The latest research from the homebuying platform, YesHomebuyers, reveals where in Britain is home to the best housing markets for older buyers looking to downsize their homes and move into bungalows.
The Great British population is ageing. 60 is the new 50; 50 is the 40. Combine this with the fact that house prices are at an all time high and the result is lots of older people selling up their family homes, securing a good price in return, and downsizing for their autumn and winter years. Bungalow properties are, and always have been, a popular choice for downsizers but, in a high demand market, competition is strong.
By analysing the homes currently for sale in Britain, and calculating what percentage of them are bungalows, Yes Homebuyers has revealed where downsizing buyers are likely to have the best chance of securing a bungalow property.
In England and Wales, there are currently 741,429 properties on the market. Of these, 58,605 are bungalows, meaning bungalows account for just 8% of current property for sale stock.
However, many areas of England and Wales offer a significantly higher chance of success for bungalow homebuyers.
The county with the highest percentage of available bungalows is Denbighshire, north east Wales, where they account for 28% of properties currently on the market.
This is followed by Lincolnshire where 20% of homes currently on the market are bungalows, with Carmarthenshire and Pembrokeshire, both in Wales, also home to the same level of bungalows.
In fact, Wales dominates much of Britain’s bungalow market, with the nation home to seven of the top ten bungalow hotspots. In Ceredigion, 19% of the available properties are bungalows; on the Isle of Anglesey and in the town of Conwy, it’s 17%, while in Flintshire, 16% of available homes are bungalows.
The only other English locations joining Lincolnshire in the top ten are Norfolk where 19% of available properties are bungalows, and the Isle of White where the figure stands at 16%.
At the other end of the spectrum, England accounts for eight of the ten areas with the lowest availability of bungalows.
Neither the City of London and the Isles of Scilly have a single bungalow on the market, though it’s worth noting that the Isles of Scilly has a grand total of six homes available for purchase.
In Greater London, as a whole just 2% of homes currently on the market are bungalows.
This is followed by Bristol, Cardiff, and Berkshire where bungalows make up just 3% of the available housing stock.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “Not all downsizers are silver homebuyers keen on a bungalow purchase, but it is an incredibly popular property choice amongst those reaching the end of the property purchasing timeline who simply don’t fancy tackling a steep flight of stairs throughout the day.
“It’s difficult to remember a more ideal time for downsizing. House prices are at a remarkable high which means sellers can demand premium prices for their homes, money that will more than cover the purchase of a smaller home and leave plenty left over to fund retirement or support the younger generations of their family.
“Downsizers tend to account for the core segment of those opting for a homebuying platform as they simply want to secure a quick and convenient sale that allows them to swiftly progress with their forward purchasing plans. Having often enjoyed a substantial uplift in the value of their home, they simply aren’t as concerned about profiteering in current market conditions and so this method of selling removes the delays and uncertainty associated with the traditional transaction process.”