Residential properties in London are being wrongly valued due to outdated measurement techniques used to measure floor space, it has been claimed.
Residential properties in London are mis-sold by £33,800 due to outdated and inaccurate property measurements, according to a property technology solution, Spec.
The start-up has released a new White Paper entitled Risks and Costs of Mismeasurement in Residential Property which suggests that the average London house is mis-sold by £57,697 due to the discrepancy in size across all properties.
A survey of more than 300 residential properties across the capital found that not one was marketed with figures for overall floor space accurate to within 5sq ft.
Across the entire sample, the average inaccuracy for flats was 32sq ft, which is equivalent to £20,039, and for houses it was 92sq ft, worth £57,697.
Anthony Browne, senior advisor to Spec, commented: “This is the great hidden scandal in the property market. For almost everyone, their home is the most valuable thing they ever buy, but they usually have to rely on very inaccurate and misleading measurements that could affect its value by hundreds of thousands of pounds.
“It is ridiculous that when you buy a pint of beer or a pound of sugar you know exactly what you are getting, but when you buy your home you don't. The size of a home clearly affects its value, so it is essential that the measurements are accurate.
“For prospective homeowners, it is essential that they obtain accurate size measurements for properties that they are buying. Previously that was technically difficult and prohibitively expensive, but with new 3D capture technology such as Spec, it is now quick and affordable to provide highly accurate floor plans, giving buyers and sellers peace of mind about the true size of their property.”
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