One of the most important components when selling your home is the expert agent valuation. It will inform you of your property’s value and a potential asking price you could set when placing your property on the market.

In this article, we discuss how your property is viewed and valued in a home valuation, allowing you to gain a better understanding of how an expert agent determines your home's overall value.

Is a home valuation important?

Home valuations can affect the entire selling journey of your property, so you need to ensure they are achieved correctly. If an inaccurate valuation is completed and it’s reflected in the asking price, this could delay the sale.

The first ten days of your property on the market are the most important, as it will receive the most interest during this time. So, with this in mind, it’s crucial to ensure you have an accurate, fair representation of your home’s value in the asking price.

Knowing your home's true value can provide you with a clear budget for searching for your next home, as well as allowing you to identify the current equity within your property if you were to sell.

How does an expert agent value your property?

The expert agent will use their own experience and knowledge of the local market, along with five main physical components, to determine the value of a property.

• Location
• Layout Size
• The property's condition
• Unique features

Ultimately, the interior and exterior of your home plays a huge part. If you have a beautiful, private home with incredible characteristics and uniqueness, its value will be higher than that of an average neutral-looking home that is the same size and location.

Another huge factor is location; this determines the local amenities, schools, opportunities, and jobs the property could provide, adding value.

When valuing a property, agents use the price of comparable homes that have sold in that area as their main guide. This allows agents to identify what potential buyers are willing to pay, helping to understand the local supply and demand for property.

A combination of various factors, including your personal circumstances and the current state of the surrounding property market, will determine the value of your home.

How do you decide which agent to go with?

Choosing the right agent can be a daunting process, as your home is your most valuable asset, so shop around and speak to a variety of agents. Never choose an agent based on how much they value your home, as some agents will quote you a slightly higher value than they believe simply to get your business.

It's critical to have a connection with your chosen agent, as you will spend a lot of time with them, and you want to make sure they love and respect your property as much as you do. Trust your gut, don’t rush, and ensure you like the agent you will be working with. By working with us, we can offer support from your first home valuation all the way to exchanging contracts and discovering your next dream home.

If you’re in the market for a new home this summer, you’ve timed it just right. According to data from Rightmove’s house price index, this summer saw the highest number of homes for sale in eight years.* As a result, it comes as no surprise that sales increased by 13% between May 2023 and May 2024.* Additionally, because the number of homes for sale has increased at a slightly faster rate than sales agreed, there is a strong supply of available homes for sale.

Why is the market growing?

Post-pandemic rebound

The economy has recovered after taking a hit during the COVID pandemic, and as a result, we are seeing a rebound in housing market activity. Homeowners who may have put off selling their home during the pandemic now feel more confident in putting their property on the market.

Lower mortgage rates easier

The decrease in mortgage interest rates is another factor contributing to the high number of homes for sale. With interest rates falling in 2024, many potential buyers are taking advantage of favourable borrowing conditions to buy a home. This increase in demand has led to more homes being listed for sale as sellers look to capitalise on the surge in interest.

Stable prices

Despite the increase in the number of homes for sale, property prices have remained relatively stable. This has provided a sense of assurance for both buyers and sellers, creating a balanced market where transactions can occur smoothly. The stability in prices has encouraged more homeowners to make their move, knowing that they can achieve a fair value for their homes.

How does this benefit buyers?

Increased options

With the highest number of homes for sale in eight years, buyers now have a wide range of properties to choose from. This means they are more likely to find a home that fits their specific needs and preferences.

Less competition

A surplus of homes on the market means less competition among buyers. This can result in a less stressful homebuying experience, as buyers may not need to rush into making an offer out of fear of losing the property to another buyer.

Potential price reductions

In a busy market with a high level of supply, sellers may be more willing to reduce their asking prices in order to attract buyers. This presents an opportunity for buyers to receive a good deal on their dream home.

How does this benefit sellers?

Faster sales

While an increase in available properties may seem like bad news for sellers, it can actually lead to quicker sales. With more options available, motivated buyers are more likely to make a decision and move forward with a purchase.

Increased exposure easier

More homes for sale means more listings for buyers to browse through. This increased visibility can benefit sellers because it attracts a larger pool of potential buyers to their property.

Competitive pricing

By pricing properties competitively, sellers can take advantage of the abundance of homes on the market. Sellers who set a reasonable asking price may attract more interest and receive multiple offers.

How a good agent can help you

As a buyer, a good agent can help you find your dream home among the abundance of options available. They will listen to your needs and preferences, then use their expertise to narrow down the search to properties that meet your criteria. An experienced agent can also help you make an offer, secure a mortgage, and close the deal. As a seller, you can benefit from an agent’s in-depth knowledge of local market trends as they help you price your property competitively to attract the right buyers. A reputable agent will also handle all the negotiations and paperwork, taking the stress out of the selling process.

Increasing your return on investment is in your interests as a landlord. Property improvements can lead to bigger capital returns, and higher rental revenue. Here are some different improvements that could do this without breaking the bank.

Get to know your target audience  

Targeting your property to young families means improving different parts of your property than that of a student let for example. Family-oriented homes will benefit from improved garden spaces and a bigger kitchen with good seating. Young professionals and students may appreciate smart home technology. It is worth noting that going down the HMO (Home in Multiple Occupancy) route for a student let, requires significant investment, however, could increase your rental revenue significantly.

