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Is there a "loose" formula?
dragonfly02
Posts: 748 Forumite
Is there a "loose" formula for working out property value?
A friend told me about this formula but i cant remember if it was to work out house values or wage-lending value.You take the average wage and times it by so many to come up with a true value.
She saw details of it on HPC but I can't seem to find it
A friend told me about this formula but i cant remember if it was to work out house values or wage-lending value.You take the average wage and times it by so many to come up with a true value.
She saw details of it on HPC but I can't seem to find it
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Comments
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Income times a figure will give you the most you can borrow, typically 3 or 4 times your income.
To work out house prices you can use https://www.houseprices.co.uk to get an idea of what your neighbours sold for. Not an exact science but worth a go.0 -
the formula can vary, it depends on the salary and if its single or joint mortgage, can vary depending on lenders.0
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As for property value, sometimes you can see quoted the average value per square meter of usable space (garden bein considered an extra plus).
This rough estimation varies region by region and I am not sure of the current approximate values. Maybe someonelse might take a guess?0
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