At Hunters West Hampstead, we love the local area, and we believe West Hampstead is an ideal home for many people and households. However, we appreciate many people are reconsidering their options in the current climate.
If you would like to discuss your home options, please contact Hunters West Hampstead. If you need more space, you are not alone, and we are more than happy to talk you through this process.
Upgrading your home is costly
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:
- Moving from a two-bedroom property to a three-bedroom property will cost £91,756 more
- Moving from a three-bedroom property to a four-bedroom property costs £140,629 more
- 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
- The average cost of an additional room in London is £277,445
- Moving from a two-bedroom property to a three-bedroom one in London costs £217,701
- The cost of upgrading from a three-bedroom property to a four-bedroom house in the capital is £237,209
- The South East is also costly, with the average increase being £172,359
- 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
- The North East is the most affordable region, with the average increase being £82,608
- 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.”
The last point is something that will be keenly felt by buyers in and around West Hampstead. If you love the local area, and you want to stay close but need more space, you face a substantial hike in the price of property.
You will likely find yourself looking at other locations and wonder what size of home you could get if you sell your West Hampstead home, and use the proceeds for something away from London.
You would obviously get a larger home, but you would lose many great features. West Hampstead is a fantastic area of London, and you are right in the middle of one of the most exciting places in the capital.
If you live here because of work, and don’t worry too much about a social life, you might decide it is best to move away and enjoy a huge house in another part of the country. However, if all aspects of your life are centred in West Hampstead, you might need to look for a larger home.
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.