Estimating value of a house

[Jumpy Guy]

From a previous thread, I need to estimate the current value of a house. I know it was bought for £230,000 in 2003.

How would I work out its current value, including the market rise and subsequent 'crash'?

Any input appreciated.

[Mattt]

Look at other similar properties on Rightmove, much better than trying to work out from average indices.

[Jumpy Guy]

Very unusual house for area, so no recent comparisons.

House next door was last sold in 2002, so no help there....

[SS2.]

You could try www.mouseprice.co.uk

[Deva Link]

Jumpy Guy said:

Very unusual house for area, so no recent comparisons.

Which area is it? Ordinary houses around our way (West Cheshire) have barely moved in price since 2004. Valuations are random anyway, but if the house is unusal then the randomness increases massively.

[Jumpy Guy]

The property is in Glasgow

[Deva Link]

Jumpy Guy said:

The property is in Glasgow

Try PMing Groak - although if it looks a bargain he might buy it.

[skeeterm5]

I think that Nationwide Building Society has a tool to estimate values of houses by region

S

[eldar]

If its not a 'standard' house, the best way is a good local, non-chain estate agent, who knows the market locally. They should charge £50 - £100, and give you 2 prices, the sell now, and the sell if you aren't in a hurry.

[qureshia]

skeeterm5 said:

I think that Nationwide Building Society has a tool to estimate values of houses by region

S

plug in the quarter bought in 2003 and the uk region...

http://www.nationwide.co.uk/hpi/


Results:-
A property located in Scotland which was valued at £230000 in Q1 of 2003, would be worth approximately £405528 in Q4 of 2010.

Edited by qureshia on Sunday 2nd January 19:53

[missdiane]

SS2. said:

You could try www.mouseprice.co.uk

That's an odd one, it used an example of a house 10 miles away to work out the value of ours, ours would be likely worth about 150k (my estimate) their estimate was 215k. I wish

[Jumpy Guy]

Hmm the calculators are next to useless...

Some more info. A seven bedroom house in the same area is currently on sale for £310,000. Its end terrace, and a bit bigger (ceilings etc) but similar style and age.

Given that the house I'm looking at is a five bedroom detached, but has smaller rooms, can I guess-timate the value?

i.e. what % of a house value per room can I deduct?

[paulrockliffe]

Get three estate agents round to value it, take the lowest answer, subtract 25% and you're there.

[Jumpy Guy]

Cant get three estate agents, as mentioned above

The vendor doesnt want to involve estate agents, and i dont have access without the vendor being there

[Simpo Two]

Jumpy Guy said:

Cant get three estate agents, as mentioned above

The vendor doesnt want to involve estate agents, and i dont have access without the vendor being there

I'd let the vendor worry about the value then.

You can get free valuations from agents without having to instruct them.

[Lordbenny]

SS2. said:

You could try www.mouseprice.co.uk

Thats amazing, the details they can give you are scarey! Estimated my house perfectly as we've just had a 'physical' estimation.

[BigBen]

Lordbenny said:

SS2. said:

You could try www.mouseprice.co.uk

Thats amazing, the details they can give you are scarey! Estimated my house perfectly as we've just had a 'physical' estimation.

Got the number of bedrooms wrong on my house and if their estimate was even close I would sell tomorrow!

[Simpo Two]

When I tried it they wanted £19.95 for a valuation!

[scenario8]

SS2. said:

You could try www.mouseprice.co.uk

Just hilarious. Even funnier than Zoopla. I'm in the trade so should have a fairly good handle on the value of my own place. I was quite amused with their valuation that came in ay least 50% over the asking price of two similar properties currently not selling in my road (so around 70% over their probable value).

A shame there isn't an option to sell to them. I'd gladly accept a healthy 10% off for their administration costs.

[scirocco265]

scenario8 said:

SS2. said:

You could try www.mouseprice.co.uk

Just hilarious. Even funnier than Zoopla. I'm in the trade so should have a fairly good handle on the value of my own place. I was quite amused with their valuation that came in ay least 50% over the asking price of two similar properties currently not selling in my road (so around 70% over their probable value).

A shame there isn't an option to sell to them. I'd gladly accept a healthy 10% off for their administration costs.

Good website, lots of interesting info. Agree with Scenario 8 about the valuations though. My first house I bought for £110k in Jan 2006. Zoopla say it's currently worth £99k, mouseprice are quoting £136k - were do I sign?