What’s the hottest property type in the UK right now? Uber modern urban penthouses? Coastal homes? Fixer-upper rural barn conversions? Nope – it’s the sensible Bungalow.
Though the humble bungalow might not seem like a mover and shaker on the property scene, there’s such demand for this type of home at the moment, that bungalows saw an average price increase of 11% in 2021, far ahead of the overall increase of 6% according to Rightmove, and as referenced by The Telegraph here.
With bungalows making up under 2% of new homes built in the first 3 quarters of 2021 (roughly on par with the full year of 2020), and representing less than 1% of existing homes in England, our ageing population is driving up demand for these practical homes.
We see evidence of this every day in our offices in Tavistock and Okehampton and have many buyers registered with us looking for that unicorn – a bungalow with a little outside space and parking which is on a bus route or is a short drive from amenities.
So what does this mean for Devon and Cornwall homeowners? Well, if you happen to own a bungalow, even if not the perfect ‘unicorn’ bungalow described above, you may well be sitting on a proverbial goldmine.
We’d love to discuss what this thirst for bungalows might mean for your particular situation, and we are happy to provide no-obligation advice on how you can best unlock the value in your bungalow. Give us a call today on 01822 617243/01837 54080 or drop by one of our town centre offices for a chat over a cup of tea and a chocolately biscuit.