Given the events of the past year, it is understandable many homeowners are keen to move to a larger home. Enjoying garden space and having an additional bedroom (perhaps to use as a home office) can make life more comfortable at home. A recent study has looked at the cost of moving to a larger property.
As local estate agents, we are here to ensure you make an informed decision at all times.
Do you know the Crowthorne housing market?
According to Rightmove, as at the end of June 2021, the housing market in Crowthorne can be described as such;
“Properties in Crowthorne had an overall average price of £525,701 over the last year.
The majority of sales in Crowthorne during the last year were detached properties, selling for an average price of £657,804. Semi-detached properties sold for an average of £429,493, with flats fetching £284,480.
Overall, sold prices in Crowthorne over the last year were 17% up on the previous year and 4% up on the 2017 peak of £506,696.”
This is an average price that is above the average price of homes across the country. Therefore, this should be borne in mind when considering average costs and increases in prices in the market as a whole.
Upscaling your home costs money!
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:
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Moving from a two-bedroom property to a three-bedroom property will cost £91,756 more
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Moving from a three-bedroom property to a four-bedroom property costs £140,629 more
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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
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The average cost of an additional room in London is £277,445
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Moving from a two-bedroom property to a three-bedroom one in London costs £217,701
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The cost of upgrading from a three-bedroom property to a four-bedroom house in the capital is £237,209
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The South East is also costly, with the average increase being £172,359
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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
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The North East is the most affordable region, with the average increase being £82,608
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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.”
If you have any housing market questions or queries, please feel free to contact us. If you plan on selling your home, we recommend arranging a property valuation to ensure you make an informed decision. At Frank Schippers, we are here to support you in this trying time, and you can call us on 01344 777 888.
