What is the value of your home? Whether you’re getting ready to sell your property or are just curious after hearing about all the ups and downs of the property market. Whatever the case, you’re in the right place.
This article will explore the ins and outs of determining your home’s value. We’ll discuss the average house prices in the UK, the things that can affect your home’s value, and answer some common questions to help guide you through working out the value of your home.
The housing market can often feel confusing simply due to how much it can change. But don’t worry; we’re here to help you assemble the pieces.
Let’s get started.
Average House Price in the UK
Let’s start by getting a lay of the land – quite literally. The average house price for the entire UK currently hovers around £290,000. However, you can’t compare the national average with your own, as it just won’t do it any justice. The average property prices can vary just due to regional differences. Take a look below:
Average property price in London
The capital leads in property prices, with an average house price of £707,000. Living in the heart of the bustling city comes with its perks. Still, it’s no secret that the property market reflects the vibrant energy of London life.
Average property price in East Midlands
Heading towards the East Midlands, it’s a different situation. The average house price here is £256,000, making it a more affordable option than the capital and lower than the national average.
Average property price in North East
Venture up to the North East, where the average house price is £177,000. This is the lowest average value in England.
Average property price in North West:
Crossing to the North West, the average house price is £230,000. This is still lower than the national average. Still, again, there will be more differences in average price within the North West’s towns and cities.
Average property price in South East
In the South East, the property market takes a different turn. The average house price is £459,000, considerably higher than the national average.
Average property price in South West
Further southwest, the average house price in this region is £365,000, which is still higher than the national average but is understandable considering the types of properties available there.
Average property price in West Midlands
In the heart of England, the West Midlands records an average house price of £270,000. This region is the closest to the national average.
Average property price in Yorkshire
Moving back towards the North, Yorkshire offers an average house price of £224,000. Again, this signifies slightly more affordable properties than properties down south.
Finally, in Wales, the average house price is £229,000. Again, a little below the national average.
As you may have noticed, the average property value can vary based on what part of the country you live in. The reason for this usually comes down to supply and demand. For example, many people will choose to live in London and similar cities due to the higher level of opportunities on offer. Of course, this comes at a higher price. Many other people are doing the same thing, so they are willing to pay more to secure the convenience. This drives up property values within the area.
What can affect a home’s value?
It’s not just regional differences that can affect a home’s value. You may have noticed that two seemingly similar houses on the same road can often have vastly different prices requested. Sometimes, it’s not just about the number of bedrooms or the location; other factors can also affect the value of a property.
The property’s condition is one of the most significant factors affecting your home’s value. This is typically a major factor if you’re looking to sell immediately. If you have time before you choose to sell, it’s always a great idea to ensure that the property is in the best condition possible to help get it sold.
This is because you may follow all the instructions to a tee to calculate your home’s value (more on that later). However, if your property isn’t well-maintained, potential buyers may not identify the home’s appeal and, consequently, its worth. Every scratch, scuff, or leak may seem minor, but these signs of wear and tear can add up.
First impressions matter, especially when it comes to property viewings. A home that looks good is more likely to entice potential buyers, contributing to a higher perceived value.
Beyond minor wear and tear issues, major issues like structural integrity can heavily impact the value. Buyers often factor in the cost of potential repairs, and a property with sound structural integrity will ensure a higher market price.
Renovations are another great way to increase your home’s value. The idea is that the value of your home depends on similar properties and the overall market conditions. Unfortunately, the market conditions cannot be controlled. However, making your house better than comparable properties is possible. What is the best way to achieve this? Renovations. Here are some potential ideas you can implement:
- Kitchen Renovations
The kitchen is usually one of the main rooms that buyers inspect diligently. If the aesthetic and functional appeal are on point, this can significantly impact your property’s value. So look to modernise your kitchen, update appliances and improve the space. For example, kitchen islands are trendy at the moment.
