Average cost of upsizing to a 4 bedroom house is more than £145,000

The additional cost of buying a four bedroom property in Britain averages £146,000, equivalent to an additional 63 per cent over the value of a three bedroom property, according to Savills.

Their analysis suggests that the additional cost of moving from a three to four bed property varies around the country, from £60,500 in Hull to £1.59m in Kensington and Chelsea. The average cost of a four bedroom home is more than twice that of a three bedroom one in Salford and Macclesfield.

Other figures from Savills also emphasise the wide regional differences across the housing market which they expect to continue over the next five years.

They believe a market recovery will be led by London and the South East where housing transactions are strongest and repossession levels lowest.