Give your property real street appeal  

First impressions do last, and if your property sets the right tone from the beginning, then your tenants, future buyers, and tenants’ neighbours will appreciate it. This will maintain a good reputation for you and your property. A weed-free front lawn, painted fence, gate and front facia guarantee your tenants a nice welcome home and can increase tenant satisfaction.

Make the most of outdoor spaces  

If your property has a large or small outdoor space, make the most of it. Nice outdoor spaces are becoming expected and add a lot of value because they are highly sought-after. Comfortable seating will make a big impact and work well with low-maintenance gardens. Leaving a little room for your tenant’s creativity so they can add a homely feeling is also important. Adding French doors or slide walls as part of bigger renovations could help increase rent significantly. Conversely, if space is extremely limited, think outside the box. For example, an eggshell chair, a vertical garden, or a matching two-seater dining set can make a big difference.

Increase the energy efficiency of the property

Anything that reduces the cost of energy for your tenants will most likely increase the level of demand for your property. LED lighting, better insulation, or a more water-efficient shower head are minor improvements which can have a major impact. Better radiators can help to modernise the appearance of rooms and also increase efficiency. If you want to make bigger, greener investments, solar panels, which can sometimes produce enough electricity to sell back to the local grid, as well as supply your property, could be a worthwhile investment.

Improve the kitchen or bathroom  

Deciding which is more important largely depends on the condition of each. But improving the property’s kitchen or bathroom will make a big impression. You may decide to complete an entire refurb on both. If your property’s bathroom and kitchen need attention and there is only enough in the budget to refurbish one from scratch, don’t worry. There are lots of less costly things you can do to make improvements. From regrouting and re-caulking between tiles, to repainting, new flooring, and better lighting. These can give a new lease of life with relative ease and will make the property in question highly desirable.

Create some space  

While most people like a feeling of cosiness, especially during the winter, dinginess is much less in demand. Knocking down walls and opting for an open-plan layout can modernise your property while creating space. More light and more room could equal more rent. It’s important to budget for bigger renovations and have the correct level of paperwork from building control. That said, wall removal is not very high in the cost scale of home improvements. If your property is furnished, create space by choosing furniture and its arrangement that works best with your property’s floor plan. Sourcing furniture on social media or through a charitable organisation could potentially save you thousands.

Are you on the market for a new home? Well, when purchasing a property, you always want to be confident that the asking price matches the value. Easily identify this by commissioning a home survey on your potential property purchase.

What is a home survey?  

A home survey is where a professional property surveyor conducts an expert inspection of a property's condition. The surveyor completes these inspections to identify potential future problems and costs for the prospective buyer, and then delivers the results in a report. A home survey typically occurs after the acceptance of an offer (Scotland's property market differs). Surveyors should be members of one of the two primary accrediting bodies: the Royal Institution of Chartered Surveyors or the Residential Property Surveyors Association. Before contracting for a home survey, you should always check to see if your surveyor is a member of either of these.

How long does a home survey take?  

The amount of time a property survey takes depends on the size and condition of the property, as well as the type of survey you choose. It can take from one hour up to an entire day to complete a survey report. Normally, you will receive your property survey report 5 to 10 days after the survey's completion, allowing you to proceed in the buying process with confidence.

Is a home survey important?  

When purchasing a property, you tend to try and avoid extra expenses, but a home survey is an extremely important part of buying a property. Surveys allow you to understand the entire property, making you aware of future problems and costs, so you can make an informed decision to continue with the purchase or negotiate with the seller and potentially reduce the property price.

Which home survey should you get?
When completing a property survey, there are various types of surveys to choose from. You choose the type of survey depending on the property’s age, condition, and your personal preference.

Level 1 property survey: this is the most basic type of survey, where a traffic light system highlights issues, but the report doesn't delve into detail. This is great for a young, modern property if you want to ensure everything is up to the expected standard. Level 1 surveys start at £500.

Level 2 property survey: this is a middle-level survey that most people choose. This survey will evaluate the property’s condition and highlight problems that could affect its value. This survey will also include advice for repairs and maintenance. Level 2 surveys start at £600. Level 1 and 2 property surveys are non-intrusive, so they will only highlight surface-level issues; they will not move furniture or examine the property's structure.

Level 3 property survey: this survey, of course, is the most thorough analysis of the entire property’s building structure and condition. This survey is commonly used for older, character buildings that are over 50 years old or for properties in poor-kept conditions. The overall report will provide extensive details, including recommendations, estimated costs, and a timeline for any necessary work. Level 3 surveys start at £750.

New-build snagging survey: this type of survey is perfect for new build homes. Usually, you wouldn’t have a home survey completed on a new build, but a snagging survey can help identify small faults and cosmetic issues. You can deliver your snagging survey report to your builder, and they will resolve any issues highlighted as soon as possible. A snagging survey starts at £300.

Is a mortgage valuation a property survey?  

When you apply for a mortgage to purchase a property, the mortgage lender will carry out their own valuation on the property. This can sometimes be misleading and be seen as a ‘property survey’, but the mortgage lender's valuation is nowhere near as detailed, and sometimes they won’t even enter the home.
Always arrange your own survey on a potential property purchase so you can be confident that you aren’t overpaying or purchasing a new home with future problems and costs.

How can you find a surveyor?  

You can easily find trusted surveyors through local estate agents, your mortgage lender, or even recommendations from friends and family. Once you've identified your surveyor, it's crucial to thoroughly review the terms of engagement to understand their responsibilities and the timeline for completing the survey and report. Always make sure you have direct contact with your surveyor, so you can always ask questions if anything remains unclear.