Bungalows continue to be a unique asset in the UK property market, offering the charm of single storey living.
In 2023, they carved out a significant niche, with 81,823 out of the 915,705 properties sold in 2023 being bungalows. Despite their smaller size, the demand for these quaint single storey dwellings remains evident, reflected in their higher average pound per square foot value at £371, compared to £329 for the overall market.
Bungalows represent a fascinating contrast: while they boast a higher value per square foot, their average sale price in 2023 was £341,081, less than the overall property market’s average of £353,462 in 2023.
The scarcity of bungalows only adds to their allure; with just 2 million across the nation, they are a rarity amidst the 28 million homes in the UK. Their popularity persists for many reasons, including accessibility and the ease of maintenance.
A regional breakdown shows considerable variations in prices paid for bungalows across the UK. London leads with an average price of £583,646, followed by the South East at £467,269. The South West offers the average bungalow for £394,694. East Anglia, with its picturesque landscapes, commands £371,379, while the West Midlands registers at £322,271 and the East Midlands at £285,806.
The North West and Wales reflect more moderate prices at £277,334 and £273,001, respectively. Yorkshire & Humberside, Scotland, the North East and Northern Ireland offer relatively affordable options at £265,743, £243,644, £229,460, and £224,068 correspondingly.
For those seeking the convenience and charm of a bungalow in Leicester, as a local estate agent with an intimate understanding of the market, I extend a warm invitation to help you. Whether you’re looking to sell your Leicester bungalow or find the perfect one to call home, do not hesitate to get in touch. Let’s navigate this distinctive market together to find a bungalow that suits your lifestyle and needs.