We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Home Report Valuation

2

Comments

  • marginalone
    marginalone Posts: 194 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    The home report is all 1's so nothing wrong with the property. The development is 10 years old. Surveyor said the valuation was based on current market. I did query as the area's average price has risen year on year since 2010.

    Our mortgage lender has valued the flat at £2.5k more than the surveyor.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    marginalone wrote: »
    The home report is all 1's so nothing wrong with the property. The development is 10 years old. Surveyor said the valuation was based on current market. I did query as the area's average price has risen year on year since 2010.

    Our mortgage lender has valued the flat at £2.5k more than the surveyor.


    The averages can be skewed upwards by a small number of high value sales though, that is why property VI`s love to use them, but your price will be based on most recent similar sale in the block or estate?
  • marginalone
    marginalone Posts: 194 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Is there a way to find a home report online of previously sold houses?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    marginalone wrote: »
    The home report is all 1's so nothing wrong with the property. The development is 10 years old. Surveyor said the valuation was based on current market. I did query as the area's average price has risen year on year since 2010.

    Our mortgage lender has valued the flat at £2.5k more than the surveyor.

    Yes but what is the average type of property being sold in the area? Flats, houses, new builds, pre-owned homes?
  • marginalone
    marginalone Posts: 194 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Pixie5740 wrote: »
    Yes but what is the average type of property being sold in the area? Flats, houses, new builds, pre-owned homes?


    New Build and traditional Tenement flats
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    So not properties like yours then. I (and I think most other buyers) would pay more for a brand-spanking-new flat than a 10 year old one. I'd probably take a tenement flat over a not-quite-so-new-anymore flat too.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    marginalone wrote: »
    Is there a way to find a home report online of previously sold houses?
    If you can still find an online listing for it and can download the HR from there, yes e.g. ESPC and GSPC listings stay up for a while.
  • bitsandpieces
    bitsandpieces Posts: 1,736 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Market it for what you like, but what's the norm in your area - if you look on your local SPC, are places often/ever marketed at over the HR valuation? If not, do you want to risk putting off buyers by being the one property that is?

    If the HR valuation is low, you may end up setting a closing date and getting offers over this price - even if you market it at the HR valuation price. I've no idea of whether this is a high/low/fair valuation, of course.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    marginalone wrote: »
    Our mortgage lender has valued the flat at £2.5k more than the surveyor.
    By applying some sort of generalised indexation to an older valuation? Or by somebody actually coming out and looking at it? Only the latter is going to be of any real use compared with your HR.
  • glasgowdan
    glasgowdan Posts: 2,968 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You can market it at whatever price you like. I assume you're using an online agent? We sold our house last year and used housesimple. We listed it at offers over the home report value (£150k) and got £154k after less than a week.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604.1K Mortgages, Homes & Bills
  • 178.5K Life & Family
  • 261.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture