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How Much is Your Property Worth?

Are property valuations accurate? Why do valuations differ on the same property? 'Honest Answer' presenter Sarah Walker asks a Knight Frank panel of experts what estate agents look for when valuing a property. 

 

Nick Loweth, Head of Berkshire Sales, believes that the old cliche 'location, location, location', still rings true and that both proximity to school catchment areas and 'kerb appeal', also hold favour when valuing a property.

Asked why some estate agents overvalue a property, Loweth explains that overpricing is a "cheap agent trick", which often results in a no-sale. He goes on to say that some agents will present clients with a higher selling price in order to win business and that consumers should ask for comparable evidence to support his or her claim.

"Ask for evidence why the price is 10% or 20% higher and if they can't provide this, you should be very suspicious", he says.

When it comes to renting, Tim Hyatt, Head of Knight Frank Lettings, says that when there is a lack of supply and increased demand, overvaluation tends to happen especially when the property is in a desirable location. However, clients will want to know exactly what they are paying for.

"Those renting will want to know whether there is a gym, which they will pay a premium for, or a car parking space or other social amenities in the building", he says. "Valuation is a science, and estate agents don't always get it right", he admits. 

To find out more about how estate agents value property watch the video or contact us to ask us a question.