Price Per Square Foot

[SelfDoIt]

I'm specifically interested in Edinburgh, but does anybody have data on PSF at the peak? I think that is going to be the only way of knowing what to bid on a property as the crash progresses. Look at PSF at the peak, do the maths and take of the % applicable to that stage of the crash.

Being of North American origin I find the square footage (or meters) of a property to be a much more useful measure of the size than the number of rooms. There are far too many new builds and conversions with titchy titch rooms. They should be worth nothing!

[SelfDoIt]

Actually I've just come across this, it is all UK average, but isn't dated.

www.nationwide.co.uk/hpi/historical/What_Adds_Value_06.pdf

[itsdave]

Being of North American origin I find the square footage (or meters) of a property to be a much more useful measure of the size than the number of rooms. There are far too many new builds and conversions with titchy titch rooms. They should be worth nothing!

I couldn't agree with you more! I'm primarily intersted in location, position of windows in the property, parking, and square footage. Just about everything else internal to the property can be changed if need be. Price per square foot offers something concrete and objective, which can then be considered against other more subjective factors when comparing property.

Currently looking at New Town, Bruntsfield, Merchison and Marchmont, but have no real idea as to a realistic price per square foot baseline for these areas.

Seems to be anywhere between £280 - £330 based on 'fixed price' asking prices being achieved, but this is only a very rough estimate.

SelfDoIt, did you manage to find out anything more? The only thing I could find was this bbc article from Feb 2004, which stated "The average cost per square foot of these top properties in Edinburgh is now £232, compared with £500 in London and in excess of £400 in Paris." Not very useful though!

http://news.bbc.co.uk/1/hi/scotland/3480669.stm

Edited October 23, 2008 by itsdave

[m4nclad]

I found this {old} post by searching google. I like dealing with things that are really tangible and a price per sq Metre or sq Foot really appeal to me. I've not really started a proper house search yet, just keeping close tabs on Rightmove until I get to the point that my STR fund will put me in striking distance of the type of house I want.

But am starting to think about criteria to help me compare and contrast and this is definitely something I would like to use.

Does anyone have any experience of estate agents having these numbers readily available on request, or is it going to be a case of calculating it from the room measurements and it adding it up manually?

[Muswell Hillbilly]

I found this {old} post by searching google. I like dealing with things that are really tangible and a price per sq Metre or sq Foot really appeal to me. I've not really started a proper house search yet, just keeping close tabs on Rightmove until I get to the point that my STR fund will put me in striking distance of the type of house I want.

But am starting to think about criteria to help me compare and contrast and this is definitely something I would like to use.

Does anyone have any experience of estate agents having these numbers readily available on request, or is it going to be a case of calculating it from the room measurements and it adding it up manually?

Fortunately in Scotland Home Reports are still compulsory, and there doesn’t seem to be any clamour to abolish them, as there was with Home Information Packs in England and Wales.

The Home Report should contain the floor area of the property, in square metres.

Unfortunately, EAs tend not to publish it in the property information which goes on the ESPC web site or in the schedule. I suggest asking the EA for the area of any property in which you are interested. Tell them they’ll find it in the Home Report!

[TTD]

How useful is an average price per sq ft or per sq m?

I'm tempted to say as useful as the average house price, i.e. it won't tell you anything concrete about an individual house.

[qwerty1984]

I couldn't agree with you more! I'm primarily intersted in location, position of windows in the property, parking, and square footage. Just about everything else internal to the property can be changed if need be. Price per square foot offers something concrete and objective, which can then be considered against other more subjective factors when comparing property.

Currently looking at New Town, Bruntsfield, Merchison and Marchmont, but have no real idea as to a realistic price per square foot baseline for these areas.

Many period properties on those areas are listed so you may be over-estimating what you can do to the internal structure?

As has been said before-as you look at more properties and see more home reports the price/sq metre becomes apparent pretty quick, as do outliers!

[TTD]

Many period properties on those areas are listed so you may be over-estimating what you can do to the internal structure?

