If you want to value your property online then it is important to learn how to use all the latest online valuation tools.
This guide will give you the step by step process to help you find out how much a property is worth before deciding to sell or buy.
Property portals are a great way to estimate a properties valuation because they display actual homes currently on the market. The main two portals are Rightmove and Zoopla who between them have millions of properties for sale or rent. There are several ways you can use these to value your home so let’s review each one now.
Rightmove is the UK’s largest property portal and receives an estimated 100m visits every month from potential property buyers and vendors looking to sell their home. Most major estate agents list property with them but they also have a couple of great tools you can use to value your property for free online.
We will be using 3 Rightmove resources to value a property in this tutorial.
The Rightmove House Price Index tracks property values across the United Kingdom by collecting data from land registry on properties sold nationwide.
The Rightmove for Sale data is simply using their portal to see which properties are currently on the market for sale and how much the asking price is – it’s especially useful if there are recently sold properties in the area. It’s useful because as the biggest property portal, 19,000+ branches list properties here giving us the best chance of finding good comparable results.
Rightmove Market Trends is a tool which looks at historical sold prices in an area over a period of time and compiles this data into a valuation trend graph which we can use to estimate a value of a property sold several years ago.
Test case property:
You can watch us estimate this properties value using the Rightmove tools below or if you prefer follow our step by step guide here.
[Explainer Video Title: Rightmove property valuation – how to video]
As explained in the video the property price index and for sale results is not the most accurate way to value your property however it can be useful to give you a rough guide to how much property in the area might be worth plus by reviewing properties for sale in your area alongside recent market trends you should get a good idea on the potential valuation.
[rightmove sold price image]
Remember not to confuse the Sold House Price section of the website with the Rightmove Property Valuation section which will not give you an online property valuation but rather pass your details onto local estate agents who are members of their service.
As subscription based valuation tool, it is normally used by Estate Agents and property professionals to gain greater insight into a property’s value along with information on local trends.
Rightmove Plus is not generally open for public use, however Estate Agents can create very detailed and branded valuation reports to show potential clients – you might get a free valuation report by asking your local estate agent.
You can learn more about Rightmove Plus by reading our recent review.
Not far behind Rightmove in terms of market share is Zoopla, which is another large property portal services the UK market. Zoopla claims to have the most accurate valuation tools but after testing we found them similar in terms of results to Rightmove and other options.
We will be using 3 Zoopla resources to value a property in this tutorial.
The Zoopla house prices and values tool works by collecting data from land registry and overlaying information from their large database of estate agent members and website visitors. By combining this information, they are able to predict how much a property might be worth and apply their own Zoopla Zed-Index estimate.
The Automated Personal Valuation still used the Zed-Index data but applies some additional filters. The tool asks you questions such as property condition, number of bathrooms, etc to apply addition value if the property is above average condition.
Zoopla properties for sale returns all the properties available for sale in each postcode area. This is supplied from their estate agent members who upload properties daily.
Take a look at our video giving you the step by step process to get a Zoopla valuation on your property.
Results:::
The Land Registry is a government agency which stores every property sold in the United Kingdom. If fact it’s the law that Solicitors much register the property with The Land Registry within 30 days of a property transaction. This means it is a great way to help determine a property value because like we discussed earlier it tells us what someone actually paid for a property – which is a much better indication of value that what they might be listed for with Estate Agents.
Like Zoopla and Rightmove there are many sites which take the local sold prices of property from Land Registry and display them for free – including ours of course .
Here is a sample of our personal favourites.
Probably one of the first websites which took land registry sold price data and presented it for free to consumers. MousePrice delivers data quickly and in a clear format. They have recently started giving estimate valuation to member’s using local market trend API’s which is like how we work.
This website compiles the data from the same source as everyone else but we like the local property sold prices from NetHousePrices because they deliver them in a very simple and clear format.
Nationwide is the largest residential mortgage lender in the United Kingdom. They have been lending to homebuyers for over 60 years which means they have a lot of property data.
They produce a monthly house price report which uses all it’s mortgage lending data to show how much people are paying for property and how much they are worth based on RICS’s valuations. This results in a monthly % change and can be tracked over long periods of time.
The Nationwide House Price Calculator is a neat little tool which you can use alongside sold prices in your area.
Enter the sold price into the ‘property valuation’ field and the date sold into the ‘Valuation year 1’. Choose the property region and hit calculate. This will then apply the monthly regional price changes to the historic sold price and return a valuation.
In our example, we used the sold price of £235,995 which was in Q2 2006. Based on regional data the Nationwide House Price Valuation is £263,795 which is very similar the results we returned in other samples.
UK House Price Index (HPI) is supplied by Land Registry using newly sold property prices and comparing it historical sold data to calculate the percentage difference. It is released monthly and is one of the most trusted indexes due to it coming from a government agency which does not apply any variables.
It is widely used by economists and the media to predict the current and future health of the property market.
You can use the index in the same way as the nationwide house price index but you’ll need to apply the compounded monthly changes in your area by yourself.
Our software pulls local sold prices in your area and then applies the historical price changes automatically to create an property valuation data point. We then take data from the main property portals and see how closely the asking prices of properties in your area match the sold price data.
We are then able to delivery you a property valuation including a confidence score.
Whilst this is still in beta mode the more valuations we carry out the larger our data becomes which is why we believe we will hold the most accurate property valuation data in the UK.
We also estimate based on demand how much you are likely to sell your house through the various options available.
Please feel free to try our free valuation now or read more on our site about the different ways you can sell your house.
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