Britons’ obsession with bathrooms is growing, according to estate agent Savills.
The latest analysis found that across London, asking prices for homes with two bathrooms cost an average of 31% more (on a price per square foot basis) than those with only one bathroom.
Generally, flats see greater premiums, according to Savills. The average asking price for a typical one bed, one reception room, one bathroom flat in London is £427,000 (or £743 / sq ft) while the average one bed, one reception room, two bathroom flat in London is £978,00 or £1,086 / sq ft.
This represents a 46% uplift on a pound-per-square-foot basis and more than double in actual value terms.
By contrast, asking prices for one-bedroom flats that have an additional reception room command no premium on a pound per square foot basis.
Similar trends can be seen for London houses. Looking at a typical three bedroom house with two reception rooms, asking prices (on a £/ sq ft basis) are 55% higher for homes with three bathrooms, compared to those with only two.
Outside of London premiums tend to be lower but are still evident. Overall, there’s a 20% uplift in asking prices (on a £/ sq ft basis) of homes with two bathrooms compared to those with just one.
“The relationship between bathrooms and the home have evolved over the years – but have always been an indicator of luxury. While once those most fortunate were able to have their own loo inside the home, today buyers are paying a premium to not even have to share a bathroom with their household at all,” says Frances McDonald, director, residential research at Savills.
“Across London, asking prices for homes with two bathrooms cost an average of £844/ sq ft, 31% higher than those with only one bathroom (£643/ sq ft). In the regions, premiums tend to be lower but asking prices are still 20% higher, on average, for two bathroom homes (£325/ sq ft), compared to those with 1 bathroom (£272/ sq ft). The premium for any additional bathrooms is also evident (across London and the regions), with a particular jump up for properties that boast the luxury of four bathrooms.
“Flats tend to carry a higher premium than houses as space is likely to be more restricted and opportunities to extend are usually limited, so the prevalence of bathrooms from the offset is more important.”