Bungalow homebuyers have high success in Lincolnshire

Lincolnshire is the second best area in the country for older home buyers looking to downsize, according to new research.

Lincolnshire is the second best area in the country for older home buyers looking to downsize, according to new research.
Lincolnshire is the second best area in the country for older home buyers looking to downsize, according to new research.

Homebuying platform YesHomebuyers has revealed where in Britain is home to the best housing markets for older buyers looking to downsize their homes and move into bungalows.

By analysing the homes currently for sale in Britain, and calculating what percentage of them are bungalows, YesHomebuyers revelaed that in England and Wales, there are currently 741,429 properties on the market. Of these, 58,605 are bungalows, meaning bungalows account for just eight percent of current property for sale stock.

However, many areas of England and Wales offer a significantly higher chance of success for bungalow homebuyers.

The county with the highest percentage of available bungalows is Denbighshire, north east Wales, where they account for 28 percent of properties currently on the market.

This is followed by Lincolnshire where 20 percent of homes currently on the market are bungalows.

The only other English locations joining Lincolnshire in the top ten are Norfolk where 19 percent of available properties are bungalows, and the Isle of White where the figure stands at 16 percent.

At the other end of the spectrum, England accounts for eight of the ten areas with the lowest availability of bungalows.

Neither the City of London and the Isles of Scilly have a single bungalow on the market, though it's worth noting that the Isles of Scilly has just six homes available for purchase.

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “Not all downsizers are silver homebuyers keen on a bungalow purchase, but it is an incredibly popular property choice amongst those reaching the end of the property purchasing timeline who simply don’t fancy tackling a steep flight of stairs throughout the day.

"It’s difficult to remember a more ideal time for downsizing. House prices are at a remarkable high which means sellers can demand premium prices for their homes, money that will more than cover the purchase of a smaller home and leave plenty left over to fund retirement or support the younger generations of their family.

"Downsizers tend to account for the core segment of those opting for a homebuying platform as they simply want to secure a quick and convenient sale that allows them to swiftly progress with their forward purchasing plans. Having often enjoyed a substantial uplift in the value of their home, they simply aren’t as concerned about profiteering in current market conditions and so this method of selling removes the delays and uncertainty associated with the traditional transaction process.”