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How Much is Your House Worth?

Katie Cullen
Written by Katie Cullen
12th January 2017 (Last updated on Monday 13th November 2017)

The easiest way to get a rough idea of how much your house is worth is by searching for similar homes in your area on property portals like Rightmove and Zoopla. This will show you the price homes are being marketed at.

You can also check the Land Registry to see how much homes actually sold for in the area.

Estate agents are the best option for providing the best valuation of your house, as they will have a good local knowledge and understand exactly what your property should sell for.

While you want to make as much as possible from your home, it is essential to sell your home at the right price. However, it is important to remember that a house is only worth what a buyer is willing to pay.

This article will cover the following points

What Affects House Prices? Estate Agent Valuations Using Property Portals Land Registry Information How to Set a Realistic Asking Price

What Affects House Prices?

The value of your property will be affected by a number of attributes, including:

  • House age
  • Size
  • Number of bedrooms
  • Garage
  • Parking space
  • Structure
  • Wear and tear
  • Property layout
  • Garden
  • Fixtures and fittings
  • Local area

Your local area will have a fairly substantial effect on your property. This, in itself, includes a number of attributes that homebuyers will look for, including the local economy and what the local school are like.

Proximity to large towns and cities will bring in a good demographic of young professionals moving to the area.

Estate Agent Valuations

Estate agents are often seen as the best approach for finding out how much your property is worth. Their knowledge of the local property market is usually second to none, but be warned that some agents may offer high valuations as a way of drawing you into their services.

Use three or four estate agents from the local area to value your home. Again, don’t necessarily use the estate agent who offers the highest valuation, but use their valuations as part of your homework before making an informed decision. More than likely, your home will be worth the median or average valuation from the three to four you have received.

Using Property Portals

Property portals like Zoopla and Rightmove will indicate how much properties in the area are being marketed for, but do not necessarily reflect the price they will sell for. A survey from Which? revealed that 66% of properties in 2015 were purchased below the initial asking price. Likewise, 5% of properties were sold above the asking price.

Only use property portals as a rule of thumb when calculating the value of your property.

Land Registry Information

The government Land Registry is great for seeing actual sales prices, as opposed to asking prices on property portals.

While this won’t help you come up with an asking price, it is a good tool to see what you might expect your property to sell for. Enter your postcode or street name to see the selling prices of all the houses on your street or in the area.

How to Set a Realistic Asking Price

Use your knowledge obtained from property portals, the land registry and estate agent valuations to establish an asking price you are happy with. Your estate agent will usually help you with this.

It is quite common to add 5%-10% onto the price you would like to sell your home at. Doing so gives you good leeway when it comes to negotiations.

If you are not in a rush to sell, it might be worth marketing your home at a higher price first – you can always lower the price later if needed.

Likewise, if you need a quick sale, work out the minimum price you would hope to achieve when selling your home. Lowering the price may not necessarily leave you with less money – you can always make up the difference when buying your new home.