How to Value my House

Knowing and understanding the value of your house is an essential first step in selling up.

Too low, and you could leave money on the table. Too high, and you could put off potential buyers. You and your estate agent need to have an accurate idea of the property’s value — in relation to the current local housing market — to entice the right buyers.

Even if you’re not considering selling, a property valuation can be an important factor in insuring and remortgaging — or you could just be wondering: “What is my house value?”

How to find the value of my house

Property valuation is based on a combination of factors, which we’ll explore in more detail throughout this post. Key things to consider for property valuation include:

• Property size
• Property age, condition, and potential for upgrades
• Other features, such as parking, outdoor space, storage, period characteristics, and energy efficiency
• Location
• Comparable properties on the market
• The wider economic climate

Understanding Market Trends

Market trends are the factors outside of the property itself that can have an impact on its valuation. This can include everything from the wider economic climate and national trends in house prices, to the sale price of the house next door.

Market trends are predominantly affected by economic factors, such as the supply and demand of houses available, interest rates, and overall employment and average household incomes.

So what is the housing market trend in the UK at the moment? Research by JP Morgan , for example, has found that, despite UK house prices soared over the past two decades (and even more so during the pandemic), “they now appear to be broadly stabilising.”

Of course, market trends do vary by location. London properties, for example, are notoriously more expensive than those in the North. Even within individual boroughs and cities, the impact of location and demand can vary hugely.

The reputation, type and availability of amenities (such as schools and shops) and green space, transport links to major cities, right down to the condition and value of the immediate neighbouring properties, can all play a major part in the valuation of a property.

Equally, demand (the people who are in the market to purchase a house) and supply (the available houses for sale) can also be a key factor in the valuation of your property.

Factors Affecting Property Value

Of course, there are also factors intrinsic to the property that will affect its overall valuation.

Property size

Both in terms of the square footage of the floorplans, and number of rooms and bathrooms.

Property age and condition

While some period features can add value, your valuation may also have to factor in projected costs to make any essential improvements (for example, replacing a boiler). In these cases, it can be worth exploring whether making the improvements before selling could add more value than it costs  

Potential for upgrades 

The potential for renovations might reduce the value of a property, for example, but the potential for additions (such as space to build an extension, or a loft suitable for conversion) may add value.

Additional features of the property

Period features, and other aspects that make a property unique, can all add value. So can features such as parking, outdoor space, storage, and even energy efficiency.

Methods for Valuing a House

There are two key methods you might use to value your property. In fact, you might want to use both. You could start with online valuation tools to get an initial idea of the value, and then seek a professional valuation for more accurate and reliable insights.

Online valuation tools

There are a number of online property valuation tools out there. They can be a quick way to get an initial idea of the value of your house.

Online valuations however, always have limited reliability. There can be a lot of nuance involved in house valuation, and online tools can’t go into the level of depth needed for an accurate appraisal.

Professional valuations

No one knows the local housing market like your local estate agent. Online tools are fine for a quick estimate, but if you want an accurate valuation — based on your house — a professional appraisal is the way to go.

By engaging a local estate agent, you know that you’re speaking to a professional you can trust to give you a reliable and realistic valuation of your property.

The Role of Estate Agents in Valuation

An estate agent will come out and visit your property as part of the appraisal process. On site at your property, they will get a thorough understanding of its condition, unique features and location.

They will combine this first-hand knowledge with insider insights on the local property market, including recently sold house prices and land registry information to give you an accurate and reliable valuation of your property.

How much does a house valuation cost?

With Home & Manor estate agents: Nothing! We offer a free, no obligation home valuation so that you can understand exactly what your home is worth.

And you can (literally) take that to the bank. Home & Manor estate agent valuations are accepted by mortgage lenders for remortgage purposes, and can also be used as a starting point for the property sales process.

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There are so many factors that can impact on your property value — from its size and location, to its age and even outside market factors. It’s no wonder that automated online tools can’t give you the kind of accurate valuation that your local estate agent can. Whether you’re selling up, remortgaging, or just curious about the value of your property, you can get a free appraisal from Home & Manor.