Property News

What do you look for, when Considering the Value of a Property?

Emily Morley - June 21, 2019

New research by YouGov and property measurement service Spec has looked into the most important factors considered by prospective homebuyers, when it comes to property valuation.

This research has concluded the two highest-ranking factors to be property size and accurate measurement.

This survey took into account the views of 2,025 people across the UK, with 70% of respondents considering accurate measurement of a property to be very important. 91% of those involved went for the next option down of ‘important’, bringing Spec to the conclusion that this is a rather significant factor for homebuyers.

Spec has also highlighted that, of those surveyed, a resounding 83% of respondents listed property size as the factor they value as most important when it comes to the valuation of a property. This was followed by 68% choosing damage from wear and tear as their most important factor to consider, and a further 66% opted for age of the property.

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.”