Homes are now 20% smaller
Ever get the feeling that everything is getting smaller and more compact?
From mobiles phones, computers to even bags of crisps it seems to be that a trend that less is more. This is also becoming true of property as well with “The Times” recently reporting that “new properties now more than a fifth smaller than they were in the 1970s”.
Their research has brought up a few interesting points and changes to the property landscape such as:
“The typical new home for sale in and around 20 British cities are a quarter the size of a tennis court, 65 sq m (700 sq f). Their size has shrunk every decade since the 1970s and is continuing to get smaller”.
“Living rooms are now a third smaller than in the 1970s, the biggest reduction, while kitchens have shrunk by a quarter and bedrooms and bathrooms by a fifth,”
With demand for housing increasing and supply not keeping up with the demand, this is encouraging developers to try and fit more houses onto their land to try and meet said demand for houses. However, this does come with negative consequences as Tom Copley, Labour housing spokesman on the London Assembly points out “The more homes you cram on to a site, the more profit you can make. But that drives up land prices because landowners demand a bigger share, which encourages developers to cut more floorspace. It’s a race to the bottom.”
Below are the size new builds in cities and how they compare to what the national average is.
We can see from this data where the areas are with smaller new builds and use this to predict future trends. If homes are getting smaller in certain areas, while the average size of a family is increasing, then we can assume that these families will be looking for bigger homes. This is then an opportunity to look into bigger houses for these people in that area, as what’s being offered isn’t currently suitable.
Learn to adapt to these ever-changing housing sizes and grow from an Amateur Landlord to a Professional Property Investor, by coming along to one of our FREE Property Investing Seminars (at varied locations across the UK).
With health, wealth and happiness.
The Fielding Financial Team