Buyers face hefty premium for a home gym

The latest research by London lettings and estate agent, Benham and Reeves, reveals that nearly a quarter of homes with gyms currently listed on the market have already been snapped up by health-conscious homebuyers, but they’re having to pay a hefty premium for the privilege.

January is often the busiest month of the year when it comes to hitting the gym and it’s no surprise that more than 12% of annual gym sign-ups happen in January.

Benham and Reeves has analysed current for sale stock to see just how much a home complete with a gym will cost you if you want to avoid the gym this January without forsaking your fitness goals.

The data shows that there are currently 25,630 homes with gyms listed for sale across England. However, any buyer who is hoping to secure a home with a gym is going to come face to face with a hefty price tag.

Across England, the average asking price currently sits at £362,175. The average price for a home with a gym, however, is £475,000. This is a premium of 31%, or £112,825.

It’s worth noting that this large premium will be partially due to the fact that homes with gyms are likely to sit at the higher end of the housing market. While it’s not everyone’s idea of a luxury property feature, a good home gym requires space, not to mention an array of pricey equipment.

But there is some good news for homebuyers intent on a home gym and with the purchasing power to afford one.

Of all the homes currently listed on the market with a home gym, less than a quarter (23%) have had an offer made on them, or are currently sold subject to contract.

With such a low level of interest in the current market, those looking to purchase such a property are likely to have the upper hand when it comes to negotiating a discount.

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 and 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.”

Gym home demand and premium
Data sourced from Zoopla