New research from park home specialist Quickmove Properties reveals that bungalow construction now accounts for just 1.2 per cent of all new-build completions, creating a gap in the market that mobile homes are vying to fill…
Quickmove Properties has looked at the changing rate of bungalow construction between 2000 and 2020, the current market share of bungalows versus all dwelling stock, and the price of new-build bungalows compared to new park homes. The latest available data (2021) shows that there are around 1.8 million bungalows in England, accounting for just 7.6 per cent of the nation’s dwelling stock.
What’s more, construction of new-build bungalows is on a steep decline. In 2000, bungalows accounted for an estimated 6.9 per cent of all new-build completions. By 2020, however, the completion of just 1,833 new bungalows meant that this market share had dropped to just 1.2 per cent, despite continued demand, particularly from downsizers who currently account for a third of all moves.
With so few bungalows being built, many buyers who want single-storey homes without having to modernise or pay a premium are instead turning their attentions to the park home sector. A modern park home offers the lifestyle of a new-build bungalow, with high-end features, located on a peaceful and safe, rural, semi-urban or coastal development.
Despite offering an almost identical footprint, park homes are markedly more affordable than traditional bricks and mortar bungalows.
The average price of a bungalow in England is £338,769. Meanwhile the average park home is 36 per cent more affordable at £215,493.
Sales director at Quickmove Properties, Mark O’Dwyer, commented: ‘You’d be forgiven for thinking that bungalows have simply gone out of fashion and that’s why so few are now being built. But that’s not the case. In reality, demand for bungalows remains high but developers don’t see them as profitable enough to deliver in decent numbers.
‘For those wishing to downsize to easy, single-storey living with the autonomy and privacy of a standalone property, modern park homes fill the void that bungalows have left behind.’
For more information about Quickmove, visit www.quickmoveproperties.co.uk