New research from HSBC has indicated that the cost of providing suitable housing for a third child in the UK, ie. purchasing a three bedroom property, is just under £60,000. This figure constitutes a 38% increase in price from a 2 bedroom to a 3 bedroom property.
The same figures help illustrate that the extra cost of a third bedroom represents 1.6 times the average annual household income for the nation.
Bruno Genovese, head of savings at HSB, is reported to have said:
“[Having a] second child seems to be catalyst for many families moving to a larger home, which is often the largest financial outlay they will ever undertake.”
The figures suggest that careful financial planning is advisory, to ensure that finances are in place to handle the costs involved in raising a family.
If you’re upgrading to a larger property, seek out a professional surveyor to ensure the right price and minimnise the costs as much as possible. PropertySurveying UK