First direct big difference in house valuation

Terryhallsboots

My mortgage deal is due to expire soon. A couple of months ago I enquired with first direct what valuation they would put on my property. I was advised it was £174000.
I have just come off the phone to them and been told my house is now valued at £161000.
Despite my best efforts the advisor kept referring me to their valuation calculator without giving me any concrete reason for the change. Can anyone else enlighten me about what the reason could be for these wildly differing figures? As far as I know the HS2 route has not been diverted to run through the suburb of Sheffield I live in.

dunstonh

Despite my best efforts the advisor kept referring me to their valuation calculator without giving me any concrete reason for the change.

Adviser or clerk? You would expect an adviser to have knowledge of the housing market and issues. You would expect a clerk to be a paper pusher with limited knowledge on external facts. I didn't think FD used advisers. So, I suspect it is a clerk.

Can anyone else enlighten me about what the reason could be for these wildly differing figures?

Houses do not have price tags based on anything tangible. It is always a matter of opinion based on a set criteria. That criteria can and will change. In a stagnant or falling market, the valuation criteria will typically play it safe. The criteria may be for a two week sale. In a falling or stagnant market that could see a lower than expected figure. In a rising market where sales are easy, that could see exactly what you expected.

With computer valuations, the criteria is amended centrally based on postcode data and recent local sales.

Terryhallsboots

Thanks for your reply
Since my original post I've checked local sales and 3 renovation properties half the size of ours have sold within the last 3 weeks for quite low amounts. We have requested a survey which should hopefully give the properties true value rather than a computer guesstimate.