5 Factors That Can Affect Your Property Valuation

We explore some of the key things that property valuers are likely to consider when determining the value of a property. These include things like the property’s location, condition, number of bedrooms, the local property market and more. Read on to find out more.

Whether you plan on selling or refinancing your property, knowing its value is a crucial first step. A variety of factors can influence the value of a property, and understanding what these are in advance can help you maximise your chances of achieving the best possible valuation.

1. Location of Property

The location of your home plays a key role in your valuation. Of course here in the UK homes in London are among the most expensive in the country but there are of course, areas all over the UK that contain either very expensive or very cheap property.

Even within a county, town or village, there can be a large degree of variation with some postcodes being more sought after than others. A typical example of this could be postcodes that fall within the catchment area of the local schools

In addition, certain regions of the UK may be more desirable to buyers than others, and this can also affect property values. For example, properties in London and the South East of England tend to be more expensive than those in other parts of the country.

2. Property Condition

The condition of a property plays an important role within a valuation. A home that is modern, well-maintained and in good condition will carry more value than the same home that’s in a poor state of repair and could be considered a candidate for modernisation or refurbishment.

Things like the age of the property, the quality and state of repair of the bathrooms and kitchen and more will all play a part in the valuation.

3. Size of Property

The size of your property is an obvious factor affecting its value. A small 1 bedroom apartment is usually going to be cheaper than a 5-bedroom detached family home in the same area with larger properties generally worth more than smaller ones.

However, it’s not just the overall size of a property that matters. Valuers will also consider the number of bedrooms, bathrooms and reception rooms as well as garden and outdoor spaces including garages and parking.

4. The Local Property Market

The local property market can also have a significant impact on your property valuation. Demand for properties in a specific area can see periods of high or lower than usual demand or there might be trends specific to a local area.

A large new development that encroaches upon existing green spaces making the area less desirable for existing residents, could lead to a temporary rise in the number of properties being put up for sale. This could result in supply outstripping demand which could put homeowners in a weaker selling position, forcing more competitive pricing.

5. Historical Property Sale Prices

Historical sales prices will also influence your property valuation. To help determine the market value, recent sale prices of similar properties will be considered to help determine a fair valuation for your property.

Although your property might be identical to in design and size to another on your street or housing estate, that doesn’t mean you will achieve the same valuation, however. Your interior fixtures and fittings and the state of repair of your individual property will all be used to adjust your valuation in comparison to similar properties.

At The Property Portal, we provide quick and free online home valuations and using our service means you can get a fast idea of what your property is worth.