Regulatory bodies failure costing home buyers thousands

There needs to be a significant shake up of the UK regulatory system relating to the accurate measurement of property with data showing average houses in London being wrongly measured by an average of 92 square feet. Spec, the UK’s only fully certified, millimetre accurate property management systems is calling for change after its analysis found that buyers currently face a discrepancy in valuations estimated at £119 billion in London alone. The figures published by Spec have been by the supported by the Royal Institution of Chartered Surveyors (RICS), which recently published its own report on the importance of measurement. Under the RICS code of measuring practice, which is considered the industry benchmark, an error of around 1% in measurements is typically allowed. However, RICS has found that the error rate can be as high as 60%, indicating that this standard is being breached regularly at an alarming level.