HOME buyers are being overcharged by at least £34,000 because floor plans are claiming properties are bigger than they are, research has revealed.
A report shows estate agents often rely on outdated measurements that overstate a home’s size, which leads to inflated valuations.
spec.co Floor plans are claiming homes are bigger than they actually are, a report says
Property technology start-up Spec also found homeowners looking to sell can be affected, with estate agents occasionally undervaluing flats and houses.’GREAT HIDDEN SCANDAL IN THE PROPERTY MARKET’
The study shows homes in London are being both over and undersold by an average of £33,800, with the figure rising to £57, 697 when only houses are considered.
More than 300 homes in the capital were assessed. with researchers comparing the square footage listed on the floor plans with the result of a digital survey carried out by Spec experts.
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 poundsAnthony Browne
It found floor plans over-stated the size of the properties in 60 per cent of cases.
The area was miscalculated by an average of 54 sq ft per property – roughly the size of a small bedroom or study.
One in eight home s were understated by 100 sq ft, the equivalent of £57,697 in value.
Anthony Browne, Senior Advisor to Spec, described the scam as “the great hidden scandal in the property market”.
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He added: “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.”
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spec.co The scam has been described as ‘the great hidden scandal in the property market’
spec.co Home buyers are being overcharged by at least £34,000
spec.co One in eight home s were understated by 100 sq ft, the equivalent of £57,697 in value, the study shows
spec.co Floor plans over-stated the size of the properties in 60 per cent of cases