The latest Park Home Demand Index by Quickmove Properties reveals that Oxfordshire, Buckinghamshire and Staffordshire have all seen significant increases in demand for park homes as over-50s look to beat the continued cost of living crisis and slow market conditions by deciding to settle down in a park home.
The Quickmove Properties Demand Index measures demand for park homes across each county in England on a quarterly basis. Demand is calculated by measuring the number of park homes currently listed on the market* against those that have already been sold subject to contract (SSTC).
For example, if there are 100 homes on the market and ten are SSTC, demand is ten per cent.
One in five
The latest index shows that almost one in five park homes had sold subject to contract across England in Q1 2024 (18.4 per cent), although regional demand was highest in the south-east where demand climbed to 24.9 per cent.
However, at county level, as many as 35.1 per cent of all park homes listed for sale across Bedfordshire had been snapped up by eager downsizers.
Hertfordshire was also home to a high level of demand with 34.3 per cent of all stock already sold subject to contract, with Berkshire (32.5 per cent), West Midlands (30.8 per cent) and Oxfordshire (28.6 per cent) also making the top five.
As for quarterly growth in park home demand, nowhere saw a stronger performance than Oxfordshire where demand rose by a whopping 12.2 per cent in Quarter One in 2024. Other counties to see strong growth were Buckinghamshire (8.3 per cent), Staffordshire (8.1 per cent), West Yorkshire (7.7 per cent), and the City of Bristol (7.1 per cent).
Steady sales
Sales director at Quickmove Properties, Mark O’Dwyer, said: ‘We saw park home demand remain steady across England in quarter one of this year, despite the hangover effects of 2023’s economic turmoil that stifled the bricks and mortar property market.
‘But the county-level data shows that in many areas of England, demand is exploding.
‘This is because downsizers in later life are enjoying the equity release they get from selling their family home and moving into a park home, taking the cash leftover – which averages £125,000 – to truly enjoy life rather than spending months if not years scouring the market for a suitable bricks-and-mortar home in a location that suits their retirement ambitions.
‘Park home buyers are also benefiting from a buying timeline of two or three weeks compared to the 200 plus days that are experienced on the regular market.’