£791 Billion Wasted Space In Spare Room Value – WOW!
According to boomin, research reveals that the value of spare rooms in the UK is £791.5bn!
Research found over 50% of us have at least one spare room within our home. This spare space is currently valued at a massive £42,000 per room in the current market. The same as the average annual salary for a London worker…
- London is home to the most expensive spare room value at £76,476.
- South East follows London with the current value at £54,346.
- The East of England value per room is £49,211.
Even in the North East where this value is at its lowest, homeowners are still sitting on a spare room value to the tune of £21,881 per room.
An English Housing Survey by the Office for National Statistics shows that 38% of homes in England are under-occupied (Meaning they have two or more spare rooms). With a total of 24.7m homes registered as ‘built’ across England… that’s a massive 9.4m homes under using two or more rooms in their home.
Now let’s move away from stats for a second and put this into perspective. The wasted value is equal to buying over 9 million brand new Porsche 911s, the entire GDP of Mexico and a single tank of diesel for a 4x4 car if you fill up from a motorway station (joking, for now…)
One way to get your spare room generating value rather than wasting it is via the government’s rent a room scheme. This allows you to generate rental income up to a maximum threshold of £7,500 per year without paying tax. That’s £625 per month in rent for a room you may otherwise rarely use. Might not be for everyone but it is an option to think about if needed…
At avocado property we have found search trends for buyers interesting since the pandemic because people are looking to turn ‘spare rooms’ into gyms, offices, hobby rooms and other interesting ideas. A home has become more than just a place to eat, sleep and relax now. A home has become a lifestyle.
If you want to know the value of your spare room, or you need to move to get a spare room, then we would love to help you with your next journey. Just drop us a line or use this link to book a property valuation when you’re ready.