Rightmove has launched a new house extension calculator to estimate how much extensions could add to the value of a house, along with estimated labour costs, in 103 postcodes across England and Wales.
A study by the portal, based on an analysis of more than 9m Energy Performance Certificate records and the average asking prices of 1.2m property listings of houses in England and Wales, suggests a national average asking price per square metre of £2,954.
The average asking price per square metre of houses across England and Wales increased by 0.8% compared to this time last year (£2,930) and is up by 19% compared to five years ago (£2,487), Rightmove said.
It uses this data for its calculator.
Here is the result for if we wanted to extend EYE’s homely headquarters – plus the costs of materials and divorce bill.
Tim Bannister, director of data services at Rightmove, said: “We’re often asked how much an extension might add to the value of a home and in this calculator we have given a very rough guide on this, plus average labour costs to help people with that first step.
“But home owners need to think about why they are doing an extension. If it’s to add value to a home then it’s worth bearing in mind that local markets all differ, as does the price that people will be able to pay for a property, so there will be times where adding an extension will not increase the home’s value by more than its cost.”
A spokesman added: “This tool has been created both to help people thinking of buying a property that has the potential to extend and those who are thinking about renovating now.
“It joins a number of content hubs for buyers, sellers, renters and landlords that we’ve created on Rightmove to help give people information at a number of stages of their home moving journey.”
https://www.rightmove.co.uk/home-improvements/extensions/house-extension-cost-calculator
Wow, they really are taking the Mickey now.
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I’ve been gone over three years, now back in the real world, and dealing with these people again.
Nothing has changed with these sycophants – this proves to anyone looking in, the contempt they have for our business.
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I’m no fan of Rightmove, but I’d like to understand why you both feel like they shouldn’t offer tools to the public to help them make informed decisions?
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Nothing wrong with it but its ironic that it potentially works against estate agents interests who fund Rightmove. i.e. you extend dont move and dont need an estate agent….who in turn thinks harder about the RM fees they pay….
RM must have a new revenue stream in mind from planning consultants /architects /builders …..
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I understand your point to a degree, but on the other hand, I do think it’s good to educate the public that moving house purely for more space isn’t the only option. On the same note, most of the agents I’ve worked with would make sure it was the right move for the Vendors to sell their property, and potentially offer up other alternatives such as extending or letting.
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‘No Mrs Smith, it is my informed view that you should extend your home and not even think about moving’ said no agent…ever.
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Cost and value are two completely different things. As RM themselves say “But home owners need to think about why they are doing an extension. If it’s to add value to a home then it’s worth bearing in mind that local markets all differ, as does the price that people will be able to pay for a property, so there will be times where adding an extension will not increase the home’s value by more than its cost.” I fear this tool will leave a lot of homeowners very disappointed.
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This isn’t about estate agency or estate agents.
At 1x turnover including the 78.55% (estimated profit margin) fag packet calculation £260 million means the value of Rightmove to investors is somewhere outside the subscriptions they charge to agents.
The £6b it was worth on Friday is supported by something else- its an entertainment channel something that’s confirm by the disconnect between 152million page views and the number of viewings and sales& lets agreed in January.
Rightmove could quite easily not charge the £1077 average per month and still benefit from the value agents data generates.
On the scale of a fall from £6.01b at COP Friday to £5.73b COP last night the 260million not collected is 20 million less than the change in market cap in 2 days trading.
A wise person would work out if its agents’ listings that’s drawing them in,don’t irk the agents
Their tech is horribly dated now, adding an extension estimator isn’t really going to make them more sticky with the essential customer – agents!
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Wildly inaccurate! Misleading or pointless, can’t decide which.
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If you’re really bored today, search Rightmove for properties in RG27 8BZ (the postcode they use in their screenshot example). A 3 bed with conservatory is advertised at £390k. A 2 bed without is advertised at £379k. Why is a 3rd bed and conservatory not adding the £96k you promised me Rightmove? Can I have my £25k labour costs back?
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Giving figures for an extension in “labour only” terms is ridiculous.
Who gets a price for a pair of 305/30R19 tyres when what you really want to buy is a Porsche Carerra 4S?
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