UK Housing Crisis


Posted by Justin Allitt in Comment, February 15, 2019

Guest blog by Marie Hanby, Marketing Manager at Serenity Parks

ARE PARK HOMES THE ANSWER TO UK HOUSING CRISIS?

The shortage of new homes in the UK continues to be a hot topic of discussion with 340,000 required to be built each year until 2031 to meet demand. Yet it appears that the over 45’s have discovered the secret to house buying success and could pave the way for similar lifestyles for those at the opposite end of the property ladder.

Over the last five years the number of luxury park home providers has grown considerably with purchasers ranging from professional couples looking to downsize to retirees liquidating financial commitments in large properties that are no longer required.

Benefits of Park Home Living

It seems that once the delights of park home lifestyles are discovered there are few that look back.  Citing friendship, low running and maintenance costs and the flexibility to live life more freely due to reduced financial constraints as the most significant reasons that this lifestyle brings.

Historic stigma associated with park homes seems to have finally been eradicated and the change in legislation that has seen park homes recognised as permanent residences has all helped to elevate their status as a viable home option for all types of people.

Why it’s the ideal solution

All that said, it then makes one wonder as to the suitability of park homes to solve the housing crisis at both ends of the property ladder.  By providing more bungalow style accommodation for the estimated 4 million homeowners looking to downsize, park homes are perfect. And, let’s be frank, such a solution may help those who in later life stay in their own home for longer than if they lived in a sizeable home that was draughty, had steep stairs and was generally unsuitable for elderly people. With only 3% of new build housing designed for the older generation it certainly seems to provide a viable solution to the long-term needs of the elderly.

Taking this view point a little further it was with interest that we listened to a  recent Radio 2 interview with Jeremy Vine. Ed Miliband MP discussed the use of pre-fabricated homes not only as homes suitable for those in later life but also those looking to take a first step onto the property ladder. Clearly this could offer huge potential to the housing crisis, providing homes that are permanent residences, that have no limitations, are energy efficient with a low carbon footprint, have reduced running and maintenance costs and form part of a small community.

Perhaps now is the time for new homes providers and local councils to be thinking creatively and ensure that first time buyers are not priced out of the market and that downsizers are able to be freed from the constraints of owning larger homes where space is no longer required. As the attractiveness of park home living continues to rise we will watch how things develop with interest.

The Future

Considerable investment continues to be made in the developments that we own and our first developments which were located in the North West of England saw demand outstrip supply proving that retirement homes in small communities really is what astute buyers are demanding.

Our first acquisition in the South of England, Kings Meadow Residential Park in Kent, and the first of a number of planned ones in 2019, will offer properties for sale from spring.

For further information about current developments or for investment opportunities please contact Marie at marie.hanby@serenityparks.co.uk