Some websites will try to forecast house price rises and crashes. How accurate will property website valuations be? Of course, the free home valuations won't factor in any improvements you might have made to your home, and because it simply focuses on a region, rather than a street or even a postcode, it will not give you an accurate assessment. If you want to see how much your home might be worth, there are several online tools to provide a simple guide based on fluctuating house values in each UK region. These aren't entirely accurate and they usually give you a wide ballpark figure.įree home valuation websites are a good place to start, but then you should look at several other options to narrow down that valuation figure.
They use data from the Land Registry to show you much the home sold for, but can also tell you what it is worth now based on an estimate. Some websites allow you to simply enter a postcode for a free valuation. How do property websites calculate property prices? Some more complex surveys cost £1000 or more. It depends on the size and spec of your property but expect to pay from £500. These surveys are normally carried out by a surveyor who is a member of the Royal Institution of Chartered Surveyors. It’s also a good idea to have a full structural survey before you do any major building work to your home. This type of survey is recommended if you live in an older property or one which may be listed or have unusual features. But you might want to have a more detailed survey known as a full structural or ‘level 3 survey’. What’s the difference between a valuation and a survey?Ī valuation is a very basic type of survey, and will give an estimate of what the property is worth. It wouldn't be worth making any big decisions based on it. If you do your research on several websites, you can reduce some of the margin of error. It's worth remembering that free online house valuations are unlikely to be accurate – they should just be used as a guide. There are a number of free online house valuation tools you can use to assess how much a home is worth, be it your own or one you're interested in buying. You can still get a fairly accurate valuation for free, but you will need to use a range of sources to give you the best chance of avoiding incorrect and out of date information. Paying for a property valuation is probably the most accurate way of doing so, but when you're just curious and want to know whether it's worth looking into buying or selling, it's understandable that you don't want to part with your cash for one. All new data gets added at different times, so what you see in the moment may not always be entirely accurate. However, the Land Registry doesn't always get updated that quickly. If you're just speculatively looking for a house valuation, then you can check websites that get their data from the Land Registry and other sources.įor example, many estate agents' websites will use data from previous home purchases in the area and the Land Registry, which is a register of home ownership and purchases. Mortgage lenders will give a valuation based on what they think it is worth, and usually costs an additional £100 or so, on top of your mortgage costs. Mortgage lenders will also provide their own house valuation, but again, this is something that will be done during the home buying process. Who can give you an accurate house valuation?Ĭhartered surveyors can give you an accurate house valuation, from upwards of £300 and the cost of the survey is a service people consider when calculating the costs involved in buying a home. You believe the value of your home has increased significantly since it was last valued You’ve had work done to your property, such as an extension or renovation Other reasons for needing a house valuation: If you're selling, home valuations can help you understand whether or not it's worth considering selling your home, or what price to set it at. If you're buying, home valuations can give you a better sense of whether you're getting a good deal or not. If you've got your eyes set on a particular property, then you could also check the house prices in the area to see how the seller's price compares. If you're buying a new home, check the home values in certain areas or streets so you can compare where might be best to move to within your budget. When would you need to get a property valuation?
You might want your own home valued so you can decide if it's a good time to sell, or to get a better sense of how much equity you might have in your home to get another loan.
A house valuation will tell you about the property and how much it might potentially be worth or cost to buy.ĭepending on where you go to get a home valuation, that information will be accurate enough for you to go ahead and make a home buying or selling decision.
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