Homebuyers risk overpaying for properties because of mistakes by estate agents in measuring floorspace. An FT investigation into the amount of floorspace attributed to properties for sale has revealed discrepancies of as much as 300 sq ft.
Of the 200 London properties recorded by estate agents, the
FTsurvey found over 50% had mistakes in the floor plans, compared with another agent selling the same property.
A decade ago price per square foot was rarely mentioned but now it is common practice in London.
"At OliverFinn, every property features a professionally drawn floor plan", says Christian Harper. "Floor plans are imperative for buyers to have a look around before viewing your property. Why should homeowners waste their time tidying up for someone who has no genuine interest?
Caveat emptor
"Although agents typically include a disclaimer that their measurements might not be precise, they cannot hide behind this to cover glaring inaccuracy or carelessness.” Here are some top tips for buyers:
- Bear in mind ‘caveat emptor’, let the buyer beware. It is a good idea to ask your surveyor to check the measurements of the property when the survey is carried out.
- If your offer has been accepted on a property, you can ask for it to be re-measured by the agent and if necessary, renegotiate the price.
- If you’ve already bought a property that was misrepresented, you can complain to The Property Ombudsman (TPO).
- The Royal Institute of Chartered Surveyors (RICS) code of practice allows a degree of error of about 1%.
The way estate agents measure properties to produce
floorplans varies: some outsource to specialist companies, some do it in-house, and others use a computer programme.
Of the 200 London properties recorded by estate agents, the FTsurvey found over 50% had mistakes in the floor plans, compared with another agent selling the same property.
A decade ago price per square foot was rarely mentioned but now it is common practice in London.
"At OliverFinn, every property features a professionally drawn floor plan", says Christian Harper. "Floor plans are imperative for buyers to have a look around before viewing your property. Why should homeowners waste their time tidying up for someone who has no genuine interest?
Caveat emptor
"Although agents typically include a disclaimer that their measurements might not be precise, they cannot hide behind this to cover glaring inaccuracy or carelessness.” Here are some top tips for buyers:
