Before selling your property, you will need to understand its current market value. A property valuation, also known as a market appraisal, will provide a guide price for putting the property on the market.
Property valuations differ from mortgage valuations, which are usually carried out by a surveyor once an offer has been made. Mortgage valuations take into account the structural integrity of the building and help buyers and mortgage lenders verify the value of the property for lending purposes.
Before inviting an estate agent to make a property valuation, you can prepare yourself by conducting your own research. Look into the approximate value of your property; you can do this by searching this site for the average sold prices in different postcodes, or run a property search and use the recently sold tab so see the sold prices in your area.
To get more detailed information and advice, you will need to speak to an estate agent in person.
How are house prices estimated?
Your estate agent will carry out the market appraisal, this is usually free of charge (KFH offer this as a no charge advisory service), and will use their knowledge of the market to assess the property’s value based on the following considerations:
- Market demand
- The size and aspect of property
- The age and type of property
- The fixtures and features of a property
- The property's construction and state of repair
- The position within the area and the surrounding amenities available
- The tenure, tenancies, services charges or any other liabilities
It is important to remember that London pricing can move quickly and a property valuation is completed at a point in time. The price your estate agent suggests you should market the property at will therefore be the asking price and may not be the price that a buyer eventually pays, which could be higher or lower than the valuation.