LETTING & ESTATE AGENT

No Bungalows being built? Older renters may be the future?

No Bungalows being built? Older renters may be the future?
Bungalows have long been considered the ideal purchase for those approaching retirement.

With their stair-free environment and ease of access for wheelchair users, they are a pensioner's paradise. However, despite the UK's ageing population, the construction of bungalows fell from 7% of new builds in 1996 to just 1% in 2014. Many developers are blaming the rocketing land prices for the downfall . causing many developers to build further upwards.

In contrast, the number of new properties which are flats or maisonettes more than doubled over the same period from 15% in 1996 to 33% in 2014. With the government revealing last year that the average price in England for a hectare of land with planning permission is £6 million.

Unfortunately developers see that bungalows aren't the most valuable use of a building plot and I know that they feel that they get a better return from a two or three-storey building.

Meanwhile, the population in the UK is expected to increase to 74.3 million by 2039, largely believed to be because many people are living longer. This is likely to mean that the demand for accessible properties such as bungalows will increase.

While national retirement home builders such as McCarthy & Stone and Churchill are building homes in Truro these aren't all suitable for the older generation with many looking to downsize but still maintain their independence.

With this in mind the average age of your tenant may be on a sharp incline!