Looking For More Room?

Thursday, July 29, 2021

 We know that more space at home is essential, but the cost of moving to a property with an additional bedroom might be challenging. If you are looking for guidance on this matter, Stones Residential is here to help.

Are you ready to pay more to upgrade?

On average across the country, an additional room will cost £116,193 more. Of course, there are some parts of the country where this would buy a property in itself, so it is vital to consider the regional differences across the UK.

Some changes are detailed below:

  • Moving from a two-bedroom property to a three-bedroom property will cost £91,756 more

  • Moving from a three-bedroom property to a four-bedroom property costs £140,629 more

  • The most substantial cost comes with moving from a four-bedroom property to a five-bedroom home, carrying an extra cost of £244,633

Regional variations for an additional room

  • The average cost of an additional room in London is £277,445

  • Moving from a two-bedroom property to a three-bedroom one in London costs £217,701

  • The cost of upgrading from a three-bedroom property to a four-bedroom house in the capital is £237,209

  • The South East is also costly, with the average increase being £172,359

  • The cost of upgrading from a four-bedroom property to a five-bedroom home, standing at £431,424, is the most significant rise when buying a larger home

  • The North East is the most affordable region, with the average increase being £82,608

  • The most affordable upgrade is in the North East, where moving from a two-bedroom property to a three-bedroom property costs an additional £50,304

Colby Short, Founder and CEO of GetAgent.co.uk, said; “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.”

It is no surprise that property prices in London are higher than in most other parts of the country. This also means that upgrading your home can cause financial issues to contend with.

There is a lot for homeowners to contemplate when they look to change home. If you need more room, but wish to stay in the same area, you might find the cost of doing so to be highly prohibitive. You can see why many would-be movers decide against moving, and instead carry out home improvements to create more room.

When done properly, these improvements offer short-term improvements, but they also offer a tangible long-term benefit. If you increase the size of your home, you can add value to your property, and this gives you more freedom when it comes to your next move in the market.

No matter what you are looking to do next, you will find Stones Residential is here to assist you.

If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.