Vendors: Downsizing Buyers Want Bungalows
Posted on 20th September 2018 at 10:21
When it comes to selling your home, it is vital that you know who the likely buyers are and what these likely buyers want from you. At Strawberry Lettings and Sales, we have helped many Loughborough vendors sell their home and we like to think that we know a thing or two about the local market.
However, the market is continually evolving and there may be a market looking to buy property in the area that you haven’t considered.
In Great Britain, we have an ageing population. People are living for longer, which is a positive news, but it does impact on the property market. Some industry specialists point to the fact that people are living for longer as a factor that has slowed down the supply of homes to the market. However, it may be that the needs and requirements of the golden generation could be of interest to vendors.
Elderly people want to downsize if circumstances are okay
This is down to the fact that a recent study indicates that 54% of respondents aged 65 years or older would be willing to sell their property if they can move into a bungalow. There is no denying that many older people like the idea of downsizing, both for logistical and financial reasons, but only if the move is right for them. A bungalow appeals to many elderly people because there are no stairs to contend with and everything they need is on one level. As you get older, your living arrangements become extremely important and the convenience of a bungalow can make a massive difference in a person’s life and health.
The same study also suggested that 65% of people aged 65 years or older would like to see more bungalows being developed. While there have been 2 million bungalows built in the UK in total, the number of bungalows being built has fallen year on year for a considerable period. Back in 1986, there were 26,000 bungalows built but in 2017, there were only 2,600 bungalows built. It is easy to see that many developers have no interest in building bungalows because these properties offer less profit than other property types.
Should there be intervention in the property market?
There is an argument that the Government or local housing schemes could intervene to ensure more bungalows are developed. Having more bungalows could help free up the homes that many elderly people live in now, which would go some way to stimulating the property market. Again, this may not be something that private developers are interested in but given there are calls for the Government to engage the property market, this could be an area where there is help.
Any Loughborough resident that has a bungalow and who is looking to sell, don’t forget the elderly market when it comes to presenting to your ideal audience. For everyone else, keep an eye on this market because if there is movement, it may lead to further reactions and movement in the property market.
Whatever you want to achieve in the Loughborough property market, you will find that calling on a local expert makes sense. At Strawberry Lettings and Sales, we are on hand to help you make your next move in confidence.
Share this post: