Do you know how much your house is worth?
Thu 28 Jan 2016
We’re bombarded by information on house prices all the time. Even if we’re not thinking about moving, we like to guess how much we’d get if we did. Paul Ivens, director a local property experts, Green & Co, asks ‘What’s stopping you from finding out?’
We’re always talking about the likely future of house prices. The press and media love to second guess what’s going to happen by looking at trends and patterns published by the various agencies and authorities. Will they go up, will they go down, will they remain stable? We all want to know. House prices are a national obsession and also a key driver of the national economy.
Even the most credible authorities tend to disagree on the direction of property prices, and sales volume, so where does that leave the humble house-owner? Well, unsure, to say the least.
The problem is the source of data that is used to make assumptions about the market is fickle. Land Registry figures record the volumes and prices of sales that completed up to about four months after the sale was arranged. But a lot can happen in four months – four interest rate changes and 120 days of media stories can make a vast difference to buyers’ opinions.
You could look at the figures supplied by property portals such as Rightmove. These can be a more accurate reflection of the current situation because they concentrate on the relationship between the changes in the number of properties on the market and average asking prices, and the number of buyers registering within the previous month. But of course, asking prices are actually no reflection of sale prices.
Then there are the figures provided by various estate agency chains. However, some of these can be biased because that agency might only specialise in a specific sector.
As a homeowner it’s good to keep up to date with how much your property is worth. Your mortgage provider likes to know every now and again. Quite aside from that, you might be considering an extension or thinking about releasing equity. Or perhaps, if the price was right, you would consider moving. But where do you start?
There is nothing to stop you inviting a local agent to value your home. As estate agents, we have to be acutely aware of what is happening in the local market at a given point in time. We have a responsibility to get it right for our clients and we take that very seriously. Ultimately, we find that the most reliable indicators lie in our ability to interpret the needs and comments of our buyers at local level. We know it is today’s buyers who determine the current value of your property.
Green & Co market appraisals are free. We are trusted, local experts so feel free to ask questions about current market conditions while our valuer is with you. We also have a dedicated Customer Relationship Team which is always on hand to deal with any queries you may have whether you are on the market with us or not.
So why not get an expert to value your property? There is nothing to lose and so much to gain – and that gain may be financial.