In valuing houses, one should firstly look at the comparable evidence available in order to justify your valuation figures. At times a good valuer should go with their gut instinct taking into account the current levels of market activity, uniqueness of the home and demand for that specific property type.
We were recently invited to value a property on Valletort Road, a special property within the area and one of only four of its type. The last of these properties to sell sold for £420,000, whilst this is respectable for the value of the street, we had seen significant rises in prices due to the impact of the COVID pandemic, prices on larger homes had soared due to the desire for work from home spaces, play rooms for the children and gardens for outdoor activity. The property we were invited to appraise was exceptionally large and benefitted from an unusual double plot garden, ripe for development or simply to enjoy as a growing family.
After reviewing comparable properties on the market in similar areas (not street specific) if became very apparent that we could push to break the traditional “ceiling price” for Valletort Road. The property came to market at £700,000 and sold for £670,000 on the first of the viewings much to the delight of our vendors, who had been the custodians of this beautiful home for over 50 years! The buyers were also over the moon that they could grow as a family into the wonderful space this home and garden could offer.
It is important to value a home based not only on the street but the wider area, taking into account any additional features it may have over its competition. The ability to present a property as “No Chain” may also benefit a property and allow it to achieve more than market value on the premise of a speedier transaction.