8:50 AM, 10th November 2020, About 3 years ago 4
Home Buying platform, Yes Homebuyers, has revealed the positive impact that a second lockdown could have on the value of your spare room, based on the increase in value as homebuyers scrambled to buy bigger houses with more space in the wake of the first national lockdown.
Yes Homebuyers research shows that prior to lockdown the average property price was £231,954, with the average spare room holding a value of £34,359.
However, with the market exploding back to life following the easing of restrictions, house prices have now climbed to £239,196. As result, the average spare room is now worth £35,432, £1,073 more than it was prior to the first lockdown.
While a second lockdown is now upon us, the property market remains open for business and so homebuyers currently on the lookout will no doubt continue to value more space over traditional factors such as location and transport links. As a result, those looking to sell now could see the price of their spare room climb even further.
The North West has seen the largest increase in the value of a spare room, climbing 5% from £24,471 prior to lockdown to £25,718 now.
The East Midlands has seen the second biggest uplift in the value of a spare room, climbing 5% to £29,973.
The South East, West Midlands, South West and Yorkshire and the Humber have all also seen the average value of a spare room life by 3% since the first lockdown.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:
“In the current climate, space is the hottest commodity when selling your home and buyers are now opting for bigger properties with that additional room that can act as a home office, playroom, gym and so on.
“As a result, the value of a spare room has increased by over £1,000 since the start of the first lockdown which isn’t a bad silver lining as we head into another month of restrictions.
“With the current stamp duty holiday continuing to bring a heightened level of buyer demand it’s more than likely that house prices will continue to climb and your spare room will be worth even more come the end of the year.”