How Much Is My House Worth?

Understanding the value of your property is always important.

There are plenty of factors that influence the value of your property. These include:

Type of property
Location
Property size
Economic conditions
Property age
Condition.

So being informed matters.

Read on to learn more.

Getting a valuation

A valuation is the easiest way to get an idea of your property’s value.

However, there are different kinds of valuation. Each has it’s own accuracy and implications.

Use an estate agent

Estate agents can value your home for free.

However, some estate agents don’t give accurate valuations. Many exaggerate so that you are more likely to hire them to sell it.

Use an online estate agent or property buyer

Online estate agents or property buyers often use desktop research to value properties.

The often use the Land Registry and comparisons to recently sold similar properties nearby. This enables them to cross-check valuations.

Use a conveyancer

You can contact an independent property valuer (i.e., conveyancer) to get an accurate estimation of your house’s worth.

In most cases, they will visit your property in-person and inspect it, before giving you their professional opinion.

Can I get a free valuation on my house?

Yes, there are plenty ways you can get a valuation on your UK property for free.

Most estate agencies offer this service free-of-charge, as do several cash house buyers (although, their valuation may be slightly below the typical market rate).

There are plenty of online calculators that you can use for free, too, that will give you a guideline to the value of your house.

How much are properties worth in the UK?

The value of your house will usually vary for as each year passes, and may also do so based on the seasons. For example, average house prices increased in a recent twelve month period to:

£304,000 (4.1% increase) in England
£214,000 (4.8% increase) in Wales
£185,000 (3.0% increase) in Scotland
£172,000 (5.0% increase) in Northern Ireland.

Ways to increase the value of a house

There are several steps you can take to increase your property’s value.

Add an extension

Firstly, an extension on your house will increase its square footage, and thereby the value.

Adding a playroom, conservatory or an additional bedroom (perhaps as a loft conversion) can all be useful for increasing your house’s worth.

Improve exterior’s appearance

As a second suggest, you may be able to increase your house’s value by improving the exterior.

Paying for a new driveway, making sure the garden is well-looked after, or removing any diseased trees can make a positive difference.

Fix issues

You may want to fix problems with your property, such as:

Broken windows
Rising damp
Structural cracks
Fading paint
Damaged roof.

But before paying for this work, you should confirm that it is worthwhile, and will add more value onto your property than it costs to do them.

After all, not all small fixes are worth doing.

Why is it important to know how much my house is worth?

The value of your property can be influential on the opportunities that are available to you.

Plenty of people downsize in later life to pay off their mortgage, or use the funds from a house sale to fund their dream retirement.

Understanding your house’s value can enable you to budget accurately for these things.

You should also be conscious of local market trends and economic conditions that undoubtedly impact your property’s value.

If you sell at the wrong time of year, then it can significantly reduce the amount that you receive for the house. However, you may not realise this if you don’t know your property’s true value.

It is also important to get more than one expert to value your house, as this can stop you being ‘led astray’ by an estate agent who exaggerates the valuation.