Using data from home.co.uk which provides statistics about how long properties spend on the market, we researched whether the size of house, based on number of bedrooms, made any difference to how quickly it was able to sell.
Data from May 2016 to May 2017 was available for the following areas in Charnwood:
- Barrow upon Soar
- East Goscote
Houses taking longest to sell
The data showed that the houses that were staying on the market for longer as unsold properties were predominantly those with 5 or more bedrooms, as is the case in Anstey, East Goscote, Mountsorrel, Quorn and Syston.
This is not altogether surprising, as there are often less people who can afford to buy a property with 5 or more bedrooms than those who can afford to buy a 2 or 3 bedroomed property. According to statistics from Zoopla, the average house prices in the areas where 5 bedroomed properties were staying on the market for longer was £243,244 in May 2017.
The areas that are currently taking the longest to sell 5 bedroomed properties are:
- Mountsorrel: 589% longer than last year
- Anstey: 546% longer than last year
- East Goscote: 275% longer than last year
Whilst in these areas 5 bedroomed houses seem to be taking longer to sell than houses with less bedrooms, the same cannot be said for Shepshed and Sileby.
In Shepshed, 1 bedroomed houses took 96% longer to sell than in the previous year, whilst 5 bedroomed houses only took 53% longer. Similarly, in Sileby, 2 bedroomed houses took the longest time to sell at 21% longer than the previous year, whilst 5 bedroomed properties in the area took 54% less time than in the previous year.
Houses taking less time than last year to sell
The houses that seem to be in most demand throughout the areas listed above are 3 and 4 bedroomed properties. 3 bedroomed properties were quickest to sell in East Goscote, Barrow upon Soar and Quorn, whilst 4 bedroomed properties were quickest to sell in Anstey, Loughborough and Syston.
Interestingly, the most difference in terms of time to sell was in Mountsorrel, where 2 bedroomed properties sold 73% more quickly than in the previous year and 5 bedroomed properties sold in 589% more time than in the previous year.
In comparison, Loughborough saw 1 bedroomed houses selling in 304% more time than in the previous year, whilst its 4 bedroomed houses only took 84% longer than in the previous year.
How many bedrooms is best for your area?
The desirability of a house does increase and decrease based on the number of bedrooms it has, and this understandably differs by area. Some areas are ideal for first time buyers, or buy to let properties, whilst others are the type of place where people want to settle down or scale up, especially if they need extra bedrooms for extra members of the family.
If your house is taking a while to sell, it could be worth considering remodelling it or adding an extension. An extra bedroom doesn’t just increase desirability in many cases – especially from a 1 or 2 bedroomed property to a 3 or 4 bedroomed property – it also adds value in terms of house pricing.
Similarly, by changing your house from having a larger number of small bedrooms to a smaller number of large bedrooms, by judging the type of demand in your area, you could find that the value of your house goes up, as do viewings and offers close to the asking price if you are selling!
Advice about home extensions, remodelling and renovations
Abell Building Services specialise in home building, whether it’s an extension, modernisation or remodelling. Our Loughborough based builders have a great deal of experience in home improvements and building custom homes, so whatever type of building work you may be considering, we can help make it work best for you.
Give us a call on 01509 734550 to discuss your home improvement plans, or email us using our contact form.