Is the Nationwide house price calculator accurate?
We reveal all...
When it comes to selling, the first thing you may wonder is ‘how much is my house worth’ and after searching the internet you may have come across Nationwide and a feature they have called the Nationwide house price calculator, leaving you wondering what this is and if it’s useful.
To help you out, we’ve written a full guide on what the Nationwide house price calculator is, how it works, if it will be helpful for you and so much more:
A house price estimation is something you can get from an estate agent, and it essentially gives you a rough guess as to what your property is worth. The estimation will take into account your property’s location, condition, how many similar properties there are in the area and a few other factors.
When asking an estate agent for their house price estimation, you will find that each estate agent will give you a slightly different valuation. This is because estate agents are, ultimately, trying to get your business and so their estimation will also take into account their wanting to seem as though they can get you the highest price for your property, making their house price estimation not completely accurate.
This is why it’s called an estimation as, whilst they will be taking certain factors into account when giving you a price, it’s not completely based on facts and data, which is what makes their estimation not very accurate and also explains the differentiation between different estate agents.
You can also acquire a house price estimation through an online house price calculator, where you will enter your postcode and some details about your house. The calculator will give you a rough estimation as to what your worth is worth if you were to sell it on the open market in the current conditions.
A lot of property websites have house price calculators, such as Zoopla, Yopa, Nethouseprices and Nationwide, with Nationwide house price calculator being the one we’re going to focus on in this guide.
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The Nationwide house price calculator is an online tool that provides you with an estimated figure as to what your price is worth. The calculator asks for the last known valuation on your property and the date of this so it can give you an up-to-date valuation as to what your house is worth now.
Nationwide states that this figure should be treated as a guide and isn’t a figure that Nationwide would use should you go to them for a mortgage application – highlighting it may not be a completely accurate figure.
Using the Nationwide house price calculator to give you a house value can be a good idea if you’re just wanting to have a nosey at a rough valuation as to what your house could be worth and how its value has changed over time. It can help you decide whether now is a good time for you to sell and also to help give you a rough ‘ballpark figure’ as to what you can expect before you invite estate agents over to give their valuation.
The Nationwide house price calculator provides you with a rough valuation as to what your property is worth and how that valuation has changed over time. You’re asked to give the last known valuation of your property and what date this was given so the calculator is then able to take note of market trends over time to work out what the value of your property will be now.
Nationwide’s house prices are ‘mix adjusted’ which that’s that they track a representative house over time, fixing the relative weight given to each property characteristic, such as the type of property or the number of bedrooms. This stops their results from being distorted by changes in the mix of properties being sold month by month.
This means they can focus on underlying market trends in property values, estimate the cost of a house with a set of characteristics and to create the ‘typical’ UK house and track its value over time.
Nationwide allow you to read a full document on their methodology to help you better understand how their calculator is able to give you a figure for your property.
A downside of the Nationwide house price calculator is that you need to have a known valuation of your property in order to get an answer as to what your property is worth now, so if you don’t have a known valuation this calculator will not work for you.
Whilst the Nationwide house price calculator does use data and facts when calculating a figure, there are certain aspects it doesn’t take into account, making the figure not completely accurate.
Nationwide does state that their figure doesn’t consider differences between similar properties in an area. For example, it won’t take note of the differences in the quality of fittings or any redecoration.
Having said this, the Nationwide house price calculator may be more accurate when compared with other calculators as it uses a data record that stretches back to 1952 – the longest unbroken run of data available.
Nationwide also fix the relative weights given to each property characteristic, such as property type or number of bedrooms, which allows their results to stop being distorted due to changes in the mixture of properties that are sold month to month.
Nationwide are also very open and honest about their methodology in how they get to the given house price, with them having a full PDF document available should you wish to know how they’ve gotten to their figure.
However, having said this, a key giveaway that the house price calculator isn’t really that accurate is Nationwide including the following statement underneath the calculator – ‘For an accurate valuation of your property, we recommend you consult a local estate agent or surveyor’. This statement highlights that Nationwide’s figure isn’t accurate and you will need to look elsewhere in order to get an accurate price.
If you’re thinking of selling your home, before you start to go down more traditional routes, it could be worth your while to get in contact with us. We can offer you a fast sale whilst covering all your legal fees, giving you a price upfront.
We offer more than the Nationwide house price calculator – we won’t just give you an answer as to what we feel your property is worth, we will buy your property for this amount in cash, covering all your fees, meaning you will get this amount in full in your bank, without having to pay a penny. We can also buy your property in your chosen timescale, with our average completion time being 2 weeks.
Although we will consider certain factors when giving you our house valuation, such as the condition or location, it won’t affect whether or not we will buy your property. We buy any property in any condition and location and our offer and level of customer service will never be affected by your reason for selling quickly.
Our property consultants are experienced in working with a variety of customers who need a quick sale for many different reasons. We will appoint you a specific agent who will be your main point of contact throughout the whole process, helping you to feel reassured or supported.
We’re unable to give you the market value for your property, but we will give you a fair price and all fees are included, so there’s no need to worry about hidden costs or having to pay large amounts to sell.
Getting a CASH offer is completely free! All it takes is a few minutes of your time.
We’re more than just a Nationwide house price calculator or a standard cash house buyer. The Property Buying Company is owned and operated by property professionals, founded in 2012, and with over 50 years of combined experience, you can be sure you’re in safe hands.
We’re also a member of The Property Ombudsman and the National Association of Property Buyers, who are two regulating bodies in the ‘fast cash for house’ buying industry. On top of this, we also understand what it’s like to sell a property and all the stresses that can come along with it, so we will always be up for a chat to listen to your worries, and we will handle the whole process for you.
We’re also rated excellent on Trustpilot, with over 1,000 reviews.
We will always be open and honest about our service and process, with us telling you upfront what we’re able to offer you for your property. We will keep you constantly updated, including any issues we face and how we will do our best to overcome them for you.
We do more than just give you a house price estimation; we will give you a cash price that we can buy your house for in full, covering all the fees, including the legal ones, and also completing in a timescale of your choice! It’s never been easier to find your house value and sell fast!
Want to find out how much your property is worth & sell your house fast? It's best to give us a call on:0800 024 8444
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|Your options||Average sale length||Typical cost to you|
|The Property Buying Company||2-3 weeks||£0.00|
|Other House Buying Companies||2-10 weeks||£1000|
|Property Auction||6-10 weeks||£2500-£5000|
|Online Estate Agents||16-52 weeks||£1000(upfront)-£5000|
|Estate Agents||16-52 weeks||£5000|
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