Blackpool, Middlesbrough and Islington are some of the cheapest places in the UK to upgrade to a bigger home – depending on exactly how many rooms you want.
Research by estate agent comparison site GetAgent found hat on average, every additional room adds 44% to a property’s value.
The current average cost of a one-bed is £193,226, climbing 26% to an average of £243,762 for a two-bed.
The popularity of three-bed homes for growing families and a lack of stock to accommodate this demand means the price jump between a two and three-bed property is one of the largest at 47%, second only to the difference between a four and five-bed home.
Up-sizing between a three and four-bed requires an additional 42% in property prices with the biggest jump predictably that between a four-bed property and a home with five or more bedrooms – a 62% increase.
With a growing population and a lack of housing stock being delivered, it’s no surprise that the cost of an additional room in London is higher, with an additional 52% required for every room up-sized.
Again, the jump between two and three-bed homes is the second largest at 59%, with an increase of 63% between four-bed homes and properties with five beds or more.
The most and least affordable up-sizing locations
However, up-sizing 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%), while the most sought-after two to three-bed jump is at its cheapest in Middlesbrough, with a 13% increase.
The cheapest places to up-size from a one to two-bed home
West Lindsey (1%)
Redcar & Cleveland (2%)
The cheapest places to up-size from a two to three-bed home
North East Lincolnshire (17%)
Western Isles (20%)
Castle Point (24%)
South Gloucestershire (25%)
Rhondda Cynon Taf (26%)
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 3%, 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 5%.
The cheapest places to up-size from a three to four-bed home
Tower Hamlets (9%)
Hammersmith and Fulham (17%)
Comhairle nan Eilean Siar (17%)
Barking and Dagenham (23%)
The cheapest places to up-size from a four to five-bed home
City of London (7%)
Merthyr Tydfil (19%
Barking and Dagenham (22%)