Analysis by Quickmove Properties, the park residence promoting specialists, has proven that silver homebuyers seeking to downsize in later life can maximise the fairness collected of their current bricks and mortar residence to the tune of £127,738, by choosing a model new park residence at a median asking worth of £182,420.
Quickmove Properties analysed present market knowledge on the typical asking worth of a brand new park residence, how this compares to the bricks and mortar market, in addition to how the 2 differ in the case of dimension and operating prices, revealing how these seeking to downsize can maximise the worth of their current bricks and mortar property throughout retirement.
Buy worth of a brand new park residence
The analysis exhibits that the present common asking worth for a brand new park residence throughout England is £182,420. With the typical bricks and mortar residence commanding £310,159 within the present market, this implies these opting to downsize to a brand new park residence can maximise the fairness collected of their current residence to the tune of £127,738.
The North West is residence to probably the most reasonably priced new park residence price ticket total at a median of £130,485, whereas the South East ranks high with the best new park residence price ticket at a median of £244,660.
Regardless of being residence to the best common worth for a park residence, the South East additionally gives downsizers the most important potential to maximise the fairness they’ve constructed of their current residence. With the typical bricks and mortar property within the area valued at £398,368 within the present market, these downsizing to a brand new park residence (£244,660) could be left with £153,707 so as to add to their retirement fund.
What’s extra, there’s no stamp responsibility payable on a brand new park residence, which makes the preliminary price of securing one much more reasonably priced than a bricks and mortar buy – £3,008 much less on common.
Extra reasonably priced operating prices
However park properties don’t simply provide the chance to launch a 6-figure sum of fairness, the continuing prices will also be significantly cheaper.
Estimated at £1,750, the annual vitality invoice of a park residence might be 43% cheaper than that of a standard home as a result of trendy development strategies, insulation supplies and a comfortable dimension that requires much less vitality to warmth.
When it comes to council tax, the everyday band for a park house is A or B, versus D for the everyday bricks and mortar residence. It means the annual council tax invoice for a brand new park residence might be 50% extra reasonably priced than a conventional home.
Little compromise on dimension
The fashionable day park residence additionally gives worth for cash when it comes to the dwelling house on provide. With the most well-liked park residence coming in at a dimension of 800 sq ft, it’s solely marginally smaller than the 1,033 sq ft of the typical bricks and mortar home.
When contemplating worth and dimension, park properties are available at a median of £168 per sq ft, versus £300 per sq ft for the typical bricks and mortar residence. A park residence additionally gives the extra outside house of a backyard space or decking, with a minimal three metre apron in place in between every park residence that means there’s loads of room for backyard sheds, outhouses and man caves.
Gross sales Director at Quickmove Properties, Mark O’Dwyer mentioned, “The park properties sector is quick changing into the choice of alternative for a lot of residence sellers seeking to downsize and utilise the fairness they’ve collected inside their residence to take pleasure in their golden years.
Not solely can the typical park residence purchaser profit to the tune of virtually £128,000 in launched fairness when downsizing, however there’s no stamp responsibility payable and annual ongoing prices will also be considerably decrease when in comparison with a bricks and mortar property.
This gives these making the transfer from the bricks and mortar market with a substantial monetary cushion with out compromising on their high quality of life, with new park properties delivering all the trendy comforts, facilities and options that you’d anticipate from any new-build residence, after which some.
Park residence affordability can be serving to many over 50’s to beat the present excessive price of dwelling and in an more and more troublesome bricks and mortar market, a brand new park residence buy additionally gives a swift and stress free transfer into their new residence.
However maybe the most important promoting level is the prepared made group that consumers discover after they arrive on park, which gives a further layer of enchantment. Whereas the typical dimension of a park residence might are available barely under that of an everyday residence, it definitely doesn’t appear the case when you’ve immersed your self inside a pleasant group of like-minded folks in your doorstep.”