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Upsizing costs 44% per room – the cheapest upsizing locations revealed

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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.”

Great Britain – Cost of Upsizing
 
Category
Average Asking Price
Cost of Upsizing
1 bed
£193,226
N/A
2 bed
£243,762
26%
3 bed
£357,858
47%
4 bed
£508,031
42%
5 bed
£822,770
62%
Average
£425,129
44%
 
London – Cost of Upsizing
 
Category
Average Asking Price
Cost of Upsizing
1 bed
£396,267
N/A
2 bed
£613,550
55%
3 bed
£977,475
59%
4 bed
£1,264,476
29%
5 bed
£2,058,532
63%
Average
£1,062,060
52%
 
Asking price % difference – by number of beds
 
Lowest difference – 1 to 2 bed
Location
Asking Price Average % Difference – 1 to 2 bed
 
Blackpool
0.2%
Caerphilly
0.2%
Fylde
1%
Knowsley
1%
Wigan
1%
West Lindsey
1%
Rugby
1%
Bradford
2%
Redcar & Cleveland
2%
Monmouthshire
2%
Highest difference – 1 to 2 bed
 
Location
Asking Price Average % Difference – 1 to 2 bed
 
City of London
109%
Lanarkshire
108%
Westminster
104%
Rushcliffe
102%
Shetland
88%
Falkirk
87%
Kensington and Chelsea
79%
Camden
78%
Ayrshire
77%
Tendring
72%
Lowest difference – 2 to 3 bed
Location
Asking Price Average % Difference – 2 to 3 bed
 
Middlesbrough
13%
North East Lincolnshire
17%
Caerphilly
19%
Western Isles
20%
Newham
23%
Castle Point
24%
South Gloucestershire
25%
Blackpool
26%
Wolverhampton
26%
Rhondda Cynon Taf
26%
Highest difference – 2 to 3 bed
 
Location
Asking Price Average % Difference – 2 to 3 bed
 
City of London
139%
Midlothian
88%
Shetland
87%
Birmingham
87%
Hammersmith and Fulham
86%
Westminster
85%
Burnley
82%
Ribble Valley
81%
East Ayrshire
80%
Kensington and Chelsea
78%
Lowest difference – 3 to 4 bed
 
Location
Asking Price Average % Difference – 3 to 4 bed
 
Islington
3%
Tower Hamlets
9%
Midlothian
13%
Southwark
17%
Hammersmith and Fulham
17%
Comhairle nan Eilean Siar
18%
Barking and Dagenham
23%
Newham
23%
Enfield
23%
Redbridge
24%
Highest difference – 3 to 4 bed
 
Location
Asking Price Average % Difference – 3 to 4 bed
 
Buteshire
127%
Middlesbrough
126%
East Ayrshire
108%
Pendle
106%
Hartlepool
103%
Blaenau Gwent
100%
County Durham
89%
Burnley
89%
St. Helens
88%
Bolsover
88%
Lowest difference – 4 to 5 bed
Location
Asking Price Average % Difference – 4 to 5 bed
 
Buteshire
5%
City of London
7%
Manchester
7%
Bexley
17%
Preston
18%
Merthyr Tydfil
19%
Luton
21%
Barking and Dagenham
22%
Copeland
23%
Middlesbrough
24%
Highest difference – 4 to 5 bed
 
Location
Asking Price Average % Difference – 4 to 5 bed
 
Runnymede
249%
Windsor and Maidenhead
185%
Birmingham
147%
Cotswold
146%
Chichester
139%
Elmbridge
134%
Westminster
122%
Woking
121%
Hertsmere
114%
Salford
114%

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