The cost of an extra bedroom for a London property is £161,221, new research shows. This is £20,000 more than the average home in Scotland.
The study from property website Zoomf.com finds the average price of a four-bedroom home in London is £557,608. By comparison, a three-bed home in the capital costs £396,387 on average.
The London property website predicts the large gap between three and four-bedroom houses will see many households choosing to renovate and extend their current three-bed homes, rather than move to a bigger property.
However, the price difference is less than between one and two-bed properties, which currently stands at £89,751 on average.
Zoomf.com reports there are currently 5,698 one-bedroom, 13,655 two-bedroom, 10,636 three-bedroom and 7,916 four-bedroom properties currently for sale in London.
Getting on the property ladder looks more difficult that ever for first-time buyers, particularly as there is a shortage of one-bedroom flats. “With property prices continuing to rise in London and the shortage of stock on the market, the situation is only likely to get worse,” warns the website.
Those who choose to rent rather than buy their London property are looking at an average weekly rent of £578. Living in a flatshare is of course a great way to reduce the rent bill, and according to the search engines, a North London flat share is the most popular option: a tenth of all property searches in May were for rooms to rent in North London.
