If you even take half a glance at the daily news, you’ll find constantly contrasting reports about the UK housing market. Some weeks it is a flourishing financial paradise. On the other hand, some weeks report an endless pit of bad investments. However, the same can’t be said of the park home market, which is proving to be consistently on the up.
The 2016 market report provides a lot of interesting statistics around park homes. One being that park home pitch averages have reached and seven year high. You can read the report here.
From 2004, there was a steady increase in the average value of park home pitches across the UK. The average value climbed from £20,000 to £30,000 which was its peak in 2008.
Like many other industries, the industry was hit by the recession. Because of this, the price dramatically plummeted by £5,000 in just 12 months.
After 2009, pitch values levelled out somewhat. Prices dropped only £1,000 on average across the UK over the next 5 years.
This trend can also be seen across other average pitch markets. Both caravan holiday home pitches and touring pitches saw steady rises between 2004 and 2008. In fact touring pitches didn’t reach their most recent peak until 2010.
Since the recession, both have similarly levelled out like park home pitch values.
While things have somewhat plateaued for the touring and caravan markets, the park home has seen impressive rises in the last couple of years. Since 2004, the value of the average park home pitch has climbed from £24,000 to £26.500.
The reason for this recent rise is two-fold. First of all, there has been a steady increase in the demand for park home pitches. Secondly, there has been a noticeable number of higher priced pitches being sold.
The 2016 market report states that a number of pitches worth between £30,000 and £35,000 were purchased in the last 12 months, which has helped the average climb.
However, the average has mostly been boosted by a steady increase in plots purchased worth in the £20-30,000 price range.
Interestingly, the London and Home Counties regions were those which contributed to the most plots purchased in the last twelve months. This is a fairly surprising figure because park home plots are sometimes more associated with locations further afield from the capital.
Despite these pretty distinctive figures, it is important to note that pitch averages are only one of many market tools used to generate entire market values.
While these stats can give you a brand understanding of the current park home market, it is important to note not to entirely take them as the defining figures for the whole market.
Because of this, no individual park home property should be valued on theses statistics alone, they should be combined with other market signifiers to gain the most accurate price.