The most recent research from London’s Benham and Reeves, a letting and estate agency, delved into the current property inventory for sale to reveal the cost of homes with gyms for those seeking fitness convenience this January.
Across England, there are 25,630 homes listed for sale, but securing one comes with a steep price – the average asking price is £362,175, while homes with gyms command an average of £475,000, a 31% premium.
This higher cost is influenced by the likelihood that homes with gyms tend to be in the upscale housing market, given the need for space and expensive equipment. However, with less than a quarter of such homes having offers or being sold subject to contract, buyers have a favourable negotiating position in the current market.
Director of Benham and Reeves, Marc von Grundherr, commented: “The biggest problem with sticking with a gym routine is that before you can work out, you’ve got to actually get yourself to the gym. Then, when you do, you may well find that it’s packed to the rafters, so getting a proper workout done is a long and stressful process.
“What better way of bypassing these potential problems than buying a home with a gym already installed?
“Of course, the one drawback to having your own home gym is that they require space, not to mention a range of expensive equipment. This, unfortunately, means that homes boasting home gyms are often found at the top end of the market, and the premiums associated with them can be substantially larger than the cost of a gym membership.
“However, most modern property developments do now provide some sort of on-site fitness facility, and this can make them very attractive for both buyers and renters alike, as they provide a middle ground between a public and private home gym. In fact, around half of all rental enquiries we receive during the month of January specify they want such a facility, although this demand does tend to subside come February.”
Read More: Find out what to look for in a buy-to-let property with some of our helpful guides. Alternatively, you may want to learn more about freehold vs leasehold property investment.
