More than half of all UK homeowners have no idea of the size of their own property or of one they view online as a buyer.
New research from Barclays Mortgages has revealed that 57 percent of people don’t know how big their property is in terms of square footage or metres.
Meanwhile, a quarter (25 percent) don’t actually understand what a square foot or a square metre is.
Over-estimating home size
One in five confessed they had struggled to fit all their possessions into a new home because they had over-estimated its size. And more than a quarter (28 percent) even had to return furniture because it didn’t fit in a new home.
The research also showed that almost two-thirds of home buyers don’t look at floor plans when house-hunting, concentrating only on the images in a schedule or online. As a result, buyers waste four days looking at properties that are too small for their needs.
Baffled by standard measurements
However, a third of those quizzed on behalf of Barclays Mortgages said the size of a property mattered more when buying than its location.
In 2020, a third of homeowners (33 percent) will be looking to move home. But many are baffled by the standard measurements that reveal a property’s actual size.
That leads to home buyers over-estimating the size of an average home with most believing a three-bed property to be 40 percent bigger than it really is.
Struggling to judge space
Hannah Bernard, head of mortgages at Barclays, said: “As more of us look for properties online, it’s interesting to see how, as a nation, we’re struggling to judge how much space there is.
“It’s important to think about whether you need more space in a new property or if you can simply extend your home to suit your needs.
“We understand the factors that need to be considered in these circumstances. We want to help families stay in control of their finances as they plan for a change in their home.”