Wednesday, November 8, 2006

111K to go from 3 to 4 bedrooms….

Moving up from 3-4 bedrooms costs on average £111,000

Leading UK property portal, propertyfinder.com analysed property for sale around the UK in October 2006 and uncovered some surprising results. Each successive rung on the ladder is a much greater step than the last, forcing homebuyers to stretch themselves further and further every time they trade up. On average across the nation a two-bedroom home costs £38,620 more than the price of a one-bedroom home, while a three-bedroom will set you back £55,353 more than a two-bedroom. A four-bedroom home is on average £111,402 more than the price of a three-bedroom home.

Posted by converted lurker @ 11:18 AM (493 views)
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10 thoughts on “111K to go from 3 to 4 bedrooms….

  • I can think of several reasons why these statistics are probably nonsense.

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  • Inbreda, why’s that?..

    I don’t know if the figures are totally accurate, but I’d certainly say the picture it paints is smack on.
    When we sold our house a Detached 3 bed with garage, it sold for £150K, we were due a baby so thought it might be time to invest in a 4 bedroom house.
    And for a house in the same sort of style with an extra bedroom, they were going for £220K, and extra £70K.
    And it was at that point it dawned on me, paying an extra £70K for one extra bedroom was crazy!! and I don’t live in an expensive part of the country. In fact I live pretty near “Kingston Upon Hull” where apparently they have the cheapest houses in the country.

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  • tyrellcorporation says:

    The economics of trading up just doesn’t make sense. For 50K you can build a bloody nice quality extension (if you have the space) and are safe in the knowledge that the thief known has Gordon Brown hasn’t screwed you for stamp duty.

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  • Simply because there is a correlation between number of bedrooms and whether the property is semi-detached/detached/terraced, or if ti has a garden, and how big the garden is. Whether it has a garage.

    Consider a ten bedroom property. It is much more likely, relative to a two bedroom property, to be detached, in a nicer areas (burbs/rural rather than city), have more bathrooms, bigger garden (possibly acres), lots of parking, larger garage.

    To reduce the argument down to number of bedrooms is purile. It’s not comparing like with like.

    I understand your example, but I can’t comment on it as I haven’t seen both properties.

    As a matter of interest though – why did your baby need three bedrooms?

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  • Converted Lurker says:

    guys this is my experience too, a step up from 3-4 beds in my area is approx. 100K, and our average 3 bed in our area is approx. 220K

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  • How much of this is Mortgage Equity Withdrawl? Looking at a house recently that hadn’t likely changed hands but house price website showed £198k to £285k sales about a year apart.. £87k withdrawl most likely
    for new Range Rovers I suspect…So is the next buyer supposed to believe the house is really worth that much..its what anyone is willing to pay…great wheeze if you can get away with it. What a bubble.
    There are an awful lot of hopefuls in Wessex at the 350k mark…many playing the same game, got to get out before the music stops for it to work……

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  • Sooo

    When the crash comes (if ever), will this gap be one of the first to close ??

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  • So buy a three bed house with an integral garage and make a fourth bedroom. We did it in Kent, making five beds from four, and also got an office from it. Worked great. Not that I’m in favour of the stupid prices anyway, but at times there is more than one way to skin a cat.

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  • Generally the more bedrooms a house has the larger it is in general (more public rooms, bigger garden, larger living area etc.) so you are not just paying for the extra bedroom. If you want you can buy a 4 bedroom house than a 3 bedroom house if you move area if you really need to extend your family. This article doesn’t take into account the huge costs in moving up the ladder, mainly stamp duty but you are probably looking at at least another 20 grand just for the privilege.

    The government desperately needs to find a way to encourage “good” people who will have kids that are likely to be productive and contribute to the society in general to have more kids. Instead they encourage the chavs to have lots of kids by piling on the benefits and housing. Chavs get paid to have kids the rest of us have to pay through the teeth for it. Not that I want kids for ages yet anyway.

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  • NoHPC – it wouldn’t be the case if house prices were affordable. But you don’t want that do you? You seem a bit contradictory today.

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