The latest research from over-50s property specialists, Regency Living, reveals that silver downsizers can actually upsize whilst downsizing, benefitting from an additional 260 square feet of space by opting for a park home instead of a flat - saving themselves money in the process.
Regency Living has analysed the average price and square footage of a flat in England* and compared it to the average price and square footage of a park home* to see how the two property types differ and help downsizers understand the value they’re getting from each.
Often, when it comes to downsizing, especially in retirement or later life, people will opt to sell a house and purchase a more manageable property. But with bungalow stock availability low, many are forced to downsize to a flat in order to secure a smaller home that’s easier to manage in later life
Upsizing when downsizing
Regency Living’s data reveals that the average size of a house in England is 1,102 sq ft, while the average size of a flat is 464 sq ft. This means downsizers are sacrificing an average of -638.2 sq ft when moving from a house to a flat, which is equivalent to 57.9% of floorspace.
This space sacrifice increases to an average of -61.7% in London and 60% in the South West.
There is one option that can give them the best of both worlds when looking to release equity and downsize their home, without having to move to a flat.
When downsizing to a park home, they are still exchanging a large house for a far more manageable property, but aren’t having to sacrifice nearly as much space as they would by moving into a flat.
This is because the average size of a park home in England is 721.8 sq ft which makes it 257.8 sq ft, or 55.5%, larger than the average flat.
In fact, in the East of England, the average park home is 75% larger than the average flat, and in the South East, the difference is 74.2%.
The price of flats vs park homes
For the extra square footage that you get from a park home, one might expect them to be more expensive than a flat, but in reality the opposite is true.
The average price of a flat in England is £251,916 while the average park home price is £136,393. This means that park homes don’t only offer an average of 55.5% more space than a flat, but they also provide an average financial saving of almost 46% (£115,523).
Sales & Marketing Director at Regency Living, Tim Simmons commented:
“For the most part, people choose to downsize for two reasons. The first is space: downsizers are often looking for a more manageable property that better suits their needs in retirement or when the children have left home. For many, old age can also mean a property without stairs is required.
Second is price: by selling a family home and buying a smaller property, you’re saving money and, therefore, freeing up equity that can fund a more enjoyable retirement.
“Park Bungalows are quickly becoming the go-to choice for downsizers because, as our new research shows, they offer a great size of property at an incredible price, all without sacrificing any of the modern amenities and luxuries you’d expect from a brand new bricks and mortar flat, for example.
On top of that, there’s the additional benefit of living as part of a like-minded community that provides friendship and security.”
Data tables and sources
