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Simple ways to find out how much your home is worth

As a property owner, there’s little doubt that you’re interested in how much your home is worth.

Knowing how much your home would sell for if you put it on the market right now (or in the near future) will give you a solid idea of how much profit you’ve accumulated from your investment thus far or what you have in the property pot.

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With the government’s stamp duty holiday now officially over, the average cost of moving home is a whopping £11,777 so there’s no doubt that you’ll want to know if putting up the ‘For Sale’ sign is worth it before parting with any cash.

Whether you’re thinking of moving home, remortgaging, looking to rent your property out to tenants or you’re simply curious, what are the different options for discovering how much your home is worth?

A couple next to a sold sign for a post on how to find out how much your house is worth

Picture by Pexels

When trying to answer the question – ‘how much is my home worth?’ – you should begin your research by considering the UK’s housing market trends.

Whilst houses, on the whole, increase incrementally in the UK, there are market factors that can have an impact on the rate of house price growth, or conversely cause house prices to decrease or stagnate. These include mortgage availability, employment rates, consumer confidence, and socio-political events that impact the wider economy such as Brexit or the Covid-19 pandemic.

To research house price trends, you can check in with the Office For National Statistics price index to uncover the latest nationwide figures, average property prices, and interest rates.

By looking at the current average property prices in the UK you will get a general sense of how much your property might be worth. The most recent figures from October 2021 have shown an annual rise of 10.2% for instance.

So, if your house was worth £180,000 when you bought it in October 2020, based on the average house price rise, your property would have increased in value to around £198,360 by October 2021. Although this isn’t a fool proof valuation, it is a swift and simple way to gain a rough idea of your home’s potential value.

Research your local market to find out how much your home is worth

To get a more accurate idea of how much your home is worth and the kind of asking price you could command were you to sell it, you can compare it with similar properties which have sold recently in your local area or are currently on the market.

There is a wealth of online data available for making regional comparisons (by districts or county, for example) or dig deeper into your specific village, town or city and its surrounding areas.

If you’re looking to make fairly detailed local comparisons, the Land Registry will give you a rundown of recent sold prices within a specified geographical reach of your property. In addition to the Land Registry, portals like Zoopla, Rightmove and OnTheMarket have easy to use house price comparison and discovery tools and also provide extensive listings for properties which are currently for sale across the UK.

Try online valuation tools

In addition to ‘going local’ with your search, there are a number of instant online property valuation tools that will give you a pretty accurate understanding of your home’s current value. You will just need to provide your property’s address, postcode and the number of bedrooms you have, plus an email address for a valuation quote to be provided.

Most online valuation tools pull data from a range of reliable sources including the Land Registry, Government Data, and official property market indexes. For that reason, they will give you an excellent idea of how much your home is worth. However, they are unlikely to take into account any internal modifications or extensions you have added to the property since you bought it and will focus more on local and national house price trends.

A pair of hands holds a model house across a lawn to depict investing in real estate and selling your house

Arrange a personal valuation to find out how much your home is worth

Without doubt, the most accurate way of finding out your property’s current worth is with a professional in-person valuation where an agent familiar with the local market views your home both internally and externally.

All reputable estate agents will provide personal valuations free of charge, although if you need to commission a detailed structural survey by a qualified surveyor to work out the value of your home (for example if your property is very old and is likely to need some expensive remedial work) you will need to pay a fee for this. Fees typically range from around £250 – £1500 depending on the type of surveyor you request and the size and condition of the property.

Remember, when it comes to property valuations, it is always worth seeking more than one independent valuation to get the most accurate figure overall. Depending on an estate agent’s fees, a slightly higher selling price could still result in less profit, so consider your options wisely before you sign on the dotted line. Requesting a valuation also shouldn’t tie you into a sales contract, this should be a no obligation, free of charge service.

The bottom line…

Understanding how much your property is worth will give you the insight needed to make big decisions about your most prized asset.

But, before you do decide to sell, it’s vital that you set a threshold for the minimum you will accept for your home (especially if the funds are going towards your next property purchase) and consider all the associated selling costs (such as estate agent fees, legal fees, removals, and stamp duty) to decide whether it’s worth going through the process of selling.

Whatever you decide to do, good luck!

How did I do?

Did you enjoy this post? Why not have a look at some others whilst you’re here.  If you want to read some more of my usual kind of stuff, head over to my Mum Life section. You’ll find all things parenting with a tongue-in-cheek twist. Or you’ll discover lots of UK holiday inspiration and family days out in my Travel Section.

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