Young, Urban and Millennial: The face of the new Metropolitan downsizer

A year ago, data from Hamptons revealed that downsizers were dominating the housing market, with 41% of movers choosing to lose a bedroom at the time. Since then, the traditional downsizer market share has flatlined, falling to just 24% in March 2024. Emerging from the dust is the ‘urban downsizer’ – a new generation of young professionals, who want to live in high value, urban locations, and are happy to step down a rung on the property ladder to achieve it. One such buyer is 36-year-old Nilesh Odedra, who purchased a one-bedroom apartment at The 1840, St George’s Gardens.

Nilesh, a landlord and homeowner-turned-renter, moved out of his two-bedroom apartment in Essex, swapping the commuter belt lifestyle to rent in Balham for a few years. He knew he wanted to get back on the property ladder, but having let out his previous property, he was faced with the challenge of rebuilding his deposit.

“Moving out of my house in order to rent is daunting, but it’s the price you have to pay if you want to live in London,” Nilesh says. “I moved into the city in 2021 and it was the best decision I ever made in terms of my lifestyle. I was in a house share, but I knew I wanted my own space eventually, so I restarted the property search.”

With house prices too high in Balham, Nilesh cast his net slightly further afield and came across The 1840, St George’s Gardens, a restoration of a Grade II listed Victorian hospital. “I was immediately drawn to the characterful heritage of the building.” Nilesh adds. “It’s in the city but you wouldn’t even know because the development is set in such beautiful green grounds. The flat I owned before was the complete opposite, a standard new build with no character whatsoever. While I’ve technically downsized, by losing a bedroom, I’ve gained so much in return – an incredible location, ownership of a piece of London’s Victorian history, and a home of my own again.”

Nilesh purchased his apartment for £435,000, putting down a nearly 50% deposit. Nilesh also collects rent from two rental properties in Essex, which are helping to bring down his mortgage. “Having a relatively small mortgage at this age is such a blessing because the monthly repayments are really manageable,” he adds. “The apartment is the perfect size for me as a solo buyer, and I can see myself living here for at least 10 years, if not even longer. My home has really high ceilings and overlooks the courtyard, meaning that I have lots of natural light and it feels really spacious. Every square inch of the floorplan is useable and I have a balcony too – I don’t need or want anything more.”

Shelley West, Sales and Marketing Director, says: “The 1840 embodies the growing appeal of urban downsizing, where buyers are prioritising quality of life and access to urban amenities over life in the suburban sprawl. Heritage architecture and traditional design pulls on the heartstrings of homebuyers, and identikit new build apartments will always struggle to compete with a beautiful, well thought out restoration. No two homes at The 1840 are the same – each apartment is completely unique in its design and layout, which is a liberty that a restoration developer can take.”

The 1840, St George’s Gardens offers a unique countryside location in the city, set within seven acres of green space and bordering four neighbourhoods: Tooting, Bellevue Village, Balham and Earlsfield. Much of the original Victorian hospital’s original features have been kept, including the magnificent red brick frontage. Tooting Bec underground station is just a 12 minute walk away, offering services into central London via the Northern Line.