Upsizing costs 44% per room – the cheapest upsizing locations revealed
The latest research by leading estate agent comparison site, GetAgent.co.uk, has revealed that on average, every additional room adds 44% to a property’s value.
GetAgent.co.uk pulls data from all of the major portals which they then cross-reference with the Land Registry using proprietary algorithms to create a comprehensive record of what is selling, where, for how much and how long it’s taking.
GetAgent’s latest research looks at the number of bedrooms in a property and how much they are currently selling for, as well as the price increase between each threshold and where is home to the most cost-effective up-sizing property markets in the UK.
The data shows that the average jump in value between each property size is a 44% increase for every additional room.
The current average cost of a one-bed is £193,226 climbing 26% to an average of £243,762 for a two-bed.
The popularity of three-bed homes for growing families and a lack of stock to accommodate this demand means that the price jump between a two and three-bed property is one of the largest at 47%, second only to the difference between a four and five-bed home.
Upsizing between a three and four-bed requires an additional 42% in property prices with the biggest jump predictably that between a four-bed property and a home with five or more bedrooms – a 62% increase.
With a growing population and a lack of housing stock being delivered, it’s no surprise that the cost of an additional room in London is higher, with an additional 52% required for every room upsized.
Again, the jump between two and three-bed homes is the second largest at 59%, with an increase of 63% between four-bed homes and properties with five beds or more.
The most and least affordable upsizing locations
However, upsizing doesn’t have to be a tough financial hurdle. There are plenty of pockets of the UK where improving your property potential is pretty cost-effective.
The smallest average increase between the price of a one and two-bed can be found in Blackpool (0.2%), while the most sought-after two to three-bed jump is at its cheapest in Middlesbrough, with a 13% increase.
While the cost of buying in the borough of Islington is high, it’s home to the smallest increase in property price between a three and four-bed home at just 3%, with Buteshire is the best place to go big and move from a four-bed, to a five-bed or larger, with an increase of 5%.
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“More space is very sought-after resource particularly in the UK’s more built-up areas and as we reach life’s traditional mile markets, such as marriage and kids, many of us will look to upsize in order to accommodate our growing family.
Unfortunately, this comes at a cost with the most expensive jump being the move from a two to a three-bed home. As a result, many are now choosing to expand their current property potential with a renovation or extension, but this might not necessarily add the value expected.
Yes, an additional room is a plus and will command a higher price, but the reason we see such notable jumps in value between property thresholds is the overall size of a home, the extra bathrooms, the larger garden, the additional space for hosting guests. These are the factors that make a bigger ‘family home’ and command a higher price.”
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Great Britain – Cost of Upsizing
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Category
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Average Asking Price
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Cost of Upsizing
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1 bed
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£193,226
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N/A
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2 bed
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£243,762
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26%
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3 bed
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£357,858
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47%
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4 bed
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£508,031
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42%
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5 bed
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£822,770
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62%
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Average
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£425,129
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44%
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London – Cost of Upsizing
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Category
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Average Asking Price
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Cost of Upsizing
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1 bed
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£396,267
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N/A
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2 bed
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£613,550
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55%
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3 bed
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£977,475
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59%
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4 bed
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£1,264,476
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29%
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5 bed
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£2,058,532
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63%
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Average
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£1,062,060
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52%
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Asking price % difference – by number of beds
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Lowest difference – 1 to 2 bed
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Location
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Asking Price Average % Difference – 1 to 2 bed
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Blackpool
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0.2%
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Caerphilly
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0.2%
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Fylde
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1%
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Knowsley
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1%
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Wigan
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1%
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West Lindsey
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1%
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Rugby
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1%
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Bradford
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2%
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Redcar & Cleveland
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2%
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Monmouthshire
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2%
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Highest difference – 1 to 2 bed
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Location
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Asking Price Average % Difference – 1 to 2 bed
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City of London
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109%
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Lanarkshire
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108%
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Westminster
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104%
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Rushcliffe
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102%
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Shetland
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88%
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Falkirk
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87%
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Kensington and Chelsea
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79%
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Camden
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78%
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Ayrshire
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77%
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Tendring
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72%
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Lowest difference – 2 to 3 bed
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Location
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Asking Price Average % Difference – 2 to 3 bed
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Middlesbrough
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13%
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North East Lincolnshire
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17%
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Caerphilly
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19%
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Western Isles
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20%
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Newham
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23%
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Castle Point
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24%
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South Gloucestershire
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25%
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Blackpool
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26%
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Wolverhampton
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26%
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Rhondda Cynon Taf
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26%
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Highest difference – 2 to 3 bed
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Location
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Asking Price Average % Difference – 2 to 3 bed
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City of London
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139%
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Midlothian
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88%
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Shetland
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87%
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Birmingham
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87%
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Hammersmith and Fulham
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86%
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Westminster
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85%
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Burnley
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82%
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Ribble Valley
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81%
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East Ayrshire
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80%
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Kensington and Chelsea
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78%
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Lowest difference – 3 to 4 bed
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Location
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Asking Price Average % Difference – 3 to 4 bed
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Islington
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3%
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Tower Hamlets
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9%
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Midlothian
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13%
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Southwark
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17%
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Hammersmith and Fulham
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17%
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Comhairle nan Eilean Siar
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18%
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Barking and Dagenham
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23%
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Newham
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23%
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Enfield
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23%
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Redbridge
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24%
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Highest difference – 3 to 4 bed
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Location
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Asking Price Average % Difference – 3 to 4 bed
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Buteshire
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127%
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Middlesbrough
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126%
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East Ayrshire
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108%
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Pendle
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106%
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Hartlepool
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103%
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Blaenau Gwent
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100%
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County Durham
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89%
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Burnley
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89%
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St. Helens
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88%
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Bolsover
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88%
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Lowest difference – 4 to 5 bed
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Location
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Asking Price Average % Difference – 4 to 5 bed
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Buteshire
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5%
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City of London
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7%
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Manchester
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7%
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Bexley
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17%
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Preston
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18%
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Merthyr Tydfil
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19%
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Luton
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21%
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Barking and Dagenham
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22%
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Copeland
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23%
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Middlesbrough
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24%
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Highest difference – 4 to 5 bed
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Location
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Asking Price Average % Difference – 4 to 5 bed
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Runnymede
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249%
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Windsor and Maidenhead
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185%
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Birmingham
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147%
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Cotswold
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146%
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Chichester
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139%
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Elmbridge
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134%
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Westminster
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122%
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Woking
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121%
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Hertsmere
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114%
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Salford
|
114%
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