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Moving up the Property Ladder Costs More in the East

14/12/2023

Those looking to take the next step on the property ladder in the East of England should expect to pay up to double the national average for the pleasure of doing so. In new research released by Barclays, 50,000 mortgage applications were looked at to reveal homeowners in the East aiming to upscale from a one-bedroom property to a two-bedroom property should expect to fork out an average of £46,000, compared to the UK average of £26,000.

What makes these figures even more notable is the fact that the same survey showed that 54% of homeowners in the East were planning to move home within the next three years. In fact, 61% were looking to move to a larger property; exactly the demographic this survey has shown to be most affected by the cost of upscaling.

For those looking to move from a two-bedroom property to a three-bedroom property, this will on average cost £58,639. This trend continues as homeowners move into larger properties, with the cost of moving from a three-bedroom to four-bedroom house costing a huge £128,505.

These figures obviously go to show that those in the East of England face a more difficult financial challenge should they wish to move into a larger property. However, one thing missing from this Barclays research is a reason why homes in the East are more expensive. The general consensusis that these figures simply reflect the quality of living, employment opportunities and general desirability of the area.

Elsewhere in the country, those resident in the North-East can realistically expect approximately a £10,000 price rise when moving from a one-bedroom to a two-bedroom home, whilst city-dwellers in the capital, London, can expect to pay four times the UK average, at a cost of £91,000.

Buying Houses since 1972