Property value is primarily measured upon how much floor space you get for your money. This is what those in the industry like to call ‘£s per square foot’. But what estate agents will not and cannot do is evaluate a property’s hidden value, as this is personal to each buyer.
Hidden value could be ceiling heights, walking distance or local amenities. It is whatever you need to encompass your lifestyle, and it should be at the forefront of your mind when choosing a home.
Increasingly families are placing emphasis upon standards of living, ultimately choosing lifestyle over money. The London Evening Standard last year revealed scores of London dwellers are relocating to the city of Bath. Why? Put simply: if you apply the formula of £s per square foot plus hidden value, Bath comes up trumps every time.
Compare two properties – one in Notting Hill, one in Bath, both on the market in the region of £1.3m. The Notting Hill property is comprised of two bedrooms, one bathroom and one reception room, all laid out across 86.25 square metres. Contrastingly, the Bath property is a Georgian townhouse boasting five bedrooms, four bathrooms, two reception rooms and a garden, with a foot print of 282.90 square metres. Evidently, you get more bang for your buck in Bath.
A recent Zoopla report revealed the average per square foot for a detached property in Bath is £291, compared with £1,333 in Notting Hill. The difference in price is truly astonishing.
As Christine Penny says, “Bath is a hidden gem and has been for centuries. The lifestyle it offers is truly priceless. So next time you’re measuring the value of a property, look at the £s per square foot, and then look beyond the particulars and consider what the hidden value means to you.” You may subsequently find your property search takes an entirely different direction, as like us, you may realise that compared to the suburbs of London, Bath is a far more attractive location.