bungalows raise roof on sales

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Estate agency Burchell Edwards, of Eastwood, has recorded a rise in sales of bungalows in the area.

It says the increase is good news for the housing market as it provides a strong indication that more home sales are now completing with bungalows often providing the final link in a property chain.

Just as improving retail sales or the number of people eating out in restaurants can indicate growing consumer confidence in the economy, the number of bungalow sales signals greater activity across the local housing market.

Increased interest at the bottom of the market, especially from first-time buyers trying to beat the Stamp Duty exemption at the start of the year, is now filtering up to buyers looking for retirement properties or to downsize.

“The recent increase in bungalow sales gives us a good indication that the property market in general is doing well,” says branch manager Chloe Eling.

“Housing markets are generally fuelled from the bottom up. The flurry of first-time buyers since the start of 2012 has provided home movers with greater opportunity which has clearly now reached those a lot further along the property ladder.”

Burchell Edwards is also currently seeing demand for properties outstrip supply and is urging anyone thinking of moving to consider marketing their home.