Thursday, 23 September 2021

Now you can value your property by the metre

Now you can value your property by the metre

ANYONE fascinated by property may want to pay a visit to a new website from the Office for National Statistics, writes Lucy Boon.

The web address is https://visual.ons.gov.uk/house-prices-how-much-does-one-square-metre-cost-in-your-area

Handily, you can use it to find out the price per square metre for property across England and Wales.

But the results are a painful reminder of the North-South divide.

In 2004 the price of a square metre of property in Hartlepool was £770. Today it is £987. Whereas in Richmond upon Thames, the same amount of space has appreciated from £3,391 to £8,175.

Displaying price data in this form indicates that the ONS is aware of the trend for judging the value of a property at any address based on its area in square metres, rather than the number of bedrooms. A study by Knight Frank, drawn up on this basis and aimed at Londoners longing to leave the capital, suggests Exeter and Bristol as the best prime location buys for space — while for its part Oxford offers the least value for money.

The site also has a calculator that enables you to find out whether or not it’s worth spending money on an extension. Go to: http://visual.ons.gov.uk/will-an-extension-increase-the-value-of-my-house

Standard Property typed in “RG9” to find out what extra floor space could be worth and it showed that just a small (15m square) extension to a house in RG9 could add an extra £60,000 to its value.

Crazy stuff.

Of course, the value of an extension will depend on many things — like the quality of construction, what type of room it is, and the exact location of the property. However, it offers a general average.

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