The cheapest UK towns to upsize have been revealed.
Where can your family save the most when moving into a property with more bedrooms?
New research has found the best town to upsize from a two to three bed home is Middlesbrough, where there is a 13 per cent increase in price.
Next up with North East Lincolnshire, where you pay 17 per cent more for the extra bedroom, followed by 19 per cent in Caerphilly.
The most expensive location to move from a two to three bed home is the City of London where you’ll pay more than double the price of a two bed house.
The latest research by leading estate agent comparison site, GetAgent.co.uk, has revealed that on average, every additional room adds 44 per cent to a property’s value.
Upsizing from a one bedroom home to a two bedroom home increases the asking price by 26 per cent from £193,226 to £243,762.
Jumping from a three bed to a four bed can increase the value of a property by 47 per cent, it found.
However, the biggest jump is to be found upsizing from a four bed to a five bed, increasing by 62 per cent from £508,031 to £822,770.
The most and least affordable upsizing locations
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 per cent), while the most sought-after two to three-bed jump is at its cheapest in Middlesbrough, with a 13 per cent 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 three per cent, 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 five per cent.
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.”
If looking for a buy to let property investment, where is the best place in London to invest?
Rents in London are high due to the huge demand for homes in the capital.
However, where to buy in London can be a confusing issue for buy-to-let landlords.
Buying in central London, where demand is arguably highest, may not always result in the profitable option.
Buy-to-let landlords must focus on annual percentage yield, or the amount of the price they pay for a property they can make back in a year.