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Bungalow building block creates crisis!

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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