Is your house worth more than you think?

During April 2018 the house price index pushed the national average price of a property to an all-time high. With the average UK property now worth a record £304,943, which is 0.3% more than the previous high set in July 2017.

We’ve also seen record monthly visits to Follwells’ online properties this year, demonstrating a keen interest in property locally. According to Rightmove statistics, across the UK, sellers are achieving 96.7% of their final asking price. Moreover, we are happy to report that our Market Drayton and Newcastle branches are bucking this trend with final sales achieving 97.1%* of asking price.

Now is the time to sell

Late summer and Autumn is always a popular time to buy and sell. The squash and squeeze of the summer holidays prompt families to review their situations. And those that are ready to sell know that they’ll move in time for Christmas. However, a lack of choice locally both in Newcastle and Market Drayton coupled with strong demand is pushing the boundaries of what a property is worth. Now, this isn’t a wild increase, as buyers will quickly spot a speculative price and ignore a property that is out of line with others nearby, but your property could be worth more than you think.

If you’d like a comprehensive valuation, completed by a trained and likeable local estate agent (we do not believe in ‘online instant valuations’ at Follwells) you can request a valuation here or have a chat with either of our local branches:

Market Drayton 01630 655535

Newcastle 01782 615530

How much is my house worth?

When deciding the price of a property on the market, it is sensible to look at activity over time as well as current asking prices. We say this because other factors affect the long-term worth of a house:

So far 2018 is proving to be a good year for house prices, with houses in the TF9 postcode district having increased by 8% since 2014 with the average house price now being £200,000. Equally, in the ST5 postcode district house prices have increased by almost 6% from 2014 with the average price of a home now being £137,500.

Who do I trust to tell me how much my house is worth?

Don’t automatically go with the agent who gives you the highest valuation – some agents use this as a tactic to win business and get a for sale board in a desirable location. Which? research in 2017 found that overvaluing properties is estimated to be losing sellers as much as £4.3bn and slowing down the market.

Which? compared thousands of listing and sales records to see which properties had to be reduced by more than 5% to sell, which they classified as ‘heavily reduced’ in price**. On average, these properties went on the market for £5,000 more than all other properties – but on average ended up being sold for £20,000 less.