Britons pay £80,000 more for another bedroom , so new figures show.
New Yorkshire Bank research shows that 25% of homebuyers are put off moving up the property ladder due to high house prices.
This increased cost of purchasing a bigger property varies depending on where in the UK you are buying.
Making a move from a two-bed terrace to a three-bedroom semi-detached house costs £34,000 on average, yet in York this figure increases to £80,000. Making the same move in Manchester would cost just £7,000.
Our research highlights that people are not being put off by the expense of the extra bedroom. However, homebuyers are becoming more prudent in their purchases in order that they can afford increased repayments.
Should you be contemplating starting or expanding your family, an income could drop. Herein it would be worthwhile to consider a discounted rate mortgage or one that allows payment holidays .
It is important not to financially over stretch yourself as the progression can mean a big price jump depending on where you live.
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Brits Pay GBP80,000 For Another Bedroom
Wed, 18 Jul 2007
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