Area Measurement – Why is Accuracy Important?

17th January 2022 | Dan Elliot

 

Why its Important

 

The built world is all around us, and it is only increasing further as we build more commercial, residential, and industrial property. This means that the value and potential rental income of properties is increasing as well, and for the people who own, invest, and purchase these assets their value is very important.

The value and rental income value are often determined based on the size of the property. This means that the measurement and calculation of these floor areas must be consistent and accurate. With some property in London costing up to £1,000 per sq ft, it is essential for all parties that the property is measured correctly. An incorrect report on size could have massive financial impacts.

 

How We Stay Accurate

 

In 2018 The Royal Institute of Chartered Surveyors (RICS) Property Measurement (2nd edition) professional statement was published which outlined the standards expected to be followed when measuring property. It incorporates the International Property Measurement Standard (IPMS) and the exiting RICS Code of Measurement Practice. This statement was introduced to ensure the measurement of property is consistent across all markets allowing for more transparency and confidence for investors and the like. Meaning all components of the building which are included and excluded during area calculations are the same across all markets.

Additionally, to this, the method of area measurement must achieve a required accuracy outlined in RICS Measured Surveys of Land Buildings and Utilities 3rd edition. Ensuring this accuracy is achieved also gives confidence that the floor area reported is correct. Small errors due to poor accuracy can compound over a large property and produce large inaccuracies which again will have a big financial impact.

If you are requiring an area measurement report on your property or would like to find out any more information, please get in touch with our team.