Of all the housing market trends to come out of the last few years, few have proved as surprising as the current 'Bungalow Boom' that's behind 2022's unforseen revival in one-storey living.
While traditionally associated with retirees and downsizers, increasing numbers of younger buyers and investors are being motivated by the opportunity of ‘lateral space’, larger rooms and smaller utility bills.
Against a backdrop of revised priorities, post-pandemic, these ‘pros’ of all-on-one-level living have a new-found appeal. As such, it's no wonder that the first three months of this year saw demand for bungalows 63% above the five-year average, according to property website Zoopla. Inevitably, prices have followed suit, with the value of bungalows surging 10.5% in the last year, say Rightmove.
The reasons for this marked uptick in popularity are several, and include:
Size and potential
The majority of bungalows on the market today were built in the late 1980s, and as such, tend to boast larger plots with more privacy and sizeable gardens and rooms, which makes them well suited for work-from-home and family life.
Investor interest
Not so long ago, the bungalow’s niche appeal ruled out much of the risk of competition in the purchasing process. Now, however, those looking to snap up one of the increasingly limited stock of one-storey properties, can expect to be up against chain-free investors motivated by the opportunity of an ageing rental market, where one in 20 people aged over 65 now rent from private landlords (according to the English Housing Survey). This trend is being compounded by the 'project potential' that each advancing year adds to these homes, and which perhaps plays to the hands of developers, over and above owner occupiers. Unsurprisingly, as a result, the number of bungalows purchased with a buy-to-let mortgage has almost doubled since 2017, according to data from UK Finance.
Ageing population
Given that the overall footprint of bungalows tends to be smaller than that of multi-storey properties, utility and council tax bill are inevitably lower. These potential savings are helped further by the fact that heat can’t rise into the top floors, and that plenty of roof space lends well to energy-saving upgrades such as solar panels.
Development potential
With many bungalows hailing from the 1950s, there is development potential in these properties that makes them particularly attractive to the ‘grand designs’ generation of home-buyers, where personalisation prevails over the ready-made home idyll of yesteryear.
With a substantial stock of bungalows in its property arsenal (an example of which, the pictured 3 bedroom detatched bungalow in Mossy Vale, recently sold by Braxton) Maidenhead and the surrounding area increasingly heads up the search results of home-buyers and investors actively exploring this trending market.
For more details on similar available one-storey properties in this area, or to book a current-market valuation, visit www.braxtons.co.uk or call 01628 674234.
* Research by McCarthy Stone