Valuing a property is as much an art as it is a science, but that is no excuse for not taking advantage of all the sources of hard factual information that are now available. It can be hard to explain why a property in one street sells for much more than a similar property in a different street. Before putting a value on your property it is important to get a feel for the market by doing your research.
Visit all your local estate agents and gather up any details of properties similar to your own
Don't be afraid to ask questions. Estate agents can tell you if your type of property is selling quickly, at what price and to what type of buyer. They can also tell you how many viewings on average it is taking before properties are sold, and what percentage of the asking price sellers are achieving. This is all vital market information which will help you set the price.
Ask three estate agents to value your property
Even if you are selling your property privately , it is not wasting estate agents' time to ask them to value it. Most estate agents provide free valuations and you are under no obligation to instruct them to sell your property. Also, good estate agents keep an eye on the properties they have valued, and, even if they are not instructed, may approach you if they have a buyer who could be interested. In these circumstances, you can negotiate a lower fee, say, 0.5 per cent, or a flat fee of say, £1,000, if this results in a sale.
If your property has potential, it is useful for buyers to know how much the property would be worth if, say, the loft is converted or the kitchen extended. Estate agents can tell you how much your property would be worth if certain improvements were made. Get them to put their valuations in writing.
View as many similar properties as possible
While you are property hunting for your next home, you could slip in a few viewings of properties similar to the one you are selling. Use the opportunity to ask the seller what their viewers have liked about their property.
Use local statistics
The Land Register Online publishes the selling price of every property sold in England and Wales; this information is available online for a fee of (currently) £2. If one or more similar properties to yours have sold recently, it is worth checking the sale prices with the Land Registry. For this all you need is the address and the postcode. If you have the address but no postcode, the Royal Mail website has a postcode search facility.
The Land Registry also publishes detailed information online on average property prices for different types of property in every postcode, minus the last two letters. Data is available for detached, semi-detached and terraced houses, flats/maisonettes, and the average overall price. You can also try the website upmystreet.com which gives details of the latest prices in your area.
For Scottish property, the Registers of Scotland agency website provides similar services and information. A number of internet-based services exist to monitor local property prices and trends nationwide. Some information is available free but you may have to pay for more detailed reports.