How much is my house worth?
Stewart Property Buyers shed some light on how you can find out how much your house is worth. We have been asked several times how valuations can be made so here is some help with a few simple pointers and tools.
Looking at what your neighbours paid for their house is a great place to start and is arguably the most accurate way to answer the big question of ‘how much is my property worth?’. Websites such as Rightmove and Zoopla hold this information, and it is free. It is not instant – it can take a few weeks to show after a sale, however it will eventually show. You can simply type into google – Rightmove sold house prices, followed by your postcode.
Other great sites that provide sold prices are Nethouseprices or Mouseprice, and will also provide pictures of what the property was like at the time of sale, basically the old estate agent listings.
Another way great way to find out how much your house is worth is to ask your local estate agent to provide you a free valuation. They will do this in the hope of signing you up to sell your house. You can use more than one too, then take an average. You can do this whether you are looking to sell now or in the future. You are not asking for a Home Report or Home Information Pack, just a valuation.
You can use Nationwide’s house price calculator – a quick tool that will give information based on your area or region. However, this is a little like a property index, which can give a good indication but is more like an average. It can also be a few months out of date, therefore may not be an accurate reflection of today’s house prices. http://www.nationwide.co.uk/about/house-price-index/house-price-calculator
Banks such as Nationwide and HBOS provide averages based on their mortgage business.
To find out if the average house price is going up or down in your area you can use the following websites, depending on your location in the UK:
England & Wales: https://www.gov.uk/search-house-prices
Northern Ireland: https://www.dfpni.gov.uk/land-property-services-lps
You can also keep an eye on For Sale boards in your area to find out what is going on. The following should give an insight to what is going on:
House sale in 2 to 4 weeks = a quick house sale area, one that is fast moving.
House sale in 6 to 8 weeks = a stable market
House sale in 8 weeks plus = a slow market
You could be in a falling market if:
1 in 10 houses are selling
Sold prices are 5 to 10% less than the asking price
You could be in a rising market if:
Over 4 in 10 houses are selling
Sold prices are 5% or more than the asking price
If you found this helpful all we ask is you like our Facebook page https://www.facebook.com/StewartPropertyBuyers/
If you need to sell your house but cannot due to the upfront costs involved please fill in out form, we can help you. You can also read our previous article covering this.
Thanks from the Stewart Property Buyers Team