In May 2023, Zoopla reported a 1.3% fall in UK house prices in the last 6 months, but they’re no longer falling as quickly. When pricing your home, it can be a little nerve-racking trying to come up with a figure off the top of your head. The TV cameras are rolling, your mic is on and that stage makeup is starting to drip down your nose. You’re staring blankly at a board of average national house prices, and numbers of properties sold – not to mention location, size and layout, storage space, crime rates, flood risk, subsidence risks, local amenities and school catchment areas. Crikey o Riley, this isn’t looking good. What’s the right number? What’s the right value? Time to phone a friend … that’s us! Good call. So what are you waiting for? Let’s find out how valuable YOUR house is!
Learn from the competition
For the first round, let’s take a look at your competition. The previous contestants have already been knocked out having decided on their numbers. With their cards left on the table, you can take a sneaky look and get an idea of your best price. Using one of your lifelines up with the likes of Zoopla and Rightmove, you can get an estimate based on what local property has gone for in the past. But bear in mind that this is a retroactive helper. These services take their information from the Land Registry and the Registers of Scotland and it often takes about three months for sold property to show up on these lists. Great! You’ve passed the first round…
Spin the price trends wheel
Now let’s spin the wheel and take a peek at the local market. Look at those average house prices in your area and the number of properties sold, spinning around and making us dizzy. Though potentially vertigo-inducing, this data can help you estimate your house value, so you know approximately how much your property could sell for. Take a look at price trends by your area – and nationally, too, if you fancy via Nationwide or Halifax for example who release monthly stats. Although national changes are usually less accurate than local ones, it can be helpful to spot broader house-price trends. Bear in mind that looking at national price changes rarely gives you an indication for specific areas so should be taken with a pinch of salt. They can be good for trends, and are worth doing for initial research, but shouldn’t be relied upon for an accurate valuation.
Especially when it comes to your nail-biting final round…
Cheat with a calculator
Struggling under those studio lights? Well, look at that glowing orb hanging above you, just in time. Yes, why not use up one of your lifelines and employ that shiny house value calculator? Zoopla, Rightmove and The Land Registry all offer free calculators online. Score! You can also get a free valuation from Property Price Advice or Mouseprice. However, these valuations are only rough estimates — fabulous for window shopping, but shouldn’t be used if you need a truly accurate
figure. What’s that? You’re going to pass on the cheat round? Good for you! Level UP…
Risk assessment round!
Right, this round is a real head-scratcher. Get that thinking cap on (yes, it’s a glittery prop we’re afraid) and have a ponder about what really influences your house value. Where is your residence located? What size and layout does it have? Are there enough storage spaces? What are the crime rates like in the area? Do you have any flooding risks? And don’t forget to check out any local amenities and school catchment areas. Look into straightforward ways of making your property more appealing- such as painting walls and tidying gardens – so that you can increase its asking price before you sell it. Remember, a home that’s been well maintained is more likely to be valued .. what’s that audience? “Higher!” They’ve got it. Okay brainiac, now that you’ve gathered your facts, it’s time to make your final guess: how much is your home worth?!…
Phone a friend (us)
You’ve made it to the last round, and the audience is getting excitable. They’re on your side, but the heat is on. As the Property Pricer theme tune kicks in, we’re back from the commercials and the host is pushing you for your final answer… But what’s this? You still have a lifeline in the bank! You can phone a friend! You’re going to get the most accurate valuation from an estate agent (hello!) so go ahead and ring that number. Ordinarily, we’d recommend getting estimates from several different agents to get a good idea of pricing, but you’ve only got the one call today I’m afraid. So, how much IS your property worth? Wheeew not bad, Nora! But what’s going on? The confetti is falling all around you – you’ve won the game – but you look positively p****d. Ahh, let’s guess, it wasn’t quite the price you were hoping for? Well not to fear, because there’s always time for…
A home improvement bonus round!
Not only are we a good phone a friend option, but we also know how to add value to your house if you’re not too happy with that estimate. So stay in the game for our bonus round… the home improvement challenge! *Theme tune blasts out, the audience applauds* Time for you to take your home from drab to fab. Here are some tips for you to top up the value of your pad:
1. Look out for any damp or movement issues and get them fixed up ASAP.
2. Get an electrician in to check the wiring.
3. Keep your boiler running smoothly and watch out for leaks.
4. In high-crime areas, consider increasing your home security. These measures can also help lower your insurance costs!
5. Embrace simple solutions like tidying up, maintenance, redecorating, deep cleaning, and sprucing up the garden – and avoid low-quality quick fixes that won’t last!
6. More long-term solutions usually involve loosening up the purse strings and sometimes getting planning permission, but renovations can really help to add value. Think extensions, loft conversions and sticking up some solar panels to increase your energy efficiency.
Bonus cheat trick: you can sometimes increase your property value just by applying for planning permission. The easy way to advertise that you have the potential to carry out work. *Turns to camera. Winks*. So, will you be able to increase the value of your house? Place your bets! For more tips and tricks when it comes to selling your abode, don’t hesitate to give us a call or drop us a line. We are the property experts after all!
Please note that all content contained within our website is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. We advise seeking professional advice from a legal, financial, or other professional.
Contact us:
alex@daviesdavies.co.uk – Lettings Director (contact for lettings and property management)
mark@daviesdavies.co.uk – Sales Director (contact for sales, new homes and chartered surveying)
020 3820 2492
Davies & Davies Estate Agents, 85 Stroud Green Road, London, N4 3EG
Article & images by Barefaced Studios
You might also want to read other useful blog articles by clicking here.
Well, well, well, 2023 was quite the rollercoaster for our dear housing market wasn’t it? Prices dropped for the first time in over a decade, leaving homeowners in a bit of a tizzy. But fear not, sellers – it’s not all doom and gloom for 2024. Research has shown that despite the fall in prices, 93% of sellers still made a profit. Who says those pesky avocado-smeared millennials can’t be homeowners, eh? Now let’s get to the juicy part: how much moolah did these lucky sellers make? Well, the average gross gain was a whopping £74,000. That’s enough to pay off your student loans and still have some left over to feed your secret chipotle habit.
Read More...Get in Touch
Opening Times
Mon – Thurs: 0900 – 1815
Fri: 0900 – 1800
Sat: 1000 – 1600
Sun: Appointments by request