UK Personal Finance

According to research people are willing to go to great lengths or rather prices, for an extra bedroom in an excellent family home.

A survey has been carried out by Yorkshire Bank that reveals the prices people are willing to pay for another bedroom in their new desired family home. The average cost that buyers are likely to pay for an extra bedroom is £34, 000, however, the urge for the perfect family home has shown that buyers across the UK are willing to stretch out to figures up to £80,000 for the additional space, this will be funded via a homeowner loan, a remortgage or existing savings.

The findings of the survey indicate that almost a quarter of the UK population will not move house as the current house prices are too high. But the remaining population are happy to move to a larger family home.

Research shows that it is not necessarily the extra cost of another bedroom that puts some of the population off, it is the worry to keep up with the overall increased repayments for the house.

Three quarters of the people surveyed expect interest rates to increase further, this was following recent rises already made by the Bank of England’s monetary policy committee, the rise was the third this year and the second in three months.