Given the fact that the population of Britain is aging, there is a need for the property market to be aware of the elder generation and their property requirements. In some quarters, the presence of the elder generation is a problem, citing the fact that these homes could be freed up for younger households to buy. This is the wrong way to think about the housing problem and it comes across as an insult to the elder generation.
These people have bought and paid off their homes and will have their own property needs and requirements as much as anyone. If someone from this generation can enjoy their home for many years to come, they should, and they should enjoy doing so because they have earned it. However, there appears to be a growing number of people aged 65 years or older who are looking to move into a smaller home. The problem is, the supply of these homes doesn’t match the demand, and in this regard, last-time buyers are struggling in the same manner as first-time buyers.
A recent study suggests that 54% of people aged 65 years or older would be willing to move to a bungalow property. The same study suggests that 65% of this group would like to see new build bungalows being built solely for the use of elderly buyers. In a roundabout way, this is a solution that would benefit the entire property market but if the elderly moved into the bungalows, there would be a significant increase in the supply of homes to the market.
However, given that the production of bungalows being built in the UK has fallen each year, it isn’t likely that there will be a rush of single tier properties being built until there is a change in tact from developers. In total, around 2 million bungalows have been built across the United Kingdom. In 1986, a total of 26,000 bungalows were built but for 2017, the amount had fallen to 2,600. In recent times, planners have favoured high density developments and packing in more properties wherever possible, but there is a demand for this style of property.
This demand for bungalows presents an opportunity for homeowners with this style of property who are looking to move on. It is always important to present property to the most likely buyer and it could be that some vendors haven’t considered pensioners and the elderly as a viable buyer. However, studies suggest that this is a demographic that is worth considering because these people are willing to buy.
At Griffin Residential, we know that many factors impact on selling a home but knowing who your buyers are and reaching out to them makes a difference. If you have a bungalow, bear in mind that these properties are in demand with the elderly. When it comes to selling your home, we are always happy to help, so contact Griffin Residential for support and guidance in selling your home.