You’re debating moving house, so naturally, you’re spending every spare minute browsing through Rightmove. Amongst these several window shops, the observant ones of you when scrolling past a property description might have noticed a section called “Property Sale History”.
In opening that tab, you can find the sold history of the particular property you’re looking at, including the year sold and the actual sold price – with a little disclaimer that the house price data is produced by the Land Registry.
That’s great, if you’re interested in buying that particular property but what’s more interesting is the link below “Go to nearby sold prices”. Clicking that will take you to a page that shows you all the property sale history for properties within that postcode area.
Now that’s useful, very useful, and we’re going to go into why, where you can get this data, where it comes from and how you can utilise it.
How Much Is Your Home Worth?
You’re here because you likely Googled something around “sold house prices” which might be either to have a nosey, or determine how much you think your property is worth before you potentially take it to market.
Before we dive in and discuss sold house prices, although it’s a significant part of determining the value of your home, there’s a lot to consider and sold house prices unfortunately don’t always tell you the full story.
There’s a lot to look into when it comes to determining the value of your property, and you want to do as much research as possible before you approach an estate agent. We’ve actually got a significant and comprehensive guide on everything you should look at to determine your properties worth.
Why Is Sold House Price Data So Important?
So, why exactly is it that sold house price data is such an essential part of detailing a home’s overall value? Bluntly put, it’s real data.
You can look around Rightmove, or your chosen property portal, and you begin to get a feel for the overall value of certain properties in a given area of a given size. You’re forging your opinion based on asking for prices, which is completely different to what they are actually bought for.
Knowing the actual sold price for properties that are comparable to your own, or the one you’re looking to value, can be so useful. It allows you to budget, save, avoid overpaying for a property and ultimately make a good purchasing decision.
When trying to forge an opinion using sold house prices, you need to make sure the properties that you’re looking at the sold price data for are similar to the one you’re valuing. You want to aim for properties that are similar in:
- Amount of bedrooms
- Amount of bathrooms
- Location (closer the better)
By gathering multiple properties that meet the same criteria as the one you’re valuing, you should get a fairly good and well informed idea of what kind of price you might expect the property to achieve or go for.
Where Can You Get Sold House Price Data In Your Area?
Now you know how useful sold house price data is, and how you can actually use it to determine the value of your property, where can you actually get access to this gold mine?
There are actually quite a few “sold house price checker tools” that you can get access to, and for free. Mostly it’s the large property portals that offer this:
To get sold house prices for the area that you want, you simply have to type in your postcode and it will show you the sale price history of properties in your area and the date that they last sold. You want to ensure that you’re using prices that are as close to the date you are researching as possible – the property market changes a lot! If there market is going through a turbulent time, sold house prices over a few months old may not be as reliable.
There are often filters on these tools to narrow down your search, such as property records within a certain period, or for a certain property type.
As a side note, you can also get sold house price data from the HM Land Registry Open Data, although it isn’t as glamorous to use it still contains all the information that you need for your research.
Where Does The Sold House Price Data Come From?
When you’re tracking the property market, you’ll notice that properties go from on the market to SSTC (Sold Subject To Contract) and then completely disappear off of the online portal never to be seen again.
So, how do you actually get the data of what it sold for after that? Well, it actually comes from the HM Land Registry. That’s because when you sell a property, your solicitor submits the documentation that details exactly what they are paying for the property & that is kept on record.
The Land Registry then publishes all the sold house price data for every property in England and Wales. This data feeds all the tools that we’ve mentioned before, but also the HPI, or House Price Index. This document provides headline statistics such as the average price of property across the whole of England, percentage change of price annually, monthly price change, and the index figure – further breaking the information down by local authorities, types of properties, sales volumes and buyer status’s. It might not be important if you are wanting to find sold house prices for a particular postcode, street or road, but if you’re wanting to research around general areas, and trends, it’s great. Here you can find the GOV UK House Price Index Reports.
As a side note, it works differently for Scotland & Northern Ireland.
Sold House Prices By Areas (UK)
As we just touched upon, if you’re wanting a view of a particular area, you’ll likely be more interested in looking at the House Price Index Reports, as opposed to just individual sold house prices by postcode or street.
How is this data useful? It can be useful on a top line if you are looking to buy or sell a property in a particular area, to determine whether the property is below or above the average, if the trend pricing trend is positive or negative, determining whether it’s worth selling or buying at that point.
More information is always useful!
