According to a survey of 2,025 people across the UK the accurate measurement of property was a significant factor for respondents: 70% of respondents considered accuracy to be ‘very important, while 91% of respondents stated that accurate measurement was ‘important’ to them.
Of those surveyed, a resounding 83% of respondents listed property size as their most important consideration when it comes to property valuation. This was followed by 68% of respondents viewing damage from wear and tear, and a further 66% of respondents listed the age of the property to be their most important consideration.
James D Marshall, Founder and CEO of Spec, said: “What this research indicates is that property size is a much more significant factor for homebuyers than initially assumed. Even more surprising is the importance of accurate measurement - customers clearly don’t want to base their purchasing decisions on a rough estimate.
Our research found that in London alone, the average discrepancy across all properties (including flats and houses) we analysed was 54 square feet, which is the equivalent of a small bedroom or study. In houses the average discrepancy was 92 sq ft. There is clearly a real opportunity for intrepid estate agents to stand ahead of the crowd and provide a solution that customers are crying out for.
It also gives agents the opportunity to insulate themselves from possible legal action, as agents falling foul of CPR legislation related to property measurement can face significant fines or up to two years in prison.”
