If you have your eye on residential property investment, chances are you won't feel particularly enamored towards bungalows, but according to a new report, this could be a big mistake. The Policy Exchange has published its Housing and Intergenerational Fairness study and found that many Britons would prefer to live in a bungalow than any other type of building. In fact, so revered is this housing design that 'The Bungalow' remains the third most popular house name, after 'The Cottage' and 'Rose Cottage'.
In particular, bungalows are the most popular among the older generation, who enjoy the security, ease of mobility and simplicity of cleaning they offer. Across a series of surveys since 2000, Halifax bungalows have emerged as people's favourite type of home. Despite this, it seems no one is building them anymore.
In 2009, the number of bungalows built across the UK stood at just 300 and just two per cent of the country's housing stock consists of these homes.
"Given the ongoing process of demolishing existing homes and rebuilding (usually at higher densities), then we were probably losing bungalows," the Policy Exchange wrote. "If 30 per cent of people's ideal home is a bungalow, and this preference is even stronger for older
people, it make no sense to prevent construction of bungalows if we are interested in increasing the housing supply and a more efficient use of the existing housing stock."
With the British population rapidly ageing, bungalows may in fact be a lucrative opportunity for investors. Many older adults living in a large family home intend to downsize to a property that is easier to manage and more suitable to their needs. Set over one floor and offering outside space, bungalows are therefore the perfect solution.
This also makes sense as a way to solve the UK shortage of family homes. With old people occupying properties that could better suit a family, making more bungalows available to cater to the ageing population will free up larger spaces.
- Tuesday 07 May 2013