Many first-time buyers
will start out with a small starter home, which is both suited to their needs
and matches their modest earnings at the beginning of their careers. But as you
get older theres a tendency for extra possessions to pile up and for extra
people to emerge in your life! This made me think; how much is a bedroom in
Chichester and how much does it cost to climb the property ladder?
Lets start
with a one-bedroom property (typically a flat). The average price for one of
these in Chichester is £195,000. As many will appreciate, the first step is
often the hardest and thats no exception when it comes to buying a property.
The income and deposit youll require to afford even the most modest of homes
in Chichester is probably the greatest barrier to getting on the property
market.
Once you do
though, and you hopefully rise through the ranks in your chosen career whilst
growing your nest, the increase in price to afford an extra bedroom becomes a
little easier as time goes by.
The average
two-bedroom property in Chichester will cost you £299,950 - a premium of
£104,950 (54%) compared to a one-bedroom home.
The average
three-bedroom property in Chichester will cost you £425,000 - a premium of £125,050
(42%) compared to a two-bedroom home.
The average
four-bedroom property in Chichester will cost you £535,000 - a premium of £110,000
(26%) compared to a three-bedroom home.
The average
five-bedroom property in Chichester will cost you £650,000 - a premium of £115,000
(21%) compared to a four-bedroom home.
The above shows that
whilst the outright cost is relatively similar, with the jump from a two-bed to
three-bed home costing the most in monetary terms, the comparative growth in
percentage terms lessens with each step up the ladder.
Of course,
this price increase isnt just for an extra bedroom. As the number of
bedrooms grow, so should the size of the other rooms throughout the house, as
well as the outside space and amenities e.g. garden/garage/driveway.
It does however demonstrate that its the first couple of steps that are the toughest on the property ladder, which is why I feel its right that government policies and incentives focus primarily on first-time buyers. Having said that, it would be nice if they also considered that the need for an additional bedroom effects the upsizers at a time when the financial strain (a new child being the most common) is often at its greatest.
Written by Clive Janes, CRJ Lettings; 01243 624599, [email protected]
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