Ever considered living in a boat or building a barn conversion? Did you know this type of home is considered an unconventional property and you can still apply for property development finance, bridging loans, and asset finance for the purchase and where required, the construction or refurbishment of these?

Unconventional properties can also be considered “non-standard homes”. In our blog - things to consider when buying a ‘non-standard home’, we discuss what this means and the considerations for buying one. For example, non-standard can mean the use of alternative materials like types of timber, its situation (e.g. above a business), or non-standard use such as a pub or restaurant with living quarters above.

Whatever the descriptor that makes it an unconventional property, the trend has seen an awakening in the last few years, with many developers and homeowners seeking something “a bit different”.

Property Market Trends

A study by BLP Insurance showed respondents were contemplating the idea of living permanently in a boat, tree house, barn conversion, or even a warehouse or cargo container. 42% of respondents said they wanted to be more creative with their living environments – especially within the 35–54-year-old bracket (61%).

Unsurprisingly, the most common alternative type of home (at 24%) is a converted building, such as a barn or warehouse. This is followed by boats at 20%, eco-homes such as houses made of straw bales at 19%, treehouses at 9%, and finally yurts at 4%.

32% of respondents considered the environment and sustainability as a factor for seeking diverse properties, with “eco-friendly homes” being a strong reason for seeking out something different.

Director at BLP Insurance, Phil Harris said:

“The days when most middle-aged homeowners aspired to buy a semi-detached house in a quiet tree-lined suburban street could soon be a thing of the past.”
“It seems that people approaching their 40s and 50s are looking for a greater level of freedom and adventure and want to try a different type of home away from the suburbs. Reflective of a shifting cultural mindset, there is also a definite trend among younger people especially to factor in variables such as environmental impact when choosing a new home.
“It could now be time to invest in an unconventional property as demand increases and people chase the limited supply.”

Digging into Rightmove’s archives you’ll find a wealth of quirky and creative unconventional properties that have been developed. This includes converted jail cells, watermills, lighthouses, churches, and mental health homes. Zoopla recently released their ‘top 6 unusual properties for sale right now’ which include a converted school house, a 19th-century bungalow with neo-classical style columns, a subterranean studio, a medieval manor, a stone-built home within a walled garden, and a barn conversion.

It is plain to see there is a market for unconventional properties and demand is high. Therefore, property investors and developers can welcome exciting challenges in considering alternative types of developments, materials, and conversions.

How can we help?

Onyx Property Finance are experts in providing financial solutions for all types of projects adopting many architectural styles like the types of properties mentioned here. Speak to an expert today and get your project up and running before you know it: info@onyxmoney.co.uk.

We are dedicated to keeping on top of market trends and ensuring our customers are kept informed of any changes that might affect their borrowing, projects, and investments – see our blog for all the latest insights.