Homebuyers are entering bidding wars for bungalows, a property expert claims.
The Daily Telegraph recently reported that young professionals in their 20s and 30s are vying with pensioners looking to downsize and live on one level, and Jonathan Rolande of the National Association of Property Buyers (NAPB) said this is driving competition for these types of homes.
Figures from the property portal Rightmove suggest the average asking price for a bungalow has reached £356,957, just shy of £5,500 less than the average UK property asking price.
However, the gap is narrowing - in 2022 the difference was £8,395.
Overall, the number of people searching specifically for a bungalow to buy is up 11% compared with February 2019, according to Rightmove.
Commenting on the rise, Rolande said: “More and more people are enquiring about bungalows. They used to be the butt of jokes but now they are often at the centre of bidding wars because of the benefits that come with owning one.
“There are many reasons why they are popular including the fact that they are usually on larger plots and they are not usually listed buildings meaning making changes and alterations is easier.
“They are also easier to maintain and extend. Because they are often built for retirement, locations are quieter. They suit the current trend of open plan living. Many are in prime positions in their town and have space on the side as very few are mid-terrace.”
However, Rolande said there are pros and cons of building more.
He said: “They are a great lifestyle choice but inefficient use of scarce land. Many are bought to add room upstairs which defeats the object a bit.
“But while adding additional bedroom space relieves pressure in the housing crisis, it is unlikely developers will build bungalows in mainstream sites as the key thing now is to get as many bedrooms as possible onto available land.
“Over the coming years, we’ll see the number of properties with only ground-floor rooms diminish. If demand stays at this level, that could well mean prices increase faster for bungalows than for the rest of the property market.”
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This is great news for me, if the trend continues! On a more serious note, in my part of the north-west I've seen a number of bungalows sold in recent years which have then been demolished and replaced by large detached houses with double or even triple garages. These houses still benefit from generous gardens and so don't look 'over-built' on their plots like so many so-called new build 'executive' properties do.
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