UK Homes Are Getting Smaller
12th December 2019 posted in Sellers Buyers
One interesting issue about new-build homes in the United Kingdom in the past decade is they are getting smaller. A study undertaken by LABC Warranty suggests the size of new-build homes reduced by four square metres since 2010.
The study examined average property sizes across 20 leading cities in the UK. The most startling finding of the study was that in the past 40 years, new-build homes have decreased in size by 20% — the typical new-build property averages 67.8 square metres. With the average cost of a UK property standing at £226,996; house buyers are paying close to £3,396 per square metre when they purchase property.
There has been a fall in the number of bedrooms in UK homes
There has also been a reduction in the number of bedrooms in UK homes in the past 40 years. In the 1970s, there was an average of 3.52 bedrooms, but these days, there is an average of 2.6 bedrooms in property.
There has also been a reduction in the size of the average living room. This stands at 17.09 square metres and is a reduction of 1.64 metres in the past ten years. In the same time-frame, the size of the master bedroom has fallen by 0.30 metres.
Smaller homes are more affordable and more can be built
There are many reasons for houses getting smaller. Smaller houses are more affordable, which means there is a more significant opportunity for people to afford a home, and step on to the property ladder. Also, when houses are smaller, developers have a chance to fit more homes into the available space they have to build.
Making each home smaller may increase the opportunity for an additional home or two on a plot of land. This increases the profit potential for the developer, so it is easy to see why commercial companies are inclined to take this decision.
Traditional Forest Hill homes are in demand
London is home to the sixth smallest properties in the country, with the average house size in the capital of 65.65 square metres. There are many reasons for buyers to opt for a new-build home, but with these properties being smaller than existing homes, you can see why there is a demand for traditional homes. Not only do these homes have character, they often offer more space, and space remains in high demand from buyers.
We believe some of the traditional properties in and around Forest Hill are exactly what buyers are looking for. If you plan on selling your house in Forest Hill, the space on offer is just one of the leading factors which grab attention.
At Hunters Forest Hill, we know selling your property is a difficult process, but we are here to assist you. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.