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Property Valuations

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  • Property Valuations

    'Property Valuations are notoriously difficult to perform in a volatile market. Only if valuers improve their awareness of the changing markets forces for different types of property and assimilate such changes in their work can an accurate valuation be determined'.

    With regards to this statement how can it relate to forces affecting the retail property market in the United Kingdom since the economic downturn in 2007.

    Just a recent question that i am unsure about, would love some feedback and guidance

    Many Thanks

  • #2
    Re: Property Valuations

    I would say it is not the volatility of the market that makes valuing a property hard. The most important factor is the amount and quality of the comparables, similar houses in close vicinity within the last 6 months. With less houses being bought, esp. for residential use, some areas just don't have trust worthy comparables.

    Hometrack reports help a lot to make a decent valuation the only thing missing in their comparable valuation is the state the property was in. Therefore you will see more and more Surveyors relying on Rightmove plus. And as an amateur you can get close to that information with Rightmove's sold house prices, which recently took a step closer to the Rightmove Plus data.

    What if their are no comparables?
    That means that their is no demand for that type of property in that area and for just that reason alone might not actually have a value, think about that one!



    • #3
      Re: Property Valuations

      Comparables are only one factor a Valuer takes into account, there's lots more and the databases mentioned above are useful, but remember they are historic and in a volatile market may be out of date as soon as they are printed.

      They don't provide sufficient information to enable a proper valuation, but do act as useful tools. A valuer will analyze comparable sales, compare to the subject property, adjust accordingly and factor in other variables such as demand say.

      Sales databases can also be misleading. For instance a property close to ours recently sold for significantly below the market value, due to the fact that the vendors wanted to move quickly. In addition to that I purchased my own house at £50k less than the asking price due to the fact that the vendors were divorcing. Again, useful tools, but a Valuer will have access to various sources of information not available to the public.

      So what to do, pay a small fee and get a valuation done. Best wishes.

      Castle Surveyors Limited.


      • #4
        Re: Property Valuations

        Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Sometimes an appraisal report is used to establish a sale price for a property. Kingswood Properties, estate agent in Preston provides accurate free market valuations. Call them at 01772 71 71 81 to get valuation of your property TODAY!
        Kingswood Properties-Estate and Letting Agents in Preston