New tool to help ensure fair prices for Yorkshire's buyers and renters
Size matters when it comes to paying a fair price for property.
A newly launched guide will help ensure homes in Yorkshire and Humber are measured properly, for sales or lettings purposes, and that new buyers and renters are not paying more than they should for a property based on inaccurate floorplans.
In response to a disparity in how measurements are carried out across the UK - which can sometimes see agents adding areas, such as a detached garage or shed to a property’s overall measurement, in a bid to seek a higher rent or sale price - RICS has produced the ‘Measurement Matters’ guide.
It is full of helpful guidance - for those involved in the sale or lease of residential property - on what measurements should and shouldn’t be included in a home’s floorplan.
It also highlights the importance of consumers checking with the sales/letting agent(s) that the person measuring their property is qualified to do so.
TV personality and property expert Phil Spencer said: “The size of a home – whether buying or renting – can often make the difference in what a buyer or renter will pay for that property.
"Yet many companies measure the size of property differently and can notch up square footage by an extra 10%, which can result in them hiking the asking price or rent up.
“It’s vitally important that every room in a property is measured accurately so that buyers and renters pay a fair price, and RICS’ Measurement Matters guide offers just that; a consistent and transparent way of measuring and producing accurate floorplans using RICS’ mandatory Property Measurement Standard.
"In turn, this will create a fairer, more robust market place, and give buyers and renters the peace of mind that they are not paying for something they aren’t getting.”
RICS’ new Measurement Matters guide says a residential property’s floor plan must include accurate wall-to-wall, window-to-window measurements of internal rooms such as the kitchen, dining room/lounge and all bedrooms.
However, external areas such as balconies, decking, detached garages, outbuildings, as well as any uninhabitable basements/lofts should not be included in the overall measurement of a property, as this will result in a misunderstanding of floorplans that show a home to be larger than it really is.
Alexander Aronsohn FRICS, RICS Director Technical Standards said: “Residential property has been measured inconsistently in the UK for far too long, and there are significant variances in measurement depending on the standard adopted and the measured areas included.
“Our Property Measurement Standard, and new supporting guide aim to ensure anyone who purchases or rents a home, is doing so based on accurate information about the property.
"This is particularly important for buyers and renters looking for a home in urban areas where space is already limited, and at a premium. Above all, our guide will help to drive down the level of inconsistent and inaccurate measurement practices, which will have a hugely positive impact on the market place.”
For more information on the new Measurement Matters Guide