Consider moving the current bathroom to the bedroom beside and make a small en-suite and extend the bedroom.

This is very tricky. The large current master with the bay window is the best bedroom by far. If you steal space from it you will lose the storage on the shared wall and make an attractive room much more compact. I would childproof the doors properly and put a safety railing up on the balcony, or could your child have another of the bedrooms? I would keep the large master and turn the small bedroom next to it into an ensuite. This will be very expensive as the wall is loadbearing and it is not on the elevation with the existing bathroom. I really think 5 bedrooms and 1 bathroom is not the correct ratio. I would also hesitate to destroy the most attractive master by reducing it. I would find an architect to see what fantastic ideas they come up with. I assume the garden is south facing. Good luck.

If you only have one child, put them in one of the other bedrooms. Then move your bed into the balcony bedroom but keep all your clothes in the current bay bedroom and use it as your dressing room. I'd put a bed in there too so it can be the guest room, but as long as you don't have guests all the time it'll be a fabulous dressing room - leaving your new balcony bedroom as a place just to sleep - and wake up with the view. Especially useful if one of you gets up much earlier than the other - leave the bedroom, use bathroom and dressing room and never have to disturb the partner still sleeping. I would do this as a temporary measure to see how you like that balcony bedroom - and also to try it out for size. Of course you can move that stud wall and make the doorways work to enter both bedrooms from the hall, but might be worth checking how much space you actually need first.

Thank you to all for taking the time to reply.
I appreciate what you’re saying, it is a very quirky house to say the least! We only moved here two years ago and the previous owners made all of the changes.
We don’t have the budget right now for big changes like bathroom renovation or adding an en-suite. I think it would be costly and that’s why the previous owners didn’t do it.
I was just wondering if there was potential to perhaps extend that room with the view, for a couple of grand. Just want to utilise the view really.
We have just realised that floor plan is wrong- you access all of the bedrooms and the bath room from the landing. The balcony is accessed from the bedroom.
The wardrobes in the master are not built in.

Agree go with HA’s recommendation.

Wow, what a beautiful view! I’d definitely want that bedroom 😊 Do you need five bedrooms? I’d be tempted to simply move the wall between the two main bedrooms back, to make the balcony bedroom bigger, and put a connecting door in - if your budget is limited at the moment you could use that room as a dressing room or office, and when you do the next phase you could make it a fabulous en-suite with a freestanding bath in the bay window, walk in shower, etc.

Do you need so many bedrooms? If you are staying, why not consider losing the small bedroom (7’11” x 6’7”) on the landing altogether. It’s a very small bedroom anyway. You could then create a new stud wall to make a bigger master and have a new door from the landing into the bedroom you’ve pinched the space from. This would give you access to the master bedroom from the landing as well. It would give a beautiful big landing that could always double up as a lovely reading area or open plan office space. You should also consider opening a doorway into the bathroom from the landing. These changes won’t be that costly. Very unusual layout at present.

Alternative

Similar to an idea above… involves switching some doors around and building in walk in wardrobe space