How to find out how much property is selling for?

fannyanna

Hi All,

Is there a way I can find out how much certain types of properties are selling for in our area.

I want some facts and fugures that are independant of estate agents that show selling prices (not what they're marketed at).

We've had an offer on our place which we think is low. Looking at advertised properties doesn't tell me what similar properties are selling at and our estate agent is obviously keen on selling our place and not trying to push for a slightly higer offer.

So trying to understand as much as I can about property values in my area so that I can make an informed decision myself rather than being led by someone who perhaps doesn't have our interests in mind.

Any help will be much appreciated!

AnnaV

http://www.houseprices.co.uk/

Gives you the land registry selling prices. Not updated immediately - think there is a 2-3 month lag or so.

AnnaV

Also this gives you an estimate of what your house is worth based on its last selling price (obviously doesn't take into account extensions and major improvements) http://www.nationwide.co.uk/hpi/calculator.asp

googler

Monitor properties as they come to market, using automatic alerts from Rightmove, Primelocation, other portals and agent's own websites.

Keep a tally of them in a text file, spreadsheet or database.

Every month, go to zoopla or ourproperty and get a list of what's sold in your street, surrounding streets, postcode or town/village in the most recent month. Compare the sales to the list that you have of what came to market and you can tell if they achieved asking price, how long they took to sell, etc etc - and judge how many of which type are selling.

Unfortunately, will take a few months to build up a picture.

Or you could, every month, ask all the agents by phone or by e-mail what they've sold in the last month?

fannyanna

Thanks. That Nationwide link was very useful.

Whilst the offer we've had leaves us in negative equity we think it is a true representation of where the market is. Unfortunately we bought in 2007 so at the height of the market.

But others are saying that we shouldn't accept the offer and that's made us question our judgement.

The Nationwide link shows that the offer we've received is a bit above what we should expect the property value to be.

jjsimcox

The Nationwide index is a bit vague though. It divides the country into less than 10 regions and there's a lot more variation in regional house prices than that. The Land Registry would be better.

mufi

To be meaningful, the Nationwide site and the Land Registry need to be used in conjunction with each other, otherwise all you are getting is the price someone paid in, say, 2006 which tells you little without factoring in price rises/drops since then. The site is useful if you have comparables that have sold recently.

But, as you said, the Nationwide site gives a very approximate picture as the regions cover such an extensive area.

jjsimcox

mufi wrote: »

To be meaningful, the Nationwide site and the Land Registry need to be used in conjunction with each other, otherwise all you are getting is the price someone paid in, say, 2006 which tells you little without factoring in price rises/drops since then. The site is useful if you have comparables that have sold recently.

But, as you said, the Nationwide site gives a very approximate picture as the regions cover such an extensive area.

The Land Registry also has a free house price index with details of price changes for each local authority area going back a long way. So it's likely to be alot more accurate than the Nationwide.

The_Drama_Llama

This is good, on RM, but as others have said, there's a lag...

http://www.rightmove.co.uk/house-value.html?searchLocation=N103NE

poet123

Zoopla is a useful site too.

AnnaV

poet123 wrote: »

Zoopla is a useful site too.

Yes for sold prices but do watch out as their 'estimates' seem to vary enormously and probably not worth relying on.