Property expert Simon Barnes explains why big isn’t always best when it come to buying property in Prime Central London
“The obsession with digging deeper or adding extra floors to create more space and assuming that this will add value, is a current trend in Prime Central London. In the past, buyers would enquire about properties based on the number of bedrooms, reception rooms and how the space flowed, the property’s overall layout and number of floors.
The shift to the emphasis of ‘square footage’ dates back to the mid ’90s. In the Far East during this period, developers were pre-selling developments off-plan, primarily to investors, where all the flats were identical in layout. In Hong Kong a typical new build two bedroom flat would be around 200 sq.ft, whereas in London it would be double that. That’s when the trend for basing value on the amount of square feet first emerged in London. Over recent years, the growth in the UK new build residential market has certainly influenced the focus on square footage because flats are getting smaller, so square footage becomes more important. “
You can read the full article here: http://simonbarnes.com/big-isnt-always-best-come-buying-property-prime-central-london/