford to live.

It is cheaper than Yorkshire for many things
Council tax in Westminster is very low
Meaningful free travel from age 60
Groceries are not more expensive. Ocado is the same cost as in the North but typically you can get free delivery midweek and loads more stuff available- the most I ever pay for delivery is £1.99 for a weekend slot
Fortnums ham is cheaper than Waitrose and much nicer.

I have a retirement flat in Westminster- less than 10 minutes from the Houses of Parliament

Loads of free stuff to do all the time.

Me too! Probably the most outer one. And it's pretty much true - pretty good public transport (as long as I'm not going outwards towards Surrey!) easy to get to London. Relatively affordable housing considering proximity to London. Still lots of libraries, public services aren't that bad!

My only concern at present is that the expense of housing will prevent lots of high quality, but low paid, youngsters servicing our needs, i.e. London becomes a retirement home where the staff can't afford to live.

i read an article some yrs ago which was discussing how the property industry was targeted retirees to come to z1 by building more retirement apartments (as they are more likely to have the money to afford it). It did touch on the issue of younger staff etc.

I guess things that do cost more are trips to the hairdressers, cinema, pub etc. But then you'll have free entry into museums, free shows at Trafalgar Sq etc and other perks, that to my mind, will offset that.

If you buy a flat Service charge will be a significant expense. But you can just shop around to find the right overall package that is affordable in the long term.

My parents downsized from zone 5 suburbs to Islington in their early 60s. It’s a great move- they don’t need a car, free transport, easy access to hospitals, loads of free cultural things to do. So much more sensible than buying an idyllic cottage in the middle of nowhere that becomes a nightmare if you can’t drive.

My friend lives in a one-bed in a private road in a desirably N London borough - his flat is worth less than £500,000 (no outdoor space but leafy park and tennis courts a few yards away). His service charge is about £1,500 I think. He can get the bus at the end of his road into central London or the tube is a 10-min walk. He has subsidised pool and gym membership, free travel, cheap or free culture, and he's a member of U3A so goes to meet-ups, classes etc with like-minded people. He still picks up freelance work for extra income too. I am definitely staying in London when I retire.

This is my plan! Ideally the Barbican (interesting how many of us have the same idea!) or somewhere around Clerkenwell or the South Bank. I lived in London for years and loved it, currently in a smaller city and looking to move closer to the countryside while dd is small, but for retirement I think London is hard to beat! Great amenities, public transport, free buses & galleries etc etc

Oh The Barbican

I have a always wanted to live there since I was little
The chances of actually living there though are Zero (unless I win the lottery)

London is an awesome place to retire. Endless culture and activity, tons of free stuff, excellent hospitals and medical care, excellent public transport. The perfect place to keep active and keep your brain stimulated without the risk of ending up trapped and isolated in a rural property.

Thanks all, plenty to think about - including surprising availability of sub-million flats in the Barbican! Council tax seems similar to other places. Service charge would be new for me, but on the other hand there must surely be some savings on fuel in radical down-size.

I’d like to move to Canary Wharf when I retire. Yes, it’s a bit further out but right by the river and suprisingly quiet at the weekend.

I live in London and certain areas have an older population (Richmond, Chelsea, Hampstead) but I would be cautious about buying something very central if you are still planning to be there in your 70s and 80s. Central London is very fast and very young, and whereas you would have a ball as a healthy retiree in your 60s, Richmond or Wimbledon would be better for a frail older person.

The thing about the Barbican is the service charges are insanely expensive - much more than for blocks elsewhere. I’d look around Fitzrovia or elsewhere in the City if you want to be central

We plan to retire to the Barbican. Won’t be for a while as we have a toddler and 2 cats!

Absolute, do it! £750k might not get you Zone 1, but it will easily get you within 30 minutes of the centre on the train/tube. For that money, if you're happy in a flat, I'd probably move somewhere like Richmond, Barnes, or Greenwich/Blackheath, but South of the river is all I'm really familiar with.

Yes absolutely.
Islington
Marylebone
Bermondsey
The part of Kennington nearer the river
Spitalfields
Kings Cross

Depending on your budget and taste. All walkable into the centre.

You could do Bermondsey or Kennington for that money for sure amongst other places.

This is true. There are quite a few in north London around Hampstead and Belsize Park. More being built. Very expensive and very high service charges but lots of amenities and you can buy in care when you need it. If I had the money and was in my 70s I'd certainly consider it.

London has so much going on, loads of culture like galleries and concerts are free. Or buy yearly memberships if you have the time to go to it all.

For those that can afford it, central London is a wonderful place to live.

Oh that was supposed to be in reply to the post on retirement apartmentS!