Before making the final decision about selling the property, consider every aspect and be informed whether to deploy conventional real estate agents or cash buyer companies to make the deal. As a homeowner, you can estimate the property value yourself. It may not be precise, but it provides an approximate valuation. To appraise the prevalent property market, not only is national trend important, but local inclination is also imperative. The UK House Price Index, derived from Land Registry, is a legitimate barometer to adjudicate the current property market.
The data released by the Land Registry lagged by a few months, which can deviate in a volatile housing market, but never too far, and the transacted price is the basis of the index.
Valuation of the property
After a broad valuation of the property, if you want to sell it quickly, then you contact and say sell my house fast to the company that is enlisted in NAPB (National Association of Property Buyers) and The Property Ombudsman. All affiliated members’ names are displayed on the official website of NAPB. After the agreed price, a memorandum of sale is sent to you by the property buyer. Go through the fine print carefully. Though there are usually no hidden clauses, you should read the document vigilantly before signing. You can check the offered price by the company with the Halifax house price index, which has been published since 1983. The basis of this index is mortgage transaction which is generally fifteen thousand per month. These indexes give you an overall trend of the property market, whether it is rising, plunging, or stable.
Sale data recorded in the Land Registry
The sale data recorded in the Land Registry are analyzed by competent research teams to predict the future trend of the property market in the UK as a whole and locally. Political events, macro and microeconomic factors influence the property market and shape the rate of growth. If there is an upward trend in the property market, it does not imply you escalate the valuation but does entail you hold firm to the market valuation of the said property. The location of the property plays a pivotal factor in determining the value of it. If there is an upcoming project in your locality, there is likely to add value to the explicit property.
20% of the property valuation is subjective
As there are numerous ways to determine the valuation of a property, there is no thumb rule. Different professional valuators appraise the property value in different fashions and derive diverse figures. It is assumed 20% of the property valuation is subjective, meaning the opinion of the valuator influences the closing valuation. The market value of a property is an agreeable amount both to buyer and vendor where most factors are considered, and the transaction is without coercion. Most real estate agents affix 10 to 15% more on the asked price in a steady market trend as buyers are likely to negotiate.
The price of new construction is usually higher than old or second sales due to added amenities or even the aspect that manipulate the price. With so many variables in play, a professional and qualified valuer helps when you say sell my house fast. The company gives a precise valuation of the said property. A survey is conducted on the property to derive the market valuation of the property.