Skip to content Go to accessibility help
We use cookies to keep our websites easy to use and relevant to our users' requirements and to enable us to learn which advertisements bring users to our website. We do NOT use cookies to collect any personal information about you. By continuing to browse our web pages, you agree that we may use cookies for these purposes. Find out more.×

Homeowners in Scotland willing to pay up to £175,000 for extra bedroom


House prices not deterring homeowners' dreams of family home
Average price of an extra bedroom in Scotland around £93,000
Homeowners putting family first
Homeowners across Scotland are having to pay for the step up to a family home, which could see them paying up to £175,000 for an extra bedroom.

According to research from the Clydesdale Bank's quarterly Housebuyers Report, only one in five people (21%) are letting current house prices put them off their quest for a dream home and a move up the property ladder to add an extra bedroom to start or grow their family.
The cost of stepping up from a two bedroom terraced home to a family-sized three bedroom semi-detached home in Scotland varies considerably from region to region.  The average cost of stepping up across the country is around £93,0001 (53% increase) but it can be as much as £175,000 (84% increase) in Aberdeen indicating a shortage of three bedroom properties in the town.

Andy Hobbins, Clydesdale Bank's head of retail, said: "Our research shows people are not being put off by the high price of an extra bedroom, but we are seeing homebuyers become more prudent in their purchases to ensure they can afford their increased repayments."

Family First
According to Clydesdale Bank's Housebuyers Report, just 12% of homeowners expressed concern that they might start to struggle financially if their mortgage repayments went up by around £40-£50 a month while just 4% said they would let the extra expense of a child or the potential drop in income to one salary put them off plans to start a family or have another child.

Some 76% of homeowners still expect rates to continue to rise - as they did last week in what was the fifth rate rise since last August - and only 1% think house prices will come down over the next 12 months.

Andy Hobbins said: "If people are thinking of starting or growing their family, it could mean a drop to one income, so considering a discounted rate mortgage or one that allows payment holidays could be a sensible option. It's crucial not to over-stretch yourself financially and the step up to a bigger home can be a big jump in price depending on where you live especially in areas like Aberdeen where there would seem to be a shortage of three bedroom properties on the marketplace."

City               2 bed terrace      3 bed semi detached      Price increase      Price jump

Edinburgh        £203,938                        £319,955                     £116,017                  57%
Glasgow          £133,456                        £169,313                     £35,857                    27%
Aberdeen        £207,353                        £381,938                     £174,585                  84%
Dundee           £109,507                        £155,811                     £46,304                    42%

UK Comparisons

London            £383,613                        £498,377                     £114,764                  30%
Liverpool         £145,452                        £163,281                     £17,829                    12%
Manchester      £171,734                        £178,840                     £7,106                      4%
Leeds              £159,927                        £182,399                      £22,472                   14%
Sheffield          £142,168                        £162,967                      £20,799                   15%
Bradford          £127,486                        £151,953                     £24,467                   19%
Nottingham      £134,149                        £162,264                     £28,115                   21%
Birmingham     £153,734                        £169,705                      £15,971                   10%
Hull                 £113,820                        £142,687                     £28,867                   25%
York               £185,739                       £266,125                     £80,386                     43%
Newcastle       £148,739                       £173,861                     £25,122                     17%
Leicester         £146,261                        £171,691                     £25,430                    17%
Cardiff            £175,506                        £197,060                      £21,554                   12%
Swansea         £139,564                        £168,495                      £28,931                   21%



You are here: Media Relations > News Archive > 2008 +