Property valuation: how much is my home worth?

For most people, property is the most valuable asset they can own. Knowing how much your house is worth is an important feature in assessing your financial status, even if you are not considering selling. Valuations of house prices can vary significantly from source to source. This article assesses how best to value UK properties.

Search the web

Check the land registry. This can provide you with average house prices in your area. Search by one of the following: property type and postcode, county or unitary authority. This will give you an idea of the value of the property in your area. Use this to get an overview of sales around the country as well. Search around the web. There are many sites that will give home prices based on slightly different criteria. Several mortgage providers give home calculators for property prices based on sales and can be a more straightforward tool than the land registry. Look at websites that will give you a house valuation based on more details about your property and your area. This may just be as basic as number of bedrooms, though some will take into account added features, such as improvements made since last sale, private or communal gardens and parking capacity. Other factors may include local amenities such as schools and doctors. Beware of fluctuations. Check out forecasts for house prices, nationally and in your area. Also search for any difference in prices advertised in your area and actual sold prices. Be aware of any developments in your area that may affect your home valuation in the future.

Bring in the professionals

Searching the internet will give you a ballpark figure for your house, which may help your peace of mind, but if you are serious about selling your house, it is time to bring in the estate agents. Check their shop windows or websites to find out which company might be best for you. Word of mouth can also be an important tool in picking the right one. Get more than one quote. Ideally, three should be the magic number to give you a true sense of what your house is worth. Property valuations do not come under an exact science, but with enough research and three professional estimations, you should have a clear idea of what your house is worth.