ridiculous valuation of house

snickpan

I was remortgaging a house, as the previous product had expired and rates had gone up. In order to qualify, LTV, a surveyor came round.
The house had been put on the market in November 2014 for £425K.
Similar houses nearby are now being marketed at £550K.
Surveyor put the value at £435K!

How can he be so wide of the mark? I realise 'for sale at £550K' doesn't always mean it will sell for that. But to say it's only gone up £10K since 01/11/2014?

Pixie5740

What are the sold prices like for similar properties in the area in the past 6 months?

Crashy_Time

Who are you going to trust, a surveyor or a kite flyer? It is a no-brainer IMO.

anselld

"Put on the market" totally irrelevant. Comparable sold prices are the only relevant comparator.

caronoel

Sadly those twits on HPC have decided to flag this post up for ridicule:
http://www.housepricecrash.co.uk/forum/index.php?/topic/230681-mse-ridiculous-valuation/#comment-1103263359

Expect a deluge of non-sensical unhelpful posts from these muppets

kinger101

caronoel wrote: »

Sadly those twits on HPC have decided to flag this post up for ridicule:
http://www.housepricecrash.co.uk/forum/index.php?/topic/230681-mse-ridiculous-valuation/#comment-1103263359

Expect a deluge of non-sensical unhelpful posts from these muppets

I wonder who could have done that.

HouseBuyer77

Stick the details into the nationwide house price calculator: http://www.nationwide.co.uk/about/house-price-index/house-price-calculator (remember to switch the region from UK to a more specific one).

Assuming it's a fairly standard property with no major issues it can give a rough ball-park valuation.

If that's giving you the £550k then maybe the surveyor has under-valued. If it's giving you nearer £435k then perhaps what you think is a similar property is not so similar. Or it's massively over-priced.

[edit]London & Country have an online house price calculator: https://www.landc.co.uk/calculators/house-price-calculator/ Zoopla have a tool too: https://www.zoopla.co.uk/. Certainly neither of these are particularly accurate, and could be well wide of the mark but handy to give you a ball park figure[edit]

LdnFtB

The valuation surveyor will be basing the value from nearby sales, not nearby asking prices.

shortcrust

caronoel wrote: »

Sadly those twits on HPC have decided to flag this post up for ridicule:
http://www.housepricecrash.co.uk/forum/index.php?/topic/230681-mse-ridiculous-valuation/#comment-1103263359

Expect a deluge of non-sensical unhelpful posts from these muppets

Wow what a weird forum. Still, if it makes them feel better.

snickpan

Pixie5740 wrote: »

What are the sold prices like for similar properties in the area in the past 6 months?

I can only guess that if they're put on the market at £550k, the sold prices are somewhat less. But I doubt they're selling at £435K.

snickpan

anselld wrote: »

"Put on the market" totally irrelevant. Comparable sold prices are the only relevant comparator.

I thought I'd covered that idea " I realise 'for sale at £550K' doesn't always mean it will sell for that."