House prices blog

Property valuation experts all encourage buyers to stop quantifying the size of flats and houses by their number of bedrooms. Instead of this, buyers should take the more statistically rigorous approach of measuring floor space.

It’s often hard to gauge how big or small a property is compared to others. Some are cleverly designed or just deceptive. Working out the net internal floor area and applying a cost-per-square-foot gives a more accurate basis for valuations, rather than gut feel or guesswork.

• Internal floor area is a more reliable indicator of value than bedroom numbers

• Always ask your estate agent the internal floor are e.g. number of square meters (sqm) or number of square feet (sqf)

• Price per square foot £/psf (price per square meter £/sqm) is the best way to compare value between two or more properties

• Many factors can affect the value:

• The smaller the property, the higher the cost-per-square-foot

• In new build properties, £/psf is higher on top floors because of the views

• Location will have a big affect on £/psf

• Condition, interior, lease-length, ceiling height, service charges and ground rent can all have an effect.