Hot property: why your spare room is worth £668 more now than it was before Covid lockdown
Lifestyle changes sparked by the coronavirus crisis have seen a spike in the value of living space, with the average seller in Scotland netting nearly £700 more for each extra bedroom in their home than in pre-pandemic times.
The findings come amid a rise in property prices sparked by an increase in people looking to move after the first national lockdown.
Now industry experts say the latest tightening of restrictions to curb the spread of Covid-19 could drive prices even higher, as house-hunters scramble to buy bigger homes.
Research by property-dealing platform Yes Homebuyers shows that the average UK property price was £231,954, with a spare room holding a value of £34,359.
However, when the housing market exploded back to life as restrictions eased in the summer, prices have now climbed to £239,196 for the average home.
As a result, the cost of an extra room has risen by three per cent – fetching £1,073 more than before the first lockdown.
In Scotland, the average selling price for a home is now £155,191, up from £150,682 before Covid-19.
The value of a spare room north of the Border has also gone up by three per cent, increasing by £668.
In Edinburgh, where the average home is now worth £284,654, each additional room is valued at £42,165 – a rise of £1,556.
Analysis suggests lifestyle changes such as remote working and curbs on movement and entertainment are driving the desire for a more flexible home environment.
“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,” said Matthew Cooper, founder and managing director of Yes Homebuyers.
“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.”
The value of a spare room in Wales has risen the most in the UK, with a four per cent increase from pre-lockdown prices, while Northern Ireland has seen the smallest increase at just one per cent increase.
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