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Race for space makes things tougher for second steppers

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The Sunday Times reveals how the race for space prompted by the pandemic has made things more difficult for “second-steppers”. Demand for outside space and home offices has spiked over the past two years, putting prices, especially for family houses, on an upward trajectory. The average asking price of homes coming to market rose by 2.3% in February to a record £348,804, according to Rightmove. In the two years since the pandemic began, asking prices have increased by nearly £40,000, compared with about £9,000 between 2018 and 2019. Much of this price growth has centred on houses rather than flats. In the year to August 2021, the average cost of a house jumped 7.3%, according to Zoopla. By contrast, the typical price of a flat rose by 1.4%. However, upsizing is prohibitively expensive. Getagent.co.uk, an estate agency comparison site, found that the cost of moving from a two to a three-bedroom home stands at an average £91,756. Moving from a three to a four-bedroom home would add an average £140,629 to a mortgage, while swapping a four-bedroom home for one with five bedrooms would be an extra £244,633.

The Sunday Times

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