Renovating can cost UK homeowners £68k less than upsizing to a bigger home

November 2, 2019

Research by tradesperson comparison site, HaMuch.com, has looked at where across the nation homeowners are better of buying in order to upsize and where it’s more cost-effective to fork out for a DIY upsize extension.

HaMuch.com looked at the price of a loft conversion at varying sizes to find the average cost of a DIY upsize across Britain. HaMuch then looked at how this compared to the average cost of upsizing from a two bed home to a three bed home, highlighting the areas where it was cheaper to stay put, and cheaper to up roots and move.

On average, it costs £38,182 to add a loft conversion to your home across Britain, while the average cost of moving from a two to a three bed property is £106,323 – £68,141 more expensive.

Looking on a local level, it would cost more in 95.5% of areas in Britain to upsize to a larger home than it would to get a loft conversion in your existing home.

The most expensive area to upsize rather than renovate is the City of London where the cost of moving from a two to a three bed is an additional £2m compared to £38k for a loft extension, a difference of £1,967,333. Westminster, Kensington and Chelsea, Camden and Hammersmith are also amongst some of biggest price differences between upsizing and renovating.

Outside of London, it costs £219,982 to upsize by just one room to a three bed home in Elmbridge, with Windsor and Maidenhead, Chiltern, Mole Valley and Three Rivers also amongst some of the most expensive when compared to the cost of a loft extension.

But renovating isn’t always the most cost-effective method of achieving more space at home and as already mentioned, it cost less to upsize to a new house in 4.5% of British areas.

With the cost of moving from a two to a three bed hitting just £3,679, it’s £34,503 cheaper to upsize in Selby than it is to renovate your loft into a third room.

Middlesbrough is also cheaper with upsizing costing just £4,091, £34,091 cheaper than a loft extension. Bradford, Caerphilly and Blackpool also rank as some of the most affordable areas when opting to upsize over renovating – between £13-19,000 cheaper.

Founder and CEO of HaMuch.com, Tarquin Purdie, commented:

“A loft extension or other similar renovation can not only add space to your home, but it can also add some serious value.

Three bed homes are often the most sought after for growing families and as a result, the price difference between a two and three bed home can take a notable step up.

However, it may be much more cost-effect to add a third room to your existing home than it is to upsize and buy a bigger house. Not only will this provide you with the additional room you need, but it could also result in a much greater return if you do come to sell.

As always, shopping around for the most affordable and professional quote is the best way to maximise this property profit margin and while the cost of this work will differ across the nation, it should come in much cheaper than the cost of moving for the majority.”

Rankings – top locations to RENOVATE
Location
Cost to move from 2 bed to 3 bed
Average Price of Loft Conversion
Saving
City of London
£2,005,515
£38,182
£1,967,333
Westminster
£1,842,470
£38,182
£1,804,288
Kensington and Chelsea
£1,064,383
£38,182
£1,026,201
Camden
£823,934
£38,182
£785,752
Hammersmith and Fulham
£721,597
£38,182
£683,415
Hackney
£408,701
£38,182
£370,519
Southwark
£396,638
£38,182
£358,456
Islington
£352,217
£38,182
£314,035
Lambeth
£292,973
£38,182
£254,791
Richmond upon Thames
£281,278
£38,182
£243,096
Wandsworth
£279,343
£38,182
£241,161
Barnet
£254,622
£38,182
£216,440
Brent
£252,703
£38,182
£214,521
Birmingham
£246,686
£38,182
£208,504
Tower Hamlets
£244,330
£38,182
£206,148
Great Britain
£106,323
£38,182
£68,141
 
Rankings – top locations to RENOVATE outside of London
Location
Cost to move from 2 bed to 3 bed
Average Price of Loft Conversion
Saving
Elmbridge
£219,982
£38,182
£181,800
Windsor and Maidenhead
£210,276
£38,182
£172,094
Chiltern
£200,150
£38,182
£161,968
Mole Valley
£184,630
£38,182
£146,448
Three Rivers
£178,154
£38,182
£139,972
Guildford
£176,343
£38,182
£138,161
Slough
£175,291
£38,182
£137,109
Hertsmere
£171,451
£38,182
£133,269
Winchester
£171,365
£38,182
£133,183
Poole
£166,913
£38,182
£128,731
Epsom and Ewell
£166,825
£38,182
£128,643
Reigate and Banstead
£163,918
£38,182
£125,736
St Albans
£157,728
£38,182
£119,546
Chichester
£157,010
£38,182
£118,828
Woking
£154,628
£38,182
£116,446
Great Britain
£106,323
£38,182
£68,141
 
Rankings – top locations to MOVE
Location
Cost to move from 2 bed to 3 bed
Average Price of Loft Conversion
Saving
Selby
£3,679
£38,182
-£34,503
Middlesbrough
£4,091
£38,182
-£34,091
Bradford
£19,479
£38,182
-£18,703
Caerphilly
£23,719
£38,182
-£14,463
Blackpool
£25,173
£38,182
-£13,009
Rhondda Cynon Taf
£25,242
£38,182
-£12,940
Blaenau Gwent
£30,923
£38,182
-£7,259
Na h-Eileanan Siar
£31,715
£38,182
-£6,467
Neath Port Talbot
£32,138
£38,182
-£6,044
Wigtownshire
£32,349
£38,182
-£5,833
Merthyr Tydfil
£32,637
£38,182
-£5,545
Wolverhampton
£34,146
£38,182
-£4,036
Wyre
£35,381
£38,182
-£2,801
Sunderland
£35,593
£38,182
-£2,589
Kingston upon Hull
£36,309
£38,182
-£1,873
Great Britain
£106,323
£38,182
£68,141

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