Bungalows, previously considered unfashionable, are undergoing a boom in popularity, Ross has been cited by developers and estate agents as an area where this is happening.
Amid a cooling housing market due to the mortgage crisis, demand for these single-storey homes is soaring. Estate agents report that these properties are rapidly attracting dozens of offers, often selling for much more than the initial asking price or even being bought before officially hitting the market.
The revival of bungalows is causing a stir, especially in Ross-on-Wye, where the Edenstone Group claims that bungalows account for 20 per cent of homes in their new communities. Adele McCoy of the Edenstone Group - the group behind some of the new builds in Ross - reported that bungalows in their new schemes sell the fastest.
Estate agents Strutt & Parker, found in a recent survey that 29 per cent of people looking to move in the next five years consider a bungalow as their ideal next home. This is an increase of seven percentage points from the previous year. However, securing a cheap bungalow may now be a thing of the past due to high demand and declining supply. Louise Ridings of Stacks Property Search stated, “High demand and declining supply mean that bungalows can demand a significant price premium.”
With 18 per cent fewer bungalows for sale now compared to the first five months of 2018, according to Hamptons estate agency, the supply is further shrinking as some are being converted into four-bedroom homes or knocked down and replaced, a phenomenon referred to as ‘bungalow bashing’.
Outward extension potential of bungalows, coupled with a good footprint and plot size, makes them attractive to contemporary design trends favouring open-plan, lateral space with scope for indoor/outdoor living areas. Kevin Allen of John D Wood & Co notes that these extensions do not necessarily compromise outdoor space.