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Original poster

Estate agent valuation

34 replies

Lucycantdance · 26/09/2023 20:22

We live overseas and are considering selling our house in the U.K. (currently rented out) to buy here. Had an estate agent valuation, it’s way below what we thought it might be. The HPI has it at £637k and zoopla etc all £600k and over. EA was 100k plus below that.

I haven’t sold before in the U.K. so am probably totally clueless - but are EA valuations generally pretty accurate?

OP posts:
Mildura · 27/09/2023 12:46

it's just common sense completely irrelevant to work out what average people's salaries are now

CrashyTime · 27/09/2023 12:55

Lucycantdance · 26/09/2023 20:22

We live overseas and are considering selling our house in the U.K. (currently rented out) to buy here. Had an estate agent valuation, it’s way below what we thought it might be. The HPI has it at £637k and zoopla etc all £600k and over. EA was 100k plus below that.

I haven’t sold before in the U.K. so am probably totally clueless - but are EA valuations generally pretty accurate?

Use PropertyLog to see what other sellers are doing, ignore Zoopla, and the house is worth what someone wants to pay not necessarily what the EA says.

CrashyTime · 27/09/2023 13:00

whyisitallsohard · 27/09/2023 00:19

in all honesty, this is what i think sellers should be doing:

you should look at the average salary in your area and see that as a guide, using the current 6% interest rate. once you've calculated that over a 30 year term with a 20% deposit, ask yourself if people (buyers) can truly afford that? keep lowering your price until you can see a monthly mortgage repayment that makes sense and is affordable.

if you were expecting your house to be £635k in the current market with 6% interest rate, 30 year term with a 20% deposit then that monthly figure is outrageous for many.

the only way most sellers will sell their house is by dropping their price to meet people's wages, which have been stagnant for years.

good luck

Good advice, I just spotted the 3.5 years ago price, that was based on near zero borrowing rates, FTB enquires are now down by a fifth and interest rates are pushing 6%, I wouldn`t expect to get that price now.

Twiglets1 · 27/09/2023 13:22

whyisitallsohard · 27/09/2023 12:30

the buyers you are seeing right now are those who need to buy or need to upsize (in a chain situation) due to a growing family - they are in a different position to the ones who will finally appear when the biggest price correction we will ever see in this country's history, followed by a crash. good buyers don't want to go into negative equity. they are sitting on this.

what is there to debate exactly? you are just saying the same as me which is get an EA to check the value - the EAs work out different factors and one major one is affordability. OP said themselves they bought the property for 485k at a lower interest rate, but it's now worth the same as in 2020 at 6% interest rate. it's simple math tbf. two more EAs will say the same (as me). so i'm not sure what your point is really?

it's just common sense to work out what average people's salaries are now and seeing if they can even afford the £635k OP hopes to get the house for. some buyers have deposits up to 20% max (most only have 15%) now. they can't afford those prices. personally, if i had a higher deposit, i wouldn't buy a house that i believe will go further down in price (my thinking would be: i worked hard to save up for that I'd rather sit it out).

you can keep on thinking that the boom from the last two years is still ongoing, but it isn't. it's over. it's been over since Spring 2023.

Show quote history

So much I don’t agree with about this. The only thing we do agree on is @Lucycantdance should get 3 EA quotes so let’s leave it at that.

Janieforever · 27/09/2023 21:20

CrashyTime · 27/09/2023 13:00

Good advice, I just spotted the 3.5 years ago price, that was based on near zero borrowing rates, FTB enquires are now down by a fifth and interest rates are pushing 6%, I wouldn`t expect to get that price now.

Show quote history

Look, no one is going to take their home and sell it for average income affordability unless that’s what it’s actually valued at. 😂

CrashyTime · 28/09/2023 00:39

Janieforever · 27/09/2023 21:20

Look, no one is going to take their home and sell it for average income affordability unless that’s what it’s actually valued at. 😂

Show quote history

That`s right, and that is why transactions are down about 50% 😂

SuddenlyOld · 28/09/2023 07:31

We got 3 EA to value and they were all the same, but they do give a high value so you'll go with them, then within weeks advise you to drop the price to get a sale.

RaisinsOfMildAnnoyance · 28/09/2023 07:56

I'm looking to sell in the spring and have set up alerts for similar homes in my area to gauge a rough price to expect when I get it valued next year. My area is actually increasing in house prices despite the CoL crisis, including sold prices, not just asking prices. A local school has just made Outstanding, so I reckon that'll keep house prices up as well. The next house I buy will be my last, so whatever price I sell this one at ultimately doesn't matter much if I can't find my next home because people aren't in a position to move on.

CrashyTime · 28/09/2023 18:17

SuddenlyOld · 28/09/2023 07:31

We got 3 EA to value and they were all the same, but they do give a high value so you'll go with them, then within weeks advise you to drop the price to get a sale.

Very transparent behaviour, a lot of them must be right on the edge now or approaching it I would say.

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