Disparity between estate agents

[Cantiverous]

There’s often disparity between estate agent valuations for various reasons. Obviously people will only pay what they think a property is worth. What is the difference between lowest and highest valuations you’ve had and what area or type of property. I once considered buying a friend’s 2 bed flat, when I was looking to move, but the disparity was 50k (going back twenty years ago though). I didn’t go for it as didn’t want to either con them or overpay.

Recently, the agents we had to value our last house were within 25K. The one before varied by about 50K. We sold the last one for the asking price, minus a couple of thousand.

I don’t think valuations do vary so much these days, when anyone can compare similar properties and sold prices.

Our estate agents were within 10k of each other with valuations. We went for the higher one, with a view that people would come in under/try and negotiate on the survey results. The Zoopla and Rightmove results are different to what the estate agent said, and different to each other - both over the agents valuation though. It’s not been listed that long so no idea what it’ll actually go for!

200k at the moment. 4 estate agents. 4 very different valuations.

Does it depend on where you live too? I’m in Greater London and there seem quite wide brackets, sometimes in the same street. My house backs onto a busy road so has a smaller price ceiling than the other side of the road for example.

£200k?!!!

In 2024 there was 175k difference between valuations on our last house which was a detached property in rural Wales and fairly unique so hard to value. Our nearest competition was a 14 bed mansion and on the market for 1.5m more than ours.

Ours sold for mid way between the valuations.

I had 2 estate agents around to give me a quote. One said I'd be lucky to get £230k, and i would probably have to accept £210k. The second said to put it on the market for £260k.

I went with the £260k agent, and it was sold on day one by the first buyers. They didn't even have time to put a 'for sale' board up.

I had two agents - one said up to £325k, the other said £350k-£360k. Went with the higher pricing agent and sold within 2 weeks. They were a more local agent and I felt they seemed to understand the local market better. The other agent gave all the talk about access to the London market etc, but I think it's all talk, and choosing an agent with a real understanding of the local market proved to be the most advantageous

I think it will often depend on the type of house.

Selling a 3 bed semi that is part of an estate with 799 other matching 3 bed semis ? I'd expect the evaluations to all be close. The EAs will sell these weekly and know what people will pay for them.
But selling a unique, or at least highly unusual property of which there are no properties nearby which are even slightly similar ? It's going to be a lot more subjective.

No agent can tell you what a property will sell for as they have no idea which potential markets (people) will turn up to look. All they are doing is proposing a marketing price to attract interest.

Some PP have talked about going with (and selling with) the highest "valuing" EA. But they have no idea whether the lower valuing EA would have attracted more and better interest.

There is a certain chain that seems to consistently overvalue properties tbf.

We had some absolute batshit high valuations on our previous house. While we wanted to believe them it was clearly just a hook to lock you into a sole agency contract before they invariably asked you to drop the price. We went with an agency who had actually done some market research and turned up armed with loads of comparative properties in the area and a list of variables that would be applicable to our specific property. The other agents just sent over shiny suited 20 somethings sporting unfeasibly large tie knots who though they could just pluck a figure from their arse backed up with a rehearsed sales pitch. The former got within 10k of their valuation.

Not me but my friend had a beautiful large 4 bed semi with a very large garden and views over a nature reserve. First agent £390,000second agent £299,000 sold for £450, 000to the first viewer.

Au contraire, the agents often already have existing clients on their books looking for a property in that bracket, particularly those whose properties they are selling and need to find somewhere quick.

Also applies particularly to FTB/BTL, probate sales and properties needing renovation. The agents will have property developer contacts ready and waiting to buy as soon as anything comes on the market.

Deciding on the agent with the lowest valuation might get more interest, but in whose interest? The agent is supposed to be acting in the best interests of the seller, not interested in earning their commission as fast as possible.

(ExH was an estate agent by the way, so have some knowledge)

Was this recently?

They should be aware of recent sold prices if the type of property isn"t unique, and there are loads of apps that track asking price changes for any area now?

We had 50k difference between the lowest and highest valuations with a €150k house in Ireland last time we sold. The type of house we have now seems to sell for £270k exactly with every estate agent in our town in the midlands.

It can be more difficult with higher value properties, often valuations can only be as accurate as, “it starts with an 8 “or “starts with a 9”
it can depend on who is around on launch day and how much they have to spend.

Requirements change, apparently, these days only 6% of viewers are actively seeking properties requiring renovation. At one time we all wanted doer uppers.

You should always ask for comparable ie actual sales that they are using to base their price point on. The should NOT be asking prices but actual sales, and as recent as possible, along with a properly articulated rationale for significant differences eg extensions, improvements, priced for quick sale etc

Back in 2022 we had a difference of £115,000 between estate agent valuations. We sold for the top price we were valued at. The market was definitely in our favour at the time though.

We recently had our house valued. The EA said it was difficult to assess a price as there were no comparables in term of location and most people have lived here for 20/30 years, so they don’t come on the market very often. He gave a guide price, with a 25K range (which is what they would advertise it as). He did check data on similar houses, relatively close by and how much they actually sold for.

I haven’t seen a massive disparity on Rightmove recently. I have seen some asking prices which appear absolutely bonkers, though!

Most people will go with the EA who gives them the highest valuation, so just be careful they’re not trying to lure you in with that!

I’ve bought and sold a lot and then became an EA for a few years. Over valuing is often a strategy used by EAs to see off the competition and you may end up being asked to reduce the price after a few weeks meaning your property is going to look stale. My advice would be go with the agent who really knows the area, who is generally selling similar properties (different agents will often attract different ends of the market) and is someone you feel you can deal with. If another agent has valued more go back to the one you like best and ask if they’d market is at that price. If it really is outrageous they’ll gently try to persuade you otherwise.

The real test is their TwentyEA Insights stats (see a UK Property Market Stats show on YT). That'll show you how many get the best price and quickest deals. If they wont show you those (they're free for local businesses AFAIK) then you should probably walk away.

No, January 2025

Ok