Young buyers are turning to cottages for cheaper family homes
You might imagine that the most popular real estate searches today would be for a downtown apartment or a family-friendly home in the suburbs.
But actually the answer is a modest bungalow – a bungalow that has a new lease of life.
Research by Confused.com Mortgages shows that online searches for bungalow properties have risen by 53 per cent in 20 years, as DIYers take to social media to show off their modern twists on the traditional bungalow.
There are more than 100 million Tik Tok Views of videos about the renovated bungalows and 129,000 Instagram videos and posts tagged #bungalowrenovation.
Back in fashion: Cottages often have large gardens and offer privacy. Increased competition from older and younger buyers, competing with developers, means prices are rising
There are a few places where cottages are abundant – in East Lindsay, Lincolnshire, for example, nearly 24,000 of the 71,280 homes are cottages – but in most locations they are becoming increasingly rare as developers snap them up, send in bulldozers and build larger estates. in its place.
Just 1,833 tiny homes were built in the UK in 2019/20, equating to just 1 per cent of the total number of homes built.
The reason for this is that most construction companies want to maximize profits from a plot of land by building a large house or a block of apartments.
“Cottages are in great demand, especially from those looking to avoid the cost of moving again when they grow up,” says Nick Cunningham, of buying agency Stacks Property Search. “We’re only interested in looking at the huts” is something I hear a lot.
“There is a strong aspiration to buy a bungalow from these,” adds Jeremy Liff, former president of the Royal Institution of Chartered Surveyors. Downsizing Because a house with two or more floors may not suit their lifestyle, yet they are not ready to live in an apartment. The bungalow is a halfway house.
Side living is no longer just for downsizers or retirees, but is increasingly becoming an active lifestyle change for younger buyers
Charlotte Moxon, Strut and Parker
Experts say the high-ceiling bungalow offers the possibility of two bedrooms and a bathroom on the “one and a half” floors – ideal for visiting family.
Just before the pandemic, a survey by retirement housing company McCarthy & Stone found that 60 per cent of over-65s would consider moving to a bungalow.
This is an amazing success story of a type of house that first appeared in this country 100 years ago.
The huts began as huts built by Indian peasants in the 19th century. They were fitted out during the Indian rule to house British officers; Then they came to Britain in the 1920s.
After World War II, these homes were considered to be of good quality and low cost, superior to prefabricated homes, and became the housing equivalent of a national treasure.
Many agents are now reporting that the bungalow is enjoying a 21st century renaissance with very different types of buyers.
“New single-story homes are more architecturally interesting and have better energy efficiency than single-story homes built in the 1960s.
“Side living is no longer just for downsizers or retirees, but represents an active lifestyle change for increasingly younger buyers,” explains Charlotte Moxon of estate agency Strutt & Parker.
Cottage prices are on the rise
Increased competition for cottages from older and younger buyers, competing with developers, means higher prices.
Confused.com says a typical bungalow in London is priced at £606,000 – a third more than the average £446,000 for a purpose-built flat or flat – while in the south-west, an average bungalow price is closer to £389,000. It is twice the cost of a regular apartment.
Despite the high prices, cottages are relatively affordable compared to family homes, so they are being snapped up by younger, more creative buyers.
“Detached cottages have fewer supporting walls, so owners feel like they are living in an open plan.
“It also provides an escape from noisy neighbors in semi-detached and terraced homes,” says Claire Flynn, mortgage expert at Confused.
Experts expect homes to become a buy-to-let option for investment buyers as the age profile of renters increases.
This bungalow has reinvented itself with new demographics – and in doing so has become the coolest place to live.
(tags for translation) Daily Mail