Brits prepared to pay for third bedroom

Posted: 17 Jul 2007 11:09:03 GMT

Britons are so desperate to upgrade to a three bedroom house that they are willing to pay as much as £114,764 more for the privilege.

Britons are so desperate to upgrade to a three bedroom house that they are willing to pay as much as £114,764 more for the privilege.

According to Yorkshire Bank, three bedroom homes are at such a premium that young families are being forced to fork out massive sums of money to get their hands on one.

The additional cost of an upgrade from a two bedroom house to one with three bedrooms in London is £114,764.

People living in York can expect to pay around £80,000, while the national average sits at £34,000.

Despite the huge differences between two-bed prices and three-bed prices, 74 per cent of people will not be put off from moving to a larger home and starting a family there.

"Our research shows 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," said Yorkshire Bank's Gary Lumby.

Only 14 per cent of those surveyed said that they are concerned about struggling financially should interest rates continue to rise.

© Houseladder Ltd