Here’s a breakdown of each area, the average price, monthly and annual change.
|Country and government office region||Price||Monthly change||Annual change|
|Northern Ireland (Quarter 2 - 2021)||£153,449||2.90%||9.00%|
|East of England||£324,510||2.90%||9.60%|
|West Midlands Region||£228,593||2.90%||11.00%|
|Yorkshire and The Humber||£185,968||1.50%||8.80%|
All of this data is from the UK House Price Index Summary released in August 2021.
The Issue With Valuing Your Home Off Sold House Prices
Up until this point, we’ve talked about how great sold house price data is and how you can use it to be more informed when it comes to buying and selling property and it is, but use it correctly as it sometimes doesn’t tell you the full story.
There are a few main issues that you can find with sold house prices, and should be aware of when using the data to form an opinion:
- Outliers – Sometimes, people sell their property for below market value in order to get a quick sale, or visa versa, sell it above because someone is desperate to purchase that particular property. This is why you can’t form an opinion based on a single property, you need multiple to ensure you can remove any outliers.
- Condition – You want to match the condition of a property to yours, but the truth it that can be really hard to do. You’ll be doing this with sold house price data just using the photos, if they are there, without actually seeing the property. You can get a vague idea, but chances are they have a different kitchen, bathroom and overall features to you – so the price can vary.
- Location – This is only relevant if you aren’t familiar with the area. Depending where you are, one street can massively vary in price from the one next to it, even properties that are very similar in build and size. You’ll need to do some in-depth research to try and determine if this is the case.
- Quiet Market – Do you remember when we said that you shouldn’t trust house prices that are over a few months old? Well, it can be tricky to determine the value of a house if the area you live in is fairly small and people don’t regularly move, you’ll be surprised how often you will see the last person on a particular road to move was 5+ years ago! Obviously, when that happens, the data isn’t as reliable.
What Other Ways Can You Value Your Home?
To re-iterate sold house prices is a wealth of information that can massively help you determine a properties value, however as we’ve just touched on, there are times when it can be a bit problematic just using that to determine property value.
How can you go about valuing your home, should the sold house price data not be reliable? There are a few main ways that you can do this:
Online House Valuation Tools
There are lots of tools out there that you can use which will estimate the value of your home, there to be taken with a bit of a pinch of salt & you should always still look into sold house prices yourself, but these can be used to give you a rough idea of a properties value. Here’s a breakdown of some of the most common ones on across the web:
Each tool is likely to give you a slightly different valuation based on the data they collect. The one main issue with these valuation tools is they are unaware of the condition of your property so could be way off the mark if your property is on either side of the condition scale.
If you are looking to list your property on the market, another thing you can do is get local estate agents round to come and view your property and recommend what you should market it at. You can also ask them at this point what you think it will achieve.
The problem you have with this, simply put, is they want your business. A lot of estate agents will over value your property in order to try and get you to sign with them, tying you into a contract to then later ask you to lower the price due to lack of interest.
The best thing to do is get multiple estate agents round, most of them will ask what you think it’s worth, don’t tell them! Much like the sold house prices, use their estimates and remove any outliers to give yourself a better idea. Again, couple this with your own research!
We can help
If you have the intention of selling your property, you can find out how much your property is worth and what we will offer for it by enquiring with ourselves. We have an experienced team of underwriters who will value your property based on the information that you provide us around it’s condition.
We’re a fast cash house buying company who can buy your property in as little as 7 days, covering all your legal fees & handling everything for you, a completely stress and hassle free sale.
Frequently Asked Questions
Do you have any further questions around sold house prices? Not to worry, we’ve collected some of the most common questions we could find around the web on the subject, and answered them for you below:
How long does it take for sold house prices to appear?
Unfortunately there’s no set time as to how long it can take to appear on the HM Land Registry data, however, typically speaking you should be able to see the data within 3-6 months. Very occasionally it can take longer, and not to scare monger, but there are people that report it can take years! Although that’s probably more likely admin error somewhere along the way.
Is there a way to get the sold house price data quicker?
Sometimes there are delays with tools like Rightmove & Zoopla on sold house price data, the first place you will be able to see it appear is the HM Land Registry.
Why are some sold house prices not listed?
There are quite a few reasons that sold house prices might not appear on the land registry, such as sale of a part share of a company for instance.
Can you hide sold house prices?
No, there is nothing you can do particularly to get your house price hidden, unless it falls into the set of data that doesn’t get listed in Land Registry.
Is sold house price data the most reliable way to value my property?
It’s hard to say, it has it’s pro’s & con’s, but so does every method we’ve explained in this post. Sold house prices on comparable properties near you, as long as you are using it correctly is a really powerful and reliable tool to give you an idea of what your property or the property you are looking at may be worth.