Extra bedroom moves homeowners closer to dream property

16 July 2007
The majority of homeowners in the UK are prepared to pay out for a larger property with an extra bedroom, in order to climb up the property ladder and accommodate larger families.

Research from Yorkshire Bank shows that the cost of moving up from a two-bedroom property to a three-bedroom property can be as high as £80,000 in some parts of the country or as low as £7,000 in others.

Figures reveal that only a quarter (26 per cent) of homeowners are deterred from buying a larger home by rising house prices, indicative of the fact that many buyers are willing to pay to secure their desired property.

According to the Department for Communities and Local Government, house price inflation in the UK has eased in recent times, the current average property price sitting at over £211,000.

"People are not being put off by the high price of an extra bedroom, but we are seeing homebuyers become more prudent in their purchases to ensure they can afford their increased repayments," stated Gary Lumby of Yorkshire Retail.

Previous research has shown that Britons take out loans to fund their home improvement ventures.

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