Silver Downsizer hotspots where first-time buyers aren't taking the attention

When discussing the housing market, first-time buyers often get the lion's share of attention, not least when it comes to the topic of affordability. But over-60s property specialists, Regency Living, have shifted the focus to look at which parts of England & Wales Silver Downsizers should consider moving to if they want to live among lots of like-minded people of a similar age while also securing an affordable new home.

Regency Living has analysed population demographic data* to show which parts of England & Wales are home to the highest proportion of people aged 65 and over, and then analysed average house price data* to reveal which of these areas are the most affordable for today's Silver Downsizers.

The analysis reveals that there are around 60.85 million people living in England & Wales. Of these, almost 11.5 million are aged 65+, equivalent to 18.8% of the total population.

The local authority district that has the highest proportion of people aged 65+ is North Norfolk where 35,288 over-65s account for 34.2% of the total population.

This is followed by Rother (32.5%), East Lindsey (31%), Dorset (30.4%), and the New Forest (30.3%), all of which are areas where over-65s account for more than 30% of the population.

Not far behind, we have East Devon (29.9%), the Isle of Wight (29.8%), Tendring (29.6%), Torridge (29.3%), and West Devon (29.3%).

But which of these Silver Downsizer hotspots offers the most affordable homes?

The average house price in England & Wales currently stands at £297,739*, and there are a number of Silver Downsizer hotspots where the local average price comes in well below this national average.

East Lindsey's average house price sits at just £229,841 making it by far the most affordable spot for over-65s who are looking for a great place to live at a great price.

The average price on the Isle of Wight is £269,292, followed by Tendring (£271,649) and Torridge (£284,972).

The least affordable locations with large over-65s populations are the New Forest (£400,190), Rother (£363,628), East Devon (£363,238), and Dorset (£346,887).

Sitting in the middle of the pack are West Devon (£311,924) and North Norfolk (£302,531).

But within all of these regions there are even better savings available for Silver Downsizers who want to be surrounded by like-minded people, and these come in the form of park homes.

There are currently 848,228 live property listings in England & Wales, of which park homes account for 0.7% (6,295).

But in some Silver Downsizer locations, the proportion of park homes is much higher. Nowhere is this more true than in the New Forest where  park homes account for 6% of all current listings, equivalent to 239 homes.

In East Lindsey, park homes account for 3.8% of available properties, followed by North Norfolk (2.7%), Tendring (2.7%), the Isle of Wight (2.5%), and Dorset (2%).

However, because Dorset has the largest number of available properties (16,987) among all of these regions, the 2% proportion of park homes translates to 336 listings - more than any other Silver Downsizer hotspot.

A Regency Living spokesperson commented:

"Over-65s who are downsizing commonly move to different areas of the country, which often requires them to leave family and friends behind. Moving to an area where there are lots of people of a similar age can make this transition much easier and ensure that new friendships can quickly be made.

It's useful, therefore, to understand where the most like minded people live, but even more useful to know which of these Silver Downsizer hotspots offers the best value for money when it comes to buying a new home.

However, we're seeing a lot of downsizers step away from the traditional bricks and mortar market in favour of park homes. In doing so they can not only afford to live in otherwise expensive parts of the country for a fraction of the cost, but they also benefit from ready-made communities of like minded neighbours, ensuring a great quality of life in what are often tranquil and idyllic surroundings such as coastal areas and countryside beauty spots."