Shortage of bungalows and townhouses prevents older buyers downsizing
LOS ANGELES: A shortage of bungalows across the UK is stopping hundreds of thousands of so-called “last-time buyers” from downsizing, a new report has claimed.
In the past two years, one in seven over-55s — 1.2 million people — said they wanted to move home but had to abandon their plans, according to research from the HomeOwners Alliance campaign group.
The survey of 2,000 adults found that older homeowners were more likely than younger movers to fret over the stress of moving house and leaving their friends and neighbours.
A shortage of suitable homes was also, however, among the main barriers to moving. The alliance said a dearth of bungalows in particular was a big problem for older people, many of whom would prefer to live on one floor during their later years.
Of those polled aged over 55, 38 per cent said they would like their next home to be a bungalow, making it the most popular choice among this age group.
The first bungalows, which are typically small, single-storey houses, in the UK were built in the 1860s in Westgate-on-Sea, Kent. They became popular, especially in seaside towns, where they were used mostly as second homes.
Their popularity, at least with builders, has waned over time. In 1990 about 11 per cent of all homes built in the UK were bungalows but this fell to barely 1 per cent last year, according to the National House Building Council.
“Our research shows that too many older homeowners feel stuck in homes that no longer work for them but struggle to find an appropriate alternative,” Paula Higgins, chief executive of the alliance, said. “There is a huge demand for bungalows but hardly any get built any more. With the UK’s rapidly ageing population, we hope the government’s long-promised housing strategy looks at a better range of retirement housing, including single-storey solutions.”
Developers say it comes down to viability: a two-bedroom bungalow requires the same amount of land, infrastructure contributions and affordable housing levies as a four-bedroom house, which can be sold for more money.
“If local authorities agreed to reduce some of those [charges] and regulation, maybe developers could make [building bungalows] stack up,” one senior industry executive said.
The “later living” market, which refers to homes that have been purpose-built for older people, is becoming more popular with investors but remains small.
Experts say that providing more, and better quality, retirement homes will help the government to ease the housing crisis by freeing up more of the three and four-bedroom homes that are better-suited to younger families.
Britons are paying a premium to live closer to public transport, a survey shows.
Data collected by Censuswide for the Nationwide House Price Index found that homeowners in London, Manchester and Glasgow are paying for the privilege of an easier commute.
Londoners face the largest price increases, as properties within 500m of a station are worth £42,700 more than those 1,500m away.
This reflects the 80 per cent who said that being near a station was “fairly important” or “very important”.
“This is likely to reflect that those living in London typically use their local station more often,” Andrew Harvey, Nationwide’s senior economist, said.
Nearly 60 per cent use rail or Tube services in London more than once a week, with an average commute of nearly 30 minutes.
On average, respondents were willing to pay 8 per cent more for properties with good transport links.
Homeowners in Glasgow and Manchester face similar premiums of £8,800 and £10,900 res