Investing in property in the UK, either as a home for yourself and your loved ones or as an investment for your future retirement, is a long-term strategy that can be appealing.
As the property value UK market keeps growing, so do the challenges of finding the correct value of properties in the UK. Hence, this article is dedicated to helping you discover how best to value your property in the UK and equip you with helpful tips concerning UK property valuations.
What Contributes to Property Value?
Whether you’re selling or purchasing a home or an investment property, think about how much the property is really worth and how to value property. What willing homebuyers find attractive, helpful or valuable influences the value of your property is vital information. Nonetheless, every buyer is unique. Listed below are some of the most notable factors that are more likely to influence the value of your property.
1. Real Estate Comps
“Comps” simply means similar houses within your vicinity. These properties have an equivalent value to yours. By looking at the selling price of these comparable homes in your neighborhood, you can roughly determine your property’s value.
Location is crucial if you’re looking to sell property in the UK.
“What’s the location of your house?” “What is it close to?” are examples of the kind of questions that may be in the mind of any potential homebuyer. Generally, the notable key factors people look out for regarding location are:
- Nearness to local schools and their standards
- Closeness to recreation facilities, motorways and shopping centers
- Employment opportunities within easy reach
The further removed your property is from the factors mentioned above, the cheaper the value will often be.
3. Property Size and Accessible Space
The size of your property is a critical factor that influences its market value. A larger property can increase the value of, and house prices can be calculated roughly by multiplying the total size of the house by the price per square foot.
Also, the volume of usable square footage in a property impacts its value. Garages, basements and lofts are among them. However, functional rooms entice buyers. The bedrooms and bathrooms arguably have a high influence on value. The more bedrooms and bathrooms your property has, the higher its future value can be.
4. Age and State
Age is another critical element in assessing the value of a property. The usual trend is that the newer the property is, the less likely it is to need repairs. That makes it appealing to buyers Besides age, property buyers also consider the condition of the property.
Having taken a look at the main things that affect the value of properties to ensure you get the best deals in the optimal market situations, we proceed to the seven most useful sites to use to value your property.
7 Sites to Use to Determine Your UK Property Value
Pros: Zoopla is a fantastic website with an even better app. It’s packed with essential resources, like home valuation assessments, local information and community tools.
Cons: Zoopla has a slightly smaller pool of properties. Individuals cannot advertise properties on Zoopla; however, you can create listings through cost-effective estate agents.
Things to provide: To utilize this site, all you have to do is provide valid documents of your property, such as title deeds, a register of the property and proof of identity.
Pros: Rightmove is a leading UK property website. Listings can be added quickly, simply managed and withdrawn when a sale is finished. In addition, the software has responded to the COVID-19 amendments, allowing virtual tours to be linked from any listing.
Cons: Rightmove only allows registered estate agencies, letting agents and new home developers to list properties. This stops homeowners from listing their properties on their own.
Things to provide: As a leading agency in this industry, just like their major competition, Zoopla, Rightmove equally serves as an advertising platform and demands similar requirements.
Pros: You can use web marketing here to sell your home faster than the average estate agent. With online viewing comments and fully transparent offers, it’s easier to see if you’re getting a good price.
Cons: There are a lot of processes involved in listing your property on this site, which can cause things to be more tedious than usual.
Pros: This site brings top-quality, long-term tenants, and it is very efficient in finding new tenants.
Cons: Reviewers report that the sales team’s communications could be more frequent, thorough and helpful.
Further details: Foxtons is London’s leading property agent with over 50 different offices across London and the United Kingdom. They specialize in sales, listings and property management.
5. Nationwide Building Society
Pros: Generally, the site is easy to navigate through, which is appealing for most users.
Cons: Like some of its competitors, customer service could be better.
Further details: Nationwide Building Society is a British mutual financial institution. It is the seventh largest cooperative financial institution globally and the most prominent building society, with over 15 million members.
Things to provide: Using this site requires you to provide current valid IDs, tax identification license, proof of address and other related documents.
6. UK Land Registry
The UK Land Registry shows all prior and presently available land. If you want to buy land to build a house or perhaps manage a farm, this is the place to go.
Things to provide: Just like Nationwide Building, it requires that you provide primary proof of identity and residence in the United Kingdom.
Even if you don’t own a piece of land or property in Wales and England, you can still learn plenty of helpful information about it. The type of information you can get here includes title register, title number and title plan.Things to provide: You must supply basic proof of identity and residence in the United Kingdom.