How much can a park home save you?
Mortgage rates are currently set at 6% and only predicted to rise. Coupled with the soaring cost of living, many are looking for alternative properties to help them save money and reduce cost.
As of June 2022 the UK House Price Index shows a 7.8% increase between June 2021 and 2022.
If current house prices and rising costs are tempting you to take the leap into a new territory, park homes could be the way forward.
At Ripe Park Homes, we have unearthed the average cost of a park home verses a regular bricks and mortar house across different regions of the UK.
From our research, park homes are almost a third cheaper to purchase than the average bricks and mortars house.
In Scotland, purchasing a park home will see you save the most money, at almost 90% cheaper than buying a traditional house.
This is closely followed by purchasing a park home in the South East, where purchase price is a quarter of buying a traditional home.
If the price of purchasing a park home verses a traditional house has not swayed you, then the running costs might.
How do running costs compare?
Council tax – park homes are almost always in the cheapest tax band of A-rated.
Efficiency – park homes are built under the Building Standards specification to ensure they are more energy efficient, comfortable and fit for purpose all year round.
Electricity – due to parks often buying electricity in bulk at commercial rates, for park homes, the electricity bill is often slashed by half compared to a bricks and mortars house.
Other pros of park home living include:
- Secure and social community living
- Variable sizes available
- Freedom to up route and move your home to a new location
Average price of park home vs. a house
Average overall park home cost: £192,843
Average overall house cost: £267,638
Average park home and house costs taken as of October 2022. Park home costs calculated via average price of park homes on Google top rated parks.
