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Free House Valuation Tools Online UK
Online House Valuation
Homeowners looking their sell their houses or use them as an assets for a loan or remortgage will be eager to know their value. Many turn to online property valuation services to get a quick understanding of how much their house is worth. We explain how to get a professional online house valuation and alternative means for valuing property offline.
Market Value For Your Home
What does market value mean? Property makes up a specific market in today's economic climate and, like any market, prices and values go up and down frequently depending on certain market conditions. In recent years, the property market in the UK has taken a downturn that led to rapidly decreasing prices. Housing markets can be looked at in general, such as country-wide trends, or specifically, such as the market value in your local town or neighbourhood. Market value relies heavily on demand and the number of buyers looking for properties in your area. Factors such as being in the catchment area of a popular school, within commuter distance of a major city like London, or a short walk or drive from a train station can make a huge difference in terms of market value. Online private house valuations are a great place to start if you want to work out the current market value of your home.
Factors for Valuation
In order to determine an accurate price for your home via the means of an online property valuation, you will need to enter certain parameters. The most obvious features of your house that affect price are its size and number of rooms, and available land. Generally speaking, larger houses with more land are worth more money than small properties with no garden. When filling in a house valuation questionaire, you will be asked about the number of bedrooms in your home, whether you have a garage, how many storeys your house is and many other questions that help determine value.
Location is another major factor when it comes to calculating the value of your home. Online valuation engines will usually request your postcode, which is specific to just your road. By correlating your property specifications with its location, property valuation tools will spit out a surprisingly accurate value for your home.
Online House Valuation in the UK
The most popular free online property valuation service in the UK is Zoopla.co.uk. Using millions of historic and recent house sales figures, Zoopla calculates current market value and spots house sale trends. You can use the tool by first inputting your postcode or street name. With just your postcode, Zoopla gives you the average house sale price for your street by simply adding up all the values from recent sales and dividing by the number of properties sold. For large streets of similarly-sized properties, the results are remarkably accurate. You can then narrow down the search by specifying your property type (detached, semi-detached, terraced or flat). A more thorough search can be carried out by adding more specifications including available parking, number of bedrooms, condition and central heating type.
There are many other free tools and online valuation services for the UK market, including NetHousePrices.com, which takes its figures from the government's Land Registry. RightMove has a useful property comparison report feature that lets you look at old listings to see the specifications of sold properties and get a better idea of what buyers paid for.
Land Registry Data
For the official source of house valuations in England and Wales, head to the Land Registry website. Homeowners in Scotland can get their data from the Registers of Scotland website. It takes around 1 month for recently sold prices to hit the records, and there are many useful sales statistics to glean information from. There is also a heat map feature that shows areas of high and low price change in the last 1 to 5 years.
Alternative Property Valuations
The most popular way to obtain an accurate house valuation without the use of the internet is to consult a local estate agent. You can find the contact details of estate agents by looking a local newspaper for listings; by walking down the high street of your nearest town you will also come across a number of agents that operate in your local area. Most will be happy to give you a free valuation and will come to your home to get an idea of its size and location. Estate agent valuations can be more accurate than online valuations because there is a human involved to make logical decisions. For example, if you live on a small road where only a handful of properties exist, there may not be enough data present in sales statistics to provide an realistic valuation. Estate agents also have the edge when it comes to determining levels of demand for your home type, as they have access to buyer data and request rates that cannot be matched by sales figures.
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