Don't Use Online House Valuation Tools To Set Your Asking Price

When you have a quick search online, there are countless house pricing tools from numerous companies stating they can provide you with the best valuation. Choosing the right website can be mind boggling as there is no understanding which company will give you the most up to date and relevant information. When all the outlets offer customers such a wide variety of tools, it’s hard to know which to trust. This article is going to give an overview of the top online valuation tools and which work best.

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Halifax Price Index

Halifax have created an in-depth report which is updated monthly and gives an overall view of the housing market within the UK. The tool enables customers to look at housing trends and current trends on a monthly and quarterly basis. It also lets you look at specific house types and average house prices within areas. The press release also compares the current month against previous months to convey the changes. Sometimes, the release gives predictions for the UK housing market, which is helpful for people that want to sell their house quickly. Overall, the website allows you to:

  • Monthly updates at the end of the first week of the month
  • Considers future predictions
  • Uses data from mortgage approvals

However, compared to other sites, Halifax base their figures on mortgage approvals. Meaning it isn’t as reliable due the report not recording all the mortgages that were not complete deals.

Nethouseprices.com

Ever wondered how much a house has increased by? Or how much a house has increased, due to an extension? NetHousePrices.com allows you to look at a plethora of property information for free. According to the website you can check how much houses have sold for, property listings of sales and rents, and also auction properties. The website goes into finer detail and shows the changes as to how much certain listings have been edited to. For buyers/sellers this is an excellent tool as it gives insights into edited listings, indications on how asking prices have changed, and how much properties have sold for. This gives marketing intelligence to sellers as it indicates the types of asking prices you could set for your property and which descriptions work best.

Mouseprice.com

Mouseprice.com is a free online tool that allows you to effectively compare sold house prices depending on the postcode you provide. The tool can even specifically pin point to a road in the UK. If you are an unregistered user you can look at the property type, the price paid and the date it was sold. If you create your own account, then you can see additional data on the number of bedrooms and the estimated market worth.

When you make an account, you can click on the individual properties which compare the change in price from when it has been bought and the annual change (the compound annual growth rate). It also lets you compare other properties on the same street by showing selling prices. Another tool on the website is the heat map which allows you to see the types of crimes within the area. This is more useful for buyers rather than sellers however it is a interesting feature.

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Land Registry

The government also has two tools allowing customers to search housing prices. Firstly, they have the House Price Index and the other tool is the Price Paid Data. The Land Registry allows users to look at housing trends and how much houses have sold for. The website provides statistics to give customers insight on how prices have either fallen or risen and the percentages involved. Generally, the data is restricted to a county level and the average house price is of a broad area. However, Mouseprice.com bases most of their data on the land registry’s data.

Why Shouldn’t I Use Property Valuation Tools

Summarising the four tools this blog has reviewed, most of these tools give an overview of the market. Certain tools do not give enough detail about specific properties either, as a lot of the data was just general statistics.

However, if you use any of these tools to create an asking price, please bare in mind that these tools may not give you the correct valuation. If you are going to sell your property, make sure an estate agent comes to view your property. Try to book at least three estate agents to view the property so you get a well-rounded estimate of your house.

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