Not even an experienced estate agent can value a UK property with total accuracy. This isn’t an exact science — it’s educated guesswork.
Estate agents buy and sell homes every week, so they’re often best placed to estimate local property values. But this doesn’t mean you stop doing the guesswork yourself. Search the Internet for ways to “value my home,” and you’ll find plenty of resources.
Knowing the potential value of your home is essential. After all, if you don’t know how much your property will fetch on the open market, how can you decide whether listing it for sale is the best course of action?
Five ways to value my home
1. Research trends in the area
Take a look at recent house sales data on the Land Registry web portal. Look for details of houses similar to yours in design, age and size. Is there a trend in your neighbourhood? Does your house possess advantages others in the area don’t?
Once you have the sale price data you need, work out an average range.
2. Look for market forecasts
Property experts continually monitor the housing market for signs of upturns and downturns. Using current and historical data, these experts can make some pretty accurate predictions about where house prices are headed. The Financial Times, Hometrack and the Land Registry are great places to start your forecast research.
3. Assess local factors
The housing market is volatile and reactive. And it can differ from street to street in certain regions. In many cases, external issues beyond your control are responsible for these differences.
A new school, for example, could dramatically push up house prices in the catchment area. The addition of a new train station or a new road could also have a positive effect on house prices.
When valuing your home, think about what is happening in the area — and what is expected to happen in the future. If you can demonstrate to buyers that your area is going to benefit from new amenities and infrastructure in the future, you might be able to extract a premium for your property.
The most common issues that affect UK house prices include:
- Crime levels
- Environmental issues such as flood risk
- Transport links
- Local schools
- Local amenities
- Localised subsidence issues
- The neighbours
4. Get a free valuation on the Internet
There are several online resources that offer free, no-obligation house valuations. And in many cases, all you need to do is enter your postcode and the number of bedrooms your home has. This isn’t very accurate, but it’s a good way of starting the valuation process.
5. Ask an estate agent
Estate agents want your business. If they think you’re serious about selling your home, they’ll give up their time to value it. And their experience and knowledge are irreplaceable in this regard.
Only by using all of these five steps together can you hope to value your home accurately. And once you know what your home is capable of achieving, you can start to formulate a personalised house selling strategy.
But what do you do if you need to sell a house fast? What if quick cash is your priority? This is where Flying Homes can help. We buy houses directly from their owners for up to 100% of their market value. And because we allow you to bypass the traditional housing market, you may get the proceeds of your house sale within just two weeks.