- Bathroom Renovations
Bathrooms are another room that is high on the list of priorities for buyers. A stylish, well-designed bathroom can add significant value to your home. Here, it would help if you looked for quality finishes and efficient layouts to make your property stand out compared to similar properties and ensure a higher property value.
- Expansion and Extensions
Adding square footage to your property through extensions or loft conversions is another excellent way to increase its value. Additional living space is one of the most sought-after features that potential buyers value, making your home stand out. If you have a terraced property, adding more bedrooms makes your property seem more appealing to buyers looking for more space.
Another way your home’s value can be affected is through the unique features available. Your property needs to be able to compete against similar properties, and the best way to do that is by leaning on the individual factors that other properties do not have. Sometimes, these features are not readily apparent, especially if you’ve lived on the property for some time.
Here are some examples:
Does your property have the best views of the area compared to others? It could be uninterrupted views of nature, the city skyline, or just open space. While the advice of never buying a property based on views holds true, it’s a feature that always catches a buyer’s attention. The best thing about this is that other sellers can never compete on this factor. This will help increase or maintain value as more buyers will be drawn towards your property and will be less likely to avoid making lower offers.
Your home may have many unique architectural features that have been built and remained over time. This includes an original fireplace or the materials used to construct certain property features. This will make your property look unique and appealing, especially compared to other properties that may lack those features. This will ensure that your home’s value remains high.
A well-designed outdoor space can also boost your property’s appeal. Features like a patio or even just a BBQ space can make your property that much more appealing. This will be a more critical factor for buyers with young families who require all the space they can get.
In conclusion, understanding what your property is worth comes down to two factors. Understanding the current market trends and how well your property stacks up against similar properties. You can sell a house quickly if both factors are in your favour. If you want a second opinion on how much your home is worth, we have an online property valuation service. It’s both free and instant. Get in touch to find out more.
How do I find the value of my house?
To calculate your house’s value, you have several options. You can either do it yourself or through other resources. If doing it yourself, start by researching recent sales of similar properties in your area. Make sure they match up based on the type and location of the property. Additionally, take a look at the current market trends. Suppose fewer property sales are being completed. In that case, that can indicate reduced interest, which means you may not get your expected asking price if you were to sell.
There is another faster way to find out the value of your property, and that’s here with Sold.co.uk. Our instant valuation service provides a convenient way to get a quick estimate of your home’s worth. All you need to do is enter some basic details about your property, and you’ll receive an immediate approximation of its value. This value is calculated similarly by comparing local properties sold recently along with the market conditions.
How much should I pay for a property valuation?
If you choose to get a property valuation from an assessor, also known as a surveyor, then on average, valuations can range from a couple hundred to a few thousand pounds, depending on factors such as location, property size, and the complexity of the assessment. However, the expense is definitely worth it for identifying any hidden issues and receiving a comprehensive evaluation,
How can I get a free valuation on my property?
Options options are available if you want a completely free valuation for your property before you sell. For example, you can get a valuation right here at Sold.co.uk. We use industry-standard best practices to assess your property accurately with no costs. Get in touch to find out more.
Do estate agents undervalue?
While we can’t speak for every estate agent out there, concerns about undervaluation by estate agents have proven true. The reason why an estate agent may choose to undervalue a property is to attract a quicker sale. However, a reputable agency will always strive for accuracy as it’s in their best interests. So, as long as you completely trust your estate agent, you can be sure they’ll be honest in their valuation. If you need help finding an estate agent, then feel free to consider us. We act as an online estate agent providing all the expected services but entirely online.
Can I get a property valuation online?
Yes, you can. You get an online valuation here at Sold.co.uk. We use industry-standard best practices to arrive at our estimations. It’s completely free and an instant way to get a comprehensive valuation for your property. Complete the online form, and we’ll be in touch with your free property valuation.
Can you get your house valued without selling?
Absolutely. Property valuations are not just for those looking to sell. Even if you’re just curious about your property’s worth or considering refinancing, you can enlist a professional appraiser or get a free property valuation online to get an accurate estimate without committing to selling.