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Home Report Valuation

marginalone
marginalone Posts: 194 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
Hello

We had our Home Report ( We are in Scotland ) completed yesterday and the valuation of our flat is a little lower than we expected. Like for like flats in our block have sold for £5k to £10k more in the last 18 months.


Next week we will be putting the property on the market and not via an estate agent. Can we market the flat at a fixed price over the home report valuation?
«13

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You can market it at whatever you like, but is the price realistic? How did your neighbours' selling prices compare with their HR values?
  • marginalone
    marginalone Posts: 194 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    davidmcn wrote: »
    You can market it at whatever you like, but is the price realistic? How did your neighbours' selling prices compare with their HR values?

    We would be looking to sell about £2.5k more than the valuation. As for the neighbours HR valuations thats a good question and we should have looked at the time.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    How recently in the last 18 months? What are the sold prices for the last 6 months?
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    marginalone wrote: »
    We would be looking to sell about £2.5k more than the valuation. As for the neighbours HR valuations thats a good question and we should have looked at the time.

    Wouldn't the valuation impact lending? So buyers will be limited to that amount when borrowing having to increase deposit or reduce LTV.
    EU expat working in London
  • marginalone
    marginalone Posts: 194 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Pixie5740 wrote: »
    How recently in the last 18 months? What are the sold prices for the last 6 months?

    Last sale was in the summer of 2015 in our development. Prices in the area have gone up.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Market sentiment has changed dramatically over the last 18 months, don`t lose buyers over 5k IMO.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    marginalone wrote: »
    Last sale was in the summer of 2015 in our development. Prices in the area have gone up.[/QUOTE]


    Why has your valuation gone down then, is there something wrong with the flat?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    always_sunny wrote: »
    Wouldn't the valuation impact lending? So buyers will be limited to that amount when borrowing having to increase deposit or reduce LTV.

    Yes. Lenders will use the lower of the sale price or home report value.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    marginalone wrote: »
    We would be looking to sell about £2.5k more than the valuation.
    Why are you expecting buyers to pay £2.5k more than the valuation? Is that the current norm in the area? Did your surveyor explain why they've valued yours at less than the sale price for the neighbours? (which I'd expect to be the most relevant comparables)
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    marginalone wrote: »
    Last sale was in the summer of 2015 in our development. Prices in the area have gone up.

    That's quite a long time since something last sold them. Is this a new development you live in? Are the prices that have gone up in the area for new builds?
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