NEW build bungalows are few and far between but that doesn’t mean they come with a premium price tag.
According to figures from the Office of National Statistics* the average price of a bungalow was £340,000 in 2022.
Their figures are based on both new build homes and older properties. But those looking for a new bungalow in Ross on Wye could be pleasantly surprised.
Bungalows at St Mary’s Garden Village are available for much less than the average price calculated by the ONS – and that’s before the offer of shared ownership is taken into account.
Sales director Adele McCoy said: “People sometimes assume that bungalows command a premium, perhaps because of the amount of land they require compared with a similar-sized property set out over two or three floors. But at St Mary’s Garden Village we’re working with Heylo to offer bungalows at an affordable price through the HomeReach shared ownership scheme.
“Bungalows have accounted for around 20% of homes on recent phases of the new community, which is highly unusual as they account for around 1% of all new homes. All of the bungalows we’ve built have sold quickly, and this latest release will be the final single-story homes across St Mary’s Garden Village.
There are two styles of two-bedroom bungalows at St Mary’s Garden Village available under HomeReach. The semi-detached Eastbourne, priced at £250,000 on the open market or £125,000 for a 50% share, and the Eastleigh Corner, from £260,000 or £130,000 for a 50% share.
“Shared ownership is a great option for a range of buyers including those looking for their first home and those looking to downsize to somewhere that’s easier to manage both practically and financially,” Adele explained.
“To buy in this way you’ll need to complete a financial affordability assessment to determine what share of your new home you can purchase. You then pay a deposit based on that share. For example, if you choose a 50 per cent share of a property, you’d need at least a 5% deposit. In addition to any mortgage, there would also be rent to pay of 2.75% of share you didn’t buy. Over time you’ll be able to buy more shares until you own the property and no longer need to pay any rent. Plus, you’ll be able to live there as if you’ve bought it outright with no need to ask a landlord for permission to have a pet or decorate.”
Designed to maximise the potential of the footprint, the Eastbourne has an open plan kitchen, dining and living room at the front, with feature bay window. The two bedrooms are at the rear, with French doors opening from one of the bedrooms onto the garden. There’s also a bathroom and utility.
In the double fronted Eastleigh Corner, both rooms at the front of the property have bay windows. One is the combined kitchen and dining room, behind which is the separate lounge, which benefits French doors leading out to the garden.
On the opposite side of the hallway are the two bedrooms. There’s also a bathroom at the rear of the property.
Along with the bungalows, St Mary’s Garden Village will eventually feature 348 homes, including two, three and four-bedroom family properties.
The vibrant new neighbourhood offers a range of community facilities including play area, wetlands, allotments, formal garden, with a community hub with bike hire and gym opening soon.