Space is vital, and it is fair to say many people are looking for additional room at home. If this sounds like you, you’ll likely have been looking at the cost involved with moving to a home with an additional bedroom.
If you have, you aren’t alone. This is a popular search, and at Thomas Morris, we have dealt with many people looking to make this switch.
We all need more space right now
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.”
How does Royston fare in the housing market?
As of the end of June 2021, Rightmove states the following about house prices in Royston; “Properties in Royston had an overall average price of £383,424 over the last year.
The majority of sales in Royston during the last year were terraced properties, selling for an average price of £311,823. Semi-detached properties sold for an average of £377,067, with detached properties fetching £591,952.
Overall, sold prices in Royston over the last year were 9% up on the previous year and 12% up on the 2018 peak of £342,309.”
This is higher than the average price of property in England (or the UK), so with Royston standing above these levels, it is probably a bit more expensive to upgrade to a home with a larger bedroom. However, there are options in the local market if you are looking to make this switch.
If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Royston branch on 01763 243331.