The latest government figures have shown that UK house prices continue to boom, with parts of Ayrshire suffering some of the highest rates of increase.
According to the Office for National Statistics, in February the typical UK home was priced at £277,000, £27,000 more than a year ago, a 10.9 per cent rise.
While the figure for England was higher than that at £296,000, inflated by the greater cost of homes in London and the south east, the typical Scottish price was 11.7 per cent higher than a year earlier, at £180,822.
For East Ayrshire, however, the increase was much greater still, with the highest increase in mainland Scotland at 20.1 per cent. South Ayrshire also saw a hefty jump at 16.9 per cent. Only the Orkney Islands (20.9 per cent) saw larger increases than the two Ayrshire authorities.
This means anyone thinking of upsizing in this area could be facing a far bigger financial challenge than a year ago, which could put many off.
However, there are alternatives. Now may be the time for East Ayrshire residents to find an architect in Kilmarnock to fit an extension. This can be a much more cost-effective way of adding more housing space.
Moreover, by doing it this way it can fit with your own desires and ambitions, whereas desperately looking around Ayrshire for a new home you can still afford could involve being forced to make all sorts of compromises on matters such as design, location and garden size.
There are many who believe the house price boom cannot last, especially with inflation squeezing incomes so much. Last month, Nationwide economist Robert Gardener said: “It is likely that the housing market will slow in the quarters ahead,” noting both the impact of inflation and the likelihood that the cost of borrowing will be raised again by the Bank of England soon.
A significant correction to the housing market could at least curb price rises, or even send them into reverse. But with an extension, your home’s value will rise, providing an extra reason to do it as an investment in the future