New research by Quickmove Properties, a company specialising in properties for over-50s has revealed that UK bungalow construction now accounts for just 1.2% of all new-build completions, creating a void that modern bungalow-style park homes are vying to fill.
Bungalows are an essential part of the British housing landscape as they provide freedom and independence for those who struggle with stairs. New research shows that when it comes to new builds, bungalows could be heading towards extinction, and It doesn’t take a rocket scientist to understand the reason behind this: profit.
The research was conducted by Quickmove Properties, who looked at:
- The changing rate of bungalow construction between 2000 and 2020
- The current market share of bungalows vs all dwelling stock
- The price of new-build bungalows compared to new park homes.
Using the latest available data (2021), they found around 1.8 million bungalows in England, which accounts for just 7.6% of the nation’s dwelling stock. What’s more, it is clear that the construction of new-build bungalows is on a steep decline.
In 2000, bungalows accounted for an estimated 6.9% of all new-build completions. By 2020, however, the completion of just 1,833 new bungalows meant that this market share had dropped to just 1.2%, despite continued demand, particularly from downsizers, who currently account for a third of all moves.
With so few bungalows being built, many buyers who want single-storey homes without having to modernise or pay a premium are instead turning their attention to the luxury new park home sector.
The lack of available options has meant more people are now exploring the benefits of a modern new park home as they offer the conveniences of a newly built bungalow, with all the requisite high-end features, in a peaceful and safe, rural, semi-urban location. Plus, their footprints are almost identical to their brick counterparts, and perhaps most importantly, they are far more affordable.
The average price of a bungalow in England is £338,769. Meanwhile, the average park home is -36% more affordable at £215,493.
This price difference is at its greatest in the North West, where the average new park home is -48% more affordable than a new-build bungalow, followed by the East of England (-39%), Yorkshire and the Humber (-39%), South East (-38%) and South West (-37%).
Mark O’Dwyer, the Sales Director at Quickmove Properties, says, “You’d be forgiven for thinking that bungalows have simply gone out of fashion, and that’s why so few are now being built. But that’s not the case. In reality, demand for bungalows remains high, but developers don’t see them as profitable enough to deliver in decent numbers. They can, for example, make much more money by building multi-level dwellings or blocks of flats, so that’s where their focus largely lies.
“For those wishing to downsize to easy, single-storey living with the autonomy and privacy of a standalone property, modern park homes fill the void that bungalows have left behind.
Due to state-of-the-art building techniques in UK manufacturing facilities, modern park homes are more affordable to buy, with high specifications, premium features, and durability. On top of that, residential parks for over 50’s provide a tight-knit and secure community of like-minded people at similar stages in their lives, a neighbourly and friendly atmosphere that sadly is harder to find these days in brick housing estates.”