The UK property sales market is more challenging today than it was in the high volume sales period that peaked in 2007. Today it can be frustratingly difficult at best, if not impossible to gain mortgage finance and this is an issue in itself but before a would-be seller places their current home on the market there is the question of determining the right asking price to go to market with.
Traditionally first port of call would be to invite a few local estate agents round and let them offer their advice, however seeking agents advice comes with certain risk of an agent deliberately overvaluing or telling the seller what they want to hear in order to secure instructions to sell. It should be remembered that most estate agents provide their services under minimum term contracts, many between 12 – 24 weeks and therefore once signed the choice of changing agents is not an option, so a wise seller would do themselves no harm by validating valuation advice.
So how can a seller undertake their own independent sales valuation? The answer is to use one of the many free on-line tools that provide estimates, one such tool can be found at Archant property portal homes24.co.uk. The tool entitled ‘HomeValues’ is powered by Zoopla and operates using a powerful algorithm, taking and blending UK land registry sold price data from 1996 with published marketed property values and direct home owner data.
The result of this algorithmic approach is that value estimates provided are, in the main, refreshingly realistic but also need to be accompanied with a health or should I say wealth warning! It should be understood that there is no exact science for valuing a home; many other factors influence property value. Examples, a buyer wishing to purchase in a particular area may pay a premium if there is only one property available and a pure mathematical valuation does not take into consideration local environment changes such as development which may or may not have a positive effect, this is where an agents local expertise comes into play by having an idea of the buyers in the market place or an awareness of localised factors influencing price.
So if you or your know someone who is thinking of selling or indeed buying wanting to get a handle on local pricing to individual property level take a look at Home Values at homes24.co.uk.
Commercial Director – Archant Homes24