Property valuation costs can vary, but will largely depend on why you need your home valued. The four types of valuations you will commonly see for properties are estate agent valuations, RICS valuations, online valuations, and auction house valuations.
An estate agent valuation is ideal for a market appraisal when selling a home, but there are circumstances where only a RICS valuation will be accepted. This includes during mortgage application, Shared Ownership sales or during probate.
An estate agent's valuation is usually free, while a RICS Valuation can cost in the region of £452*. It may be tempting to opt for a free valuation, but this may not be the right valuation for your needs.
Summary: Which Valuation Do You Need?
| Valuation Type | Cost | Best For | Legally Binding? |
|---|---|---|---|
| Estate Agent | Free | At the start of your selling journey | No |
| RICS Valuation | £452* | Legal, financial, mortgage purposes | Yes |
| Online Valuation | Free | Quick estimates | No |
| Auction House | Free | Selling quickly via auction | No |
Compare & Save on Your Valuation Report Today
Regulated valuation surveyors
Used by over 1 million people
Estate Agent Valuation: Free
These are ideal if you're preparing to sell your home and want a market appraisal. Estate agents provide these to encourage you to list with them.
- Best for: Homeowners who've just started considering selling their property.
- Unsuitable for: Legal, mortgage, or shared ownership purposes.
Do Estate Agents Charge for House Valuations?
Estate agents usually offer a free valuation to incentivise you to use their services when selling your home. Even so, you’re not obliged to use the estate agent after having your home valued.
They will visit the property to get an idea of the overall condition, any obvious issues, the size and number of bedrooms and any factors that add value (such as a loft conversion).
They will also review the local property market, taking into account similar properties that have recently sold.
When Should You Use an Estate Agent Valuation?
Most sellers will arrange for a valuation to be carried out by the estate agent before it’s placed on the market. This is not legally required but it can give you a good idea of how to price your property.
An estate agent’s valuation should be used to give you a clearer idea of how much you can sell your house for on the property market. Where possible, you should use a handful of different estate agent valuations to help you decide on a listing price.
Are Estate Agent Valuations Accurate?
An estate agent isn’t a professional surveyor. They will guesstimate the valuation cost using their knowledge of properties and the market. A surveyor will look at the property formally and in more depth than an estate agent.
RICS surveyors provide unbiased valuations and as a result, their estimations can often be lower compared to those of estate agents.
Keep in mind that it is in the estate agent's best interest to suggest a high valuation price. If their fee is a percentage of the sale price, they will benefit from a higher market value if you choose to sell with them.
Compare & Save on Your Valuation Report Today
Regulated valuation surveyors
Used by over 1 million people
RICS Valuation: £452*
A RICS Valuation (also called a RICS Red Book Valuation) can be used for a wide range of reasons including sellers listing a property or buyers (alongside a Level 2 survey). It's also used by lenders for mortgage applications, for Shared Ownership homes and during legal matters such as probate or divorce.
- Best for: If you need a valuation that's accepted by banks, solicitors, or government schemes.
- Unsuitable for: You're just looking to sell and don't need formal documentation.
How Much is a RICS Valuation?
The average cost of a RICS Valuation is £452* based on the average UK house price of £292,000. However, our data found that prices can range between £394 to £561. The cost can vary depending on the value and property size.
Like an estate agent, a RICS valuer will visit the property and review the size, condition and any major concerns. However, unlike an estate agent, a RICS Valuation includes a basic report of the valuer's findings. Although it will not be the same amount of detail as a RICS survey, a RICS valuation can discover concerns such as structural issues.
This report can be used for legal disputes and proceedings, mortgage applications, tax planning and government Help to Buy schemes.
Additionally, these valuers will be accredited by RICS, meaning they are held to the highest standards in the industry. Their valuations will be fair, unbiased and accurate based on the current market.
To learn more see: How Much Does a RICS Valuation Cost?
*based on Compare My Move data
When Would I Need a RICS Valuation?
A RICS Valuation is a more comprehensive assessment of a property and is undertaken by professional surveyors. They can assess the property in more detail to provide you with a more accurate valuation price.
Many circumstances will require a RICS Valuation, and in these cases, an online or estate agent valuation will not be accepted.
The main reasons why you would need a RICS valuation include:
Selling a Shared Ownership property
Buying more shares of a Shared Ownership property
Selling a Help to Buy property
Valuing a property during probate
When required by a mortgage lender
Alongside a Level 2 survey during the buying process
Sellers wanting a more accurate valuation of their home
Compare & Save on Your Valuation Report Today
Regulated valuation surveyors
Used by over 1 million people
Online Valuations: Free
Online valuations are quick and free. They are estimated based on market data and recent sales and don't account for more specific characteristics of the property.
- Best for: A rough idea of your home's value in the current market.
- Unsuitable for: Legal or financial decisions.
When Should I Use an Online Valuation?
Online valuations are available via estate agents, mortgage providers and property portals such as Zoopla and Rightmove. These free instant valuations use your address and some basic information about the home to provide estimates of its current worth.
This is combined with the latest market data and advanced algorithms to calculate a home's value. Rightmove, for example, provides instant online valuations using data from HM Land Registry, Registers of Scotland, and listings on its site.
Auction House Valuation: Free
These are provided by auctioneers to assess what your home might fetch if put up for auction. This estimate is based on condition, past results, and current trends.
- Best for: Selling unique or hard-to-sell homes quickly.
- Unsuitable for: Traditional home sales or buyers.
What is an Auction House Valuation?
An auction valuation is an estimate provided by auction house valuers. It is determined by what they believe the property will sell for at auction, based on a range of factors, including the home's condition, past auction results for similar properties and current market trends.
Many auction houses offer a free, no-obligation auction valuation, with the hopes that you will use their service to sell your home.
When pricing the property for auction, there will be a guide price and reserve price. The reserve price is the minimum that will be accepted, with a guide price typically being 10% above the reserve.
Compare & Save on Your Valuation Report Today
Regulated valuation surveyors
Used by over 1 million people
Finding a Professional Valuer
When an online, estate agent or auction house valuation won't suffice, a RICS Valuation will likely be required. This will provide a more comprehensive assessment of your property and have in-depth market knowledge.
At Compare My Move, we can connect you with up to 6 surveying companies in the local area. Simply fill out our online form to compare valuation surveyors and save on your home valuation costs today.
All partners have passed our strict verification process and must be RICS-regulated firms.
FAQs
Does Getting a Valuation Tie Me With The Estate Agent?
Getting a valuation from an estate agent won’t tie you to them. Estate agents provide free valuations to incentivise you to use their services. Even so, you are under no obligation to choose them if you decide to sell your home.
When Would a Seller Use a RICS Valuation?
Many sellers will use an estate agent's valuation to list their home. However, if a buyer's lender values the home at under the agreed price, a seller may want to arrange their own valuation to counter it. The lender may consider this if the valuation is completed by a RICS valuer.
What are Automated Valuation Models (AVMs)?
Automated valuation models (AVMs) are increasingly being used due to their speed and accuracy. These can be used by a mortgage lender where the need for a RICS Valuation is not required. For example, if the home is relatively new and unlikely to be problematic. They are also used by property portals such as Zoopla and Rightmove.
