RoyaleLife has revealed a shortage in single storey properties, despite there being a growing nationwide demand, in its latest white paper.
RoyaleLife asked 1,000 UK and Northern Ireland residents aged 50+ their views on the current housing market, as well as their personal wants, needs and aspirations when moving home in later life.
They gathered their findings into its inaugural White Paper - “Bungalows – a resurgence in single storey living and the promise of a better life”, which concluded that developers are not providing buyers with enough single storey dwellings, despite a growing demand.
In addition, the bungalow provider sourced statistics and evidence from several reputable sources, as well as researched interviews and opinions from industry experts and institutions such as the National Federation of House Builders and the National Custom & Self Build Association.
Robert Bull, CEO of RoyaleLife said: “From our findings, it has become evidently clear that bungalows have slipped down the housing agenda, no doubt due to UK land prices remaining high, forcing developers being pushed by planners to build as many homes as possible to address the nationwide housing shortage.
“However, the demand for bungalows is bigger than ever, particularly for those over 50 who are seeking low-maintenance, community living and the opportunity to free up cash by downsizing using innovative schemes such as Home Part Exchange.
“The pandemic has certainly played a huge part in this and has caused a seismic shift in purchasing habits as we begin to look more inwardly and reassess what truly matters.”
This shift in buyer demands has led to RoyaleLife being able to analyse the type of customer they have – and how they can provide a service to benefit their individual wants and needs.
“Not only are more people working from home, but many are also choosing to leave the cities they live in to be closer to family or in more rural locations to reap the benefits of outdoor living.
The research also revealed that more than half of those questioned wanted to downsize to free up much-needed cash.
Robert added: “With the current instability of the job and housing market, it comes as no surprise that those on the brink of retirement are putting their financial futures into perspective.”
Alarmingly, the research, that was conducted in conjunction with Censuswide, also revealed that an alarming number of over 50s do not feel prepared for retirement.
“The longer we live, the longer we need to factor in for retirement,” said Robert. “However, our research showed that a quarter of those aged between 51-60 felt less than prepared for retirement. This reflects previous research from YouGov which revealed that just 7% of British adults claimed to know how the pension system worked – and 40% did not even know how many pension pots they have!
“Overall, there seems to be a distinct lack of education within this sector, and it is up to us to provide a viable solution to this growing issue – such as our innovative Home Part Exchange scheme which enables buyers to get 100% of the current market value of their home.”
Robert concluded: “It is a reasonable assertion, argued in this White Paper, that RoyaleLife is transforming the landscape of the housing market and redefining bungalow living in the UK, and with the help of this research we can continue to improve and grow to continue our world-class service to our customers and residents.”
To download “Bungalows – a resurgence in single storey living and the promise of a better life” please visit: https://www.royalelife.com/white-paper/