How much is my house worth? How to value property

There are several reasons why you might want to find out the current value of your home. Perhaps you’re considering moving house? Maybe you’re thinking about using some of the equity in your home? Or perhaps you’re just curious to know whether your property has increased in value? This guide will provide information on the different ways to find out the value of your home.

In this guide

What’s the best way to get a house valuation?
Can I use house values in my street to find out how much my house is worth?
Can I get an online property valuation?
Estate agent valuations
Property valuations by a RICs surveyor
Can you get your house valued for free?
When buying a house, how do mortgage lenders value your house?
How does a surveyor value your house?
What can impact the value of my home?
Does your house get valued when you remortgage?
When remortgaging, who values your house?
What increases the value of my house?
How much has my house increased in value over the last 5 years?
What will my home be worth in 5 years?

What’s the best way to get a house valuation?

There are several ways to find out how much your property is worth. Which way is best for you will depend on how accurate you want the valuation to be and whether you’re prepared to pay to have your property valued.

Can I use house values in my street to find out how much my house is worth?

Finding out how much a house in your street sold for is a good way to get a very rough indication of how much your home might be worth. Although property layouts and internal condition can vary hugely, nearby sold prices will give you an idea of how strong demand is for homes in your area.

Can I get an online property valuation?

Several of the big property portals now offer online valuations. These online valuations use statistical data, including local sold house price data and regional property price growth trends, to make an educated guess at the value of your home. The figure given by an online tool will be an estimate rather than an accurate property valuation, purely because they don’t have enough data about your home to give an accurate figure. However, they are great for giving you an indication of what your home might be worth.

Do you have to pay to value my house online?

No, online property valuations offered by property portals are usually free, though you might be required to give them your contact details in order to access any level of detailed information.

Estate agent valuations

An estate agent valuation is a good way to get an indication of how much your property might be worth on the open market. They will have thorough knowledge of the local property market and current market trends, so their assessment should be fairly accurate. The only thing to look out for is the fact that your home represents potential business for them, and therefore they’re likely to value it favourably in order to tempt you into selling your property through them.

Do estate agents charge to value your house?

Estate agents don’t usually charge for their property valuations because they use them as an opportunity to secure new business.

Property valuations by a RICS surveyor

The most accurate property valuation you can get will be one carried out by a RICS surveyor.

RICS surveyors are used by mortgage companies to assess the value of a home when asked to lend on it, usually during the process of buying the property. You can also request a formal RICS valuation when remortgaging if you don’t agree with the mortgage lender’s assessment of the property value.

A RICS surveyor can also be commissioned to carry out a full structural survey if you have any concerns about your existing property. You can request a property valuation as part of this survey.

How much will a RICS surveyor charge to value your house?

A simple home condition report will start from around £400. A full structural survey can cost £1,500-plus, depending on the size and age of your property.

Can you get your house valued for free?

Yes, you can get a house valued for free. If you’re reluctant to pay for a property valuation, an online estimate or a visit from a local estate agent will be your best options. Which option you choose will depend on your reason for wanting a house valuation.

When buying a house, how do mortgage lenders value your house?

When you’re buying a house, your mortgage lender will want to know how much the property is worth. This will help them work out your loan to value ratio, which will dictate what interest rate they offer you, and help them to ensure that lending on the home will not pose too big of a risk.

Your mortgage lender will ask a RICS surveyor to carry out a property valuation to ensure the home is worth the agreed purchase price. The surveyor will provide a valuation report for the mortgage lender. This report will inform their decision about whether to lend to you and, if so, at what interest rate.

How does a surveyor value your house?

A surveyor is likely to use a combination of desk research and an in-person property appraisal, depending on the level of survey required. They will look at recent sold data for similar size and condition properties in the local area, as well as current market conditions. They will then assess your individual property, looking for anything of concern that may impact the value of the house.

What can impact the value of my home?

The surveyor will be looking for any signs of damp or structural damage, as well as assessing the general wear and tear condition of the property.

Does your house get valued when you remortgage?

Yes, when you remortgage your house your mortgage lender will want to know the value of your property. Property prices change frequently and it’s important that they have an accurate and up to date property valuation in order to ensure you’re offered the most appropriate mortgage product. When you remortgage, you won’t necessarily have someone out to value your house. Your lender will sometimes use online property information to assess its current value instead.

Your mortgage lender might be more keen to send someone out to do a formal valuation report for a remortgage if you’ve carried out significant home improvements or if you’re applying for additional lending.

When remortgaging, who values your house?

When you remortgage, the lender’s underwriters will assess how high-risk lending would be. This will include assessing the value of your property. They will usually use independent valuers/surveyors, but if you’re simply swapping to a new mortgage product, without borrowing any extra money or changing lender, they may do a simple in-house update of your last valuation, based on current market trends.

What increases the value of my house?

Most home improvements will add value to your home. However, if you’re thinking about selling your property, it’s important to be wise with the work you choose to do. In the current economic climate, with material costs rising steeply, it would be easy to spend more on the home improvements than they would add to the value of the home.

How much has my house increased in value over the last 5 years?

In December 2018, the average UK house price was £230,000. According to the Office for National Statistics, that figure rose to £296,000 in December 2022 and has now fallen back to £282,000. This means, overall, property prices have risen by 22.6% over the last 5 years.

Pricing trends will vary regionally, but the general trend over the last 5 years has been one of substantial growth.

What will my home be worth in 5 years?

It’s always difficult to predict the future, but there are several factors that are likely to have an impact on property prices over the next 5 years.

A difficult economy – it will take time for the economy to recover from the current challenges. We’ve already started to see a slowing of the property market, alongside softer pricing, and many are predicting a more substantial price correction over the next 12 months. Interest rates are unlikely to go back to the historically low levels we’ve seen in recent years, which will have an impact on how much buyers are able and willing to pay for a property.
The Russia-Ukraine war – the war is having a big impact on current inflation. Food prices and fuel prices are both being pushed higher, and it’s difficult to predict the trajectory of the conflict. Higher living costs will impact buyer affordability.
Lack of properties – there is still a significant shortage of properties in the UK, and therefore demand will persist. This will help to soften price corrections.
High rental prices – it’s not just homeowners who are feeling the impact of higher interest rates. Landlords are also experiencing the squeeze and, as a result, monthly rental costs have risen significantly. Higher rents make home ownership more desirable and will fuel further demand for first-time buyer properties. This will, in turn, fuel buoyancy throughout the whole market.

How much is my house worth?