Why It Matters
Average Property Size
Summary
We have measured the average surface area (in square feet and square meters) of residential properties in all relevant postcodes, and broken down the residential stock in each postcode into five classes based on their number of bedrooms.
| Dataset | Explanation |
|---|---|
| Average size of a Studio or 1 bedroom unit (sq.ft) | This is an estimation of the square footage size one can expect for a studio or 1-bedroom property in this postcode. |
| Average size of a Studio or 1 bedroom unit (sq.m) | This is an estimation of the square meterage size one can expect for a studio or 1-bedroom property in this postcode. |
| Average size of a 2 bedroom unit (sq.ft) | This is an estimation of the square footage size one can expect for a 2-bedroom property in this postcode. |
| Average size of a 2 bedroom unit (sq.m) | This is an estimation of the square meterage size one can expect for a 2-bedroom property in this postcode. |
| Average size of a 3 bedroom unit (sq.ft) | This is an estimation of the square footage size one can expect for a 3-bedroom property in this postcode. |
| Average size of a 3 bedroom unit (sq.m) | This is an estimation of the square meterage size one can expect for a 3-bedroom property in this postcode. |
| Average size of a 4 bedroom unit (sq.ft) | This is an estimation of the square footage size one can expect for a 4-bedroom property in this postcode. |
| Average size of a 4 bedroom unit (sq.m) | This is an estimation of the square meterage size one can expect for a 4-bedroom property in this postcode. |
| Average size of a unit with 5 bedrooms or more (sq.ft) | This is an estimation of the square footage size one can expect for a property with 5 bedrooms or more in this postcode. |
| Average size of a unit with 5 bedrooms or more (sq.m) | This is an estimation of the square meterage size one can expect for a property with 5 bedrooms or more in this postcode. |
Definition
The linear measurement of the inhabitable buildings within the demise or bounds of the property as generally measured in accordance with the RICS Residential Agency Guidelines in both sq.m and sq.ft. This is measured from 1 bedroom properties up to 5+ bedroom properties in a postcode
General Commentary
Although real estate is a tangible asset, it can also be viewed as a “bundle” of intangible rights. These rights are to the services, or benefits, that real estate provides its users. For example, property provides owners with the rights to shelter, security, and privacy, as well as a location that facilitates business or residential activities. This concept of property as a bundle of rights is extremely important to understanding real estate. As you may know, the value of a bundle of rights is a function of the property’s property-specific characteristics, location-specific characteristics, and legal characteristics. The most important of the property-specific-characteristics is generally size. Size really matters. Other property specific-characteristics include the age, design, and construction quality of the property, as well as its shape other natural features of the land on which the property is situated. For residential property, location-specific-characteristics include convenience and access to places of employment, schools, shopping, health care facilities, and other places important to households.
Westminster has a high average property size (Photograph: Wikimedia Commons)
Trivia
The highest average property size of all the London boroughs are generally found in Kensington & Chelsea. The lowest is unsurprisingly in the City of London.
History
British house sizes have generally improved over the last two centuries. From the 18th to 19th century, during the British industrial revolution, poor British citizens (especially those living in urban areas) often lived in small poor quality housing stock. By the end of the first world war almost 80% of British people rented homes, with almost all of them from private landlords who could easily profit from renting overcrowded accommodation. Consequentially, Prime Minister, David Lloyd-George, set out to improve housing quality and stock by funding local authorities through the 1919 Housing Act to build council homes which were generally much better and more spacious than prior alternatives. Since the 1930s house specification data started to be extensively recorded, and consensus analysis shows that in the 1930s houses had an average master bedroom size of 15.34 metres squared. By the 1940s this decreased by 1.52 due to a need for more bedrooms in the wake of The Blitz during World War Two. The 1960s saw the 1963 Parker Morris Standards which enforced minimum room sizes that are still used today, but also an increase in tower block housing, with over 55,000 built between 1960 and 1965. House sizes generally improved in the later part in this decade, and from the 1970s to the 1990s the average master bedroom size was around 14.5m2, and in the 2000s this continued to decrease from the 1930s housing size highs. Surprisingly, the size of British houses has decreased from the 1930s, whilst living conditions have markedly improved.