Looked at a property this week which has a home report valuation of £550k. It’s been on the market for months. It has no obvious issues - nicely decorated, all 1s and a few 2s on the home report. It’s a Victorian tenement flat - the stair and communal garden are nicely maintained and the stair is all owner occupiers other than one (no HMOs or anything in the stair). So ticks a lot of boxes for us.
Good part of town, great school catchment area etc.
The main thing we think might have prevented it selling is the price. Another flat on the same floor a few doors down and in a similar condition had a HRV of £475k. Sold prices in the last few years are between £450k and £650k on that street - so a massive range, given they are all the same size (all three beds - not one of those streets that has 1, 2 and 3 bed flats). So actually £550k is within the norm for the road, although some of the higher sold prices are main doors, and some sold in the peak in 2021 when there were likely closing dates and people going well over HRV (this is in Edinburgh so 10/20% over HRV is common).
Anyway - does anyone have experience of HRV coming out high? Or are they generally quite reliable?
The HR is from May so we understand we would need a new one for our mortgage - any risk that might change the valuation? Could we ask for a separate valuation from a different company for some perspective?