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TODAY'S OTHER NEWS

Space - the final frontier. Sellers confused and buyers don’t check

Barclays claims that property size and measurements are confusing home owners - and especially those considering going to the market this year.

A survey by the bank’s mortgage division claims that one in four owners don’t understand the concept of a square foot or square metre. 

Over half of homeowners and first-time buyers don’t know the size of their home in square foot or square metres. 

Furthermore, people often overestimate the average size of a UK property - which is a three-bedroom home according to the bank’s data. For example, when asked, most Brits believed it to be 40 per cent larger than reality. 

When searching for a new property online, some 69 per cent don’t check floor plans at all and simply judge a property by its photos. 

The result, says Barclays, is often buyer’s remorse. 

The survey found that over a third of homeowners wish they had moved into a bigger property than they currently live in and a quarter wish at least one of their rooms was larger.

It also discovered that 33 per cent stated that the size of the home is more important than the location and nearly half would choose to own a larger property over staying in their current area. 

Two in five surveyed felt worried over the Christmas period about having friends and family to stay due to a lack of space and 15 per cent were concerned their property wasn’t big enough for entertaining in general.

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