Second time buyers are having to compromise on property type due to increased prices
The second rung of the property ladder is getting increasingly hard to afford.
To increase your properties size you will end up paying significantly more than you would a few years back.
New research conducted by Rightmove suggests that the average asking prices of 2 bed flats are up 5% on average. In addition, the asking price for a 3-bed house has jumped by up to 20% in recent years. Outside of London it will cost an average of £67,761 to move from a 2-bed flat to a 3-bed house.
The location with the biggest trade up gap is Esher, Surrey. In this location it will cost you upwards of £300,000 to move from a 2 to a 3-bedroom property.
For a move from a 3-bed to a 4-bed property the data suggests you will be paying £183,000. This is an increase from £180,000 the year prior.
Rightmove have worked out this data using the asking prices of over a million properties nationwide.
The director of property data for Rightmove, Tim Bannister, argues that those individuals who bought a smaller home years ago are finding it increasingly difficult to upsize.
In conclusion, those who need more space are having to limit their expectations and widen their search area. For instance, people who were aiming for a detached house for may have opted for a terraced house instead due to increased prices.