Just how much value will that extension add to your home?
Considering making your home bigger? VICKY SHAW tells you why you should consider size and location when deciding if the cost is worth it
HOUSE sellers are currently demanding nearly £3,000 on average for each square metre of their home, according to analysis covering England and Wales. Rightmove, which based its calculations on property sizes as well as the asking prices of
1.2 million homes listed for sale, found that the average asking price per square metre has reached £2,954.
This is nearly a fifth (19%) higher than five years ago, when the average was £2,487.
Average asking prices range from upwards of £10,000 across the W postcode in London, which includes areas such as Westminster, Paddington, Soho and Notting Hill, to less than £1,500 in Sunderland, Teesside and Blackburn.
The data is being used in a new house extension cost calculator from Rightmove, which estimates how much value extensions could add to a house.
Tim Bannister, director of data services at Rightmove, said: “Home owners need to think about why they are doing an extension.
“If it’s to add value to a home, then it’s worth bearing in mind that local markets all differ, as does the price that people will be able to pay for a property, so there will be times where adding an extension will not increase the home’s value by more than its cost.
“But for many people the reason is so that they can have more space, and so adding some value for when they do go on to sell in the future could be a bonus for them.
“The final cost will depend on the materials home owners might need to buy as well as any extras such as planning permission.”