Property ladder widens as you climb
Wednesday, 08 Nov 2006 10:51
Each rung of the property is further apart, a new study finds
Homeowners need to stretch themselves more and more to move up the property ladder in most parts of the country, new research reveals today.
The study of each rung of the property ladder, based on the number of bedrooms per property, reveals a second bedroom costs an extra £38,000 on average whereas a third bedroom costs £55,353, and a fourth costs £111,402.
The research, by propertyfinder.com, also shows the cost of a bedroom varies wildly from city to city, with Glasgow the only location where moving up the property ladder is easier with every step.
The steepest rise from two to three-bed homes is in Liverpool, where homeowners will need to pay over four times as much for their second bedroom (£5,818) compared to their third (£25,425).
A fourth bedroom in Birmingham will cost homeowners almost five times more than their third, a rise of 386 per cent going from £18,848 to £91,690, the widest gap on the nation's property ladder.
Warren Bright, chief executive of propertyfinder.com, said: "Of course, larger houses have additional reception rooms and bigger gardens, but the number of bedrooms still provides a reliable guide to the UK's property ladder.
"This research shows how, far from getting easier, the climb gets tougher and the sums ever greater as you seek a larger home. A fourth bedroom costs not far off the same price as an entire one bedroom property," he added.
In real terms, the study finds London is the most expensive place to move up to a fourth bedroom – costing an extra £232,000, whereas in Liverpool less than a fifth of this amount is needed (£40,000).
The study also highlights areas of the country where building an extra bedroom will be cheaper than moving up the property ladder.
Mr Bright said: "A sensitive, well-planned extension can be an excellent way of adding space and value to your home. However, cities such as London are very densely built and additional rooms may be impossible to fit in or prohibited from a planning and conservation perspective.
"A badly planned add-on can be a disaster and can detract from the value of your house."
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