Upgrading to a larger home will set you back considerably ..
Since the start of the pandemic, lengthy stints of lockdown restrictions have caused the nation’s homebuyers to search for bigger homes and the latest research by estate agent comparison site, GetAgent.co.uk, has revealed just how much each additional room will cost you in the current market.
GetAgent analysed the asking price of homes by room number and found that on average across Britain, each additional room will cost you £116,193 more. The move from a two to a three-bed comes in at an average of £91,756 more expensive and moving from a three to a four-bed will set you back a further £140,629 on average.Predictably those looking to increase from a four to a five-bed face the highest additional cost, with an additional £244,633 required on average.
With space in short supply, an additional bedroom will cost you considerably more in the capital, £277,445 on average, in fact. London is also home to the largest price jump between a two and three-bed (£217,701) and a three and four-bed (£237,209). The South East is home to the second-largest property price increase per room at £172,359, however, at a huge £431,424, the region is also home to the highest cost per additional room when upgrading from a four to a five-bed home. The North East is the most affordable region in general, with an additional room costing an average of £82,608. It’s also home to the most affordable jump between a two and three-bed (£50,304).
Scotland is home to the most affordable move between a three and four-bed (£104,633), while Wales presents the lowest jump between a four and five-bed home (£150,021).
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“The pandemic has had a notable impact on homebuyer priorities with larger homes providing more space very much at the top of the list after months spent under lockdown restrictions. Of course, this additional space comes at an additional cost and in some areas, this cost is pretty substantial. Particularly in London where more space is a hot commodity, the average cost of an additional room isn’t far off the average house price in Britain.”
|Location||Difference – 2 bed to 3 bed||Difference – 3 bed to 4 bed||Difference – 4 bed to 5 bed||Average difference|
|East of England||£89,947||£173,342||£326,300||£131,644|
|West Midlands region||£85,103||£147,088||£226,002||£116,096|
|Yorkshire and the Humber||£57,758||£117,732||£174,230||£87,745|
|Data sourced from GetAgent.co.uk|