Bungalows
Is there a bungalow shortage? How high is demand for bungalows? Who is buying bungalows? Why do people want to buy bungalows now? Are more people buying bungalows because they are a cheaper option when mortgage rates are high?
Copy article
5 responses from the Newspage communityCopy all
Copy all
Copy
Bungalows are generally priced higher than houses. This is because there is a shortage of stock compared to the demand. Also with so few new bungalows being built, the majority of bungalows were built between the 1950s and 1970s and have large plot sizes and room sizes. With an ageing population keen to stay in their own homes and therefore wanting single-level accommodation these will continue to be in greater demand. However, developers prefer to build 4-5 bedroom executive houses instead. Many older homeowners would love to downsize from their 3-4 bedroom house to a 2 bedroom bungalow if they were more readily available.
Copy
Bungalows are a missed opportunity that many developments ignore. They are a good halfway point for the older generation who find the stairs too much but don't want to move to a flat. Not everyone likes stairs and it can also be quite adaptive living as rooms designated for bedrooms for example could be used as a study, gym, dining room etc. I would like to see more for sure.
Copy
Demand for bungalows is high due to an ageing population, changing lifestyles, and a limited supply. These factors are driving up prices and attracting buyers of all ages, including older adults, downsizers, young families, and people with disabilities.
Bungalows offer a convenient and adaptable living space that is easy to navigate and maintain. They are seen as good value for money and are likely to remain popular as the population ages and preferences for single-story living continue to grow.
Bungalows offer a convenient and adaptable living space that is easy to navigate and maintain. They are seen as good value for money and are likely to remain popular as the population ages and preferences for single-story living continue to grow.
Copy
Demand for bungalows among downsizers remains strong, however, in many cases, bungalows are more expensive to purchase than a comparable house in a similar area. We are seeing a continued rise in the demand for Equity Release and other older borrower mortgage solutions to support the growing phenomenon of "downsizing" to more expensive properties.
Copy
I’m sure if the government introduced an incentive for building bungalows then house builders would flock to put them up. It worked with help to buy. It’d probably be a vote winner too with a group that always make it out on polling day.
As we live longer and longer bungalows will become more and more desirable as people want to live out their twilight years in a property that they know they can grow old in, and not have to worry about a day coming when they can’t manage walking up stairs independently.
I’d happily pay a premium for this when my time comes. Although we hear about many old age pensioners living in poverty, there are many older people who have benefited for astronomical increases in their wealth by buying a home in the 80’s and before. This has left them with huge amount’s of equity and often pension lump sums that can go towards such homes. As they are competing with others in the same boat the price of bungalows is high, certainly per square foot.
As we live longer and longer bungalows will become more and more desirable as people want to live out their twilight years in a property that they know they can grow old in, and not have to worry about a day coming when they can’t manage walking up stairs independently.
I’d happily pay a premium for this when my time comes. Although we hear about many old age pensioners living in poverty, there are many older people who have benefited for astronomical increases in their wealth by buying a home in the 80’s and before. This has left them with huge amount’s of equity and often pension lump sums that can go towards such homes. As they are competing with others in the same boat the price of bungalows is high, certainly per square foot.