A&L "instant" property valuation - Halifax house price calculator

clairehi · 10 February 2009 at 9:27PM

Hi all

A&L told me on the phone today that we currently have a 78% ltv on our house. apparently they work out property values using the halifax house price calculator. this gave me a shock as the online version of the halifax house price calculator gives me a house price (for 2008q4) which equates to an ltv of 70%. their agent couldnt tell me if they are using a different version of the halifax tool but clearly something is different.

obviously this is a significant difference as we do not qualify for their better mortgage rates with this higher ltv.

do all lenders use this system now? does anyone know where they get the numbers from and why the "retail" version is giving a different result?

feisty1 · 10 February 2009 at 9:31PM

is this the one you have?

http://www.hbosplc.com/economy/housepricecalculator.asp

clairehi · 10 February 2009 at 10:02PM

Thats the fella.

Chris_Type_R · 10 February 2009 at 10:47PM

I had a go with the calculator:

if I use 2004Q2 to 2008Q4 as the date range, then 2004Q1 to 2008Q4 as the date range, the answer that is spewed out is rather different £240864 vs £259346 !

How can one quarter make that much difference (8%)

2004Q3 as a start date is even more depressing.

What date should one be using, offer date, survey date, completion date...

lucy2308 · 11 February 2009 at 12:15AM

For once I agree with a banking measure. For me anyway! I have tried various different dates and all are within a !% tolerence of what my house was valued at during that quarter.

Torby · 11 February 2009 at 10:20AM

YIKES!!!!!!!

House price calculator

An average house, in the Northern Ireland region valued at £149000 in 2008 Q1 would be worth £100765 in 2008 Q4.

A change of -32.4 percent.

bit of a serious generalisation there....thank goodness I dont have a mortgage on the property any more!

Fliss_M · 11 February 2009 at 10:57AM

Interested if anybody could tell me what date I should use? We signed the paperwork on a new house and had the mortgage all sorted in Feb 06, but didnt move in till Sept 06. So do I use Q1 or Q3? (not that it makes a great deal of difference, but I like to know where I stand)

1978 · 11 February 2009 at 11:15AM

what a load of rubbish.

we bought our place for £150k in the summer of 2007. a house has gone up for sale on our street (identical house, less our conservatory) at a price of £155k in the last fortnight. granted it hasn't sold yet, but it's good to get a feeling of valuation.

this valuation tool has the value of our place at less than £120k.

:rolleyes:

pritsim · 11 February 2009 at 12:33PM

its absoulte rubbish...how the banks value your house...my house is 2 years old,when doin a remortgage i put at it 300k i bought for 300k..thats after geting an estate agent...to value it at,and other houses sold..not exact same size..but sq fooot similar..all were goin around for 300 to 320k..albeit all new.and also some inthe market which were smaller than my house for 290 -310k.and mine was valued at 230!!!after mcuuh argueing and fightig got it increased to 250!!

feisty1 · 11 February 2009 at 1:03PM

pritsim: What is the valuation this calculator gives?

Hillfly · 11 February 2009 at 2:28PM

Well I used that calculator. It valued mine at £281K.
However last month I had a valuer come round for a mortgage app who valued my house at £295k. Not a massive difference can makeor break the deal when it comes to LTV issues.

A&L "instant" property valuation - Halifax house price calculator

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