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5 December 2012

Homeowners dig deep to upsize

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by Gill Montia

Homeowners dig deep to upsize

Homeowners looking to move somewhere larger can expect the difference in property values to double as they move up the ladder, according to new research from Barclays.

With half of British homeowners planning to move house within the next five years, and almost two-thirds setting their sights on a bigger home, the study suggests most people will have to dig deep to fulfill their dreams.

Barclays analysis of 50,000 mortgage applications found that those looking to move from a one to two bedroom property can expect to pay an average of £26,000 more, while those looking to take the next step can expect to pay over double that amount, on average £61,660, for a third bedroom.

This price difference doubles again with a move from three to four bedrooms, with homeowners incurring an average price hike of £133,671 across the UK.

However, regional difference prevail and while homeowners living in the North East can expect a £10,000 price increase to move from a one to two bed home, in the East they could be paying four times that amount, at £46,000.

Meanwhile, London dwellers need to raise average of £91,000 to move from a one bedroom to a two bedroom property.

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