As has been said before-as you look at more properties and see more home reports the price/sq metre becomes apparent pretty quick, as do outliers!

Do you find that properties in the same street or the same area give you a consistent price?

I looked at a few that are for sale near to me - taking the room sizes from the agents' schedules, rather than from the home report, I came out with -

3 bed detached bungalow - £2,501 per sq m

3 bed terraced house - £2,983 psm

3 bed end-terraced house - £3,263 psm

3 bed semi bungalow w conservatory - £3,571 psm

4 bed semi bungalow w extension - £2,846

These are all within a couple of streets of each other.

Whilst it gives an average price per sq m for the area of £3,033, the figures don't strike me as very consistent - the detached bungalow having a lower price than any of the others, for instance, where that would seem to be the most desirable property, being the only detached one.

[ccc]

Do you find that properties in the same street or the same area give you a consistent price?

I looked at a few that are for sale near to me - taking the room sizes from the agents' schedules, rather than from the home report, I came out with -

3 bed detached bungalow - £2,501 per sq m

3 bed terraced house - £2,983 psm

3 bed end-terraced house - £3,263 psm

3 bed semi bungalow w conservatory - £3,571 psm

4 bed semi bungalow w extension - £2,846

These are all within a couple of streets of each other.

Whilst it gives an average price per sq m for the area of £3,033, the figures don't strike me as very consistent - the detached bungalow having a lower price than any of the others, for instance, where that would seem to be the most desirable property, being the only detached one.

All similar condition ?

[TTD]

All similar condition ?

As near as makes no difference, judging from the online schedules. Haven't visited any of them, so appearances could be deceptive, but....

[Pole]

As near as makes no difference, judging from the online schedules. Haven't visited any of them, so appearances could be deceptive, but....

Ceiling height the same?

One of the main reasons I don't like modern housing - low ceilings.

[TTD]

Ceiling height the same?

One of the main reasons I don't like modern housing - low ceilings.

There's no split between modern/traditional either - they're all in broadly the same area and same vintage of construction.

[Pole]

There's no split between modern/traditional either - they're all in broadly the same area and same vintage of construction.

It could be anything like heating, windows, attic development potential, garden size, garage, drive size, view, etc.

The reason I'm always interested in square meteres is that when I go to look at a house and it says '3 bed' - it means nothing in terms of how big the house really is.

I saw 2 bed houses that were bigger than 4 bed ones. Number of bedrooms is totally irrelevant to me. If rooms are massive - they can be divided into bedrooms no probs.

[Alba]

The French calculate the value of property by sq metre.

Price per sq metre differs in terms of region, city/rural, apartment/house, old/new.

However, they usually apply this crude measure irrespective of the state of the building or the quality of the interior, which can lead to anomalies.

For example: There can be an apartment in a sound well maintained block with a nice interior. Next door a same sized apartment in a poorly maintained block with a crap interior can be priced very similarly by the estate agent.

Figures per sq metre are published for each region and property type and this generally dictates the price irrespective of differing condition and appearance.

[qwerty1984]

It could be anything like heating, windows, attic development potential, garden size, garage, drive size, view, etc.

The reason I'm always interested in square meteres is that when I go to look at a house and it says '3 bed' - it means nothing in terms of how big the house really is.

I saw 2 bed houses that were bigger than 4 bed ones. Number of bedrooms is totally irrelevant to me. If rooms are massive - they can be divided into bedrooms no probs.

I've seen very large georgian flats where the sitting room is over 450 square foot. However, there is absolutely no scope for dividing it as a) its listed and even if it wan't you'd either create 2 bizarrely long/narrow rooms or one room with no windows

[Alba]

I've seen very large georgian flats where the sitting room is over 450 square foot. However, there is absolutely no scope for dividing it as a) its listed and even if it wan't you'd either create 2 bizarrely long/narrow rooms or one room with no windows

Sometimes you can split the height if the ceilings are tall enough, and have a staircase up to a mezzanine.