Despite the new housing minister Gavin Barwell pledging to build one million new homes in his inaugural speech, it seems the planned properties are not suited to everyone…
40% of the nation’s older homeowners are finding themselves unable to rid themselves of large properties due to a lack of suitable new housing.
Around 2.85 million over 55’s have claimed that they would like to move from their existing home, into a bungalow – but are unable to do so due to a crisis in bungalow building!
Fewer and fewer one-story properties are being built, with the number of new properties being built every year dropping by more than 90% from 28,000 in 1985 to fewer than 2,500 in 2015.
With a bungalow taking up a significant amount of square footage and developable land at a premium, it is more financially viable for developers to build houses or flats – which are also in high demand.
If this significant portion of the market were able to find properties to suit their needs and downsize as they are looking to do, a significant number of properties suitable for ‘second-steppers’ would come onto the market. In turn, this may allowing first time buyers the opportunity to buy the second-steppers original first time homes – potentially going some way to easing the current housing crisis.
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