How to find out how much a house sold for
If you’re planning to buy or sell a property, finding out how much similar houses have sold for in the area can be a great help. This guide explains how to use sold house price information to create the best buying or selling strategy, and where to find accurate information about how much a house sold for.
In this guide
How to find out how much a house sold for
It’s now quite easy to find out how much a house sold for with a simple internet search. Any official sold figures will come from HM Land Registry, so if you’re looking for information about one specific property the Land Registry website is a great place to start. If you’re looking for a general overview of sold prices in a wider area, you might find websites such as Rightmove or Zoopla useful.
Several websites that contain sold house price data also offer an instant ‘valuation’ service, based on previous sold prices in the area and property market trends. It’s wise to treat these ‘valuations’ with a level of caution as they are based on very limited information and cannot take into account the condition of the property.
How can finding out how much a house sold for help when selling a property?
If you are considering putting your house on the market, researching how much similar properties in the area have recently sold for could help you get an idea of how much your house might achieve. This will enable you to consider whether your future plans are likely to be achievable.
Knowing how much similar properties have sold for in your area will also help when you meet with estate agents. It’s important to price your property correctly from the start. Properties that are initially overpriced become very difficult to sell, even after price reductions. If an estate agent visits your property and values it significantly higher than the figure similar properties in the area have recently sold for, alarm bells should perhaps be ringing.
It is important to ask at least three estate agents to come and value your property, all of whom should have experience of selling similar properties in the local area. This will help you to get a realistic idea of the value of your property.
You should also ask them to justify their valuation, giving examples of other local properties they have sold.
How can finding out how much a house sold for help when buying a property?
If you are planning to buy a property, sold house price information can be a great help. Some sellers are a little overambitious when it comes to the price they think their property will achieve, and as most estate agents work on a percentage of the final sale price they may be happy to price the property high and see just how much they can achieve.
Being armed with sold house price information can help you to justify any ‘below asking price’ offer you make on a property. It will also give you confidence to assess what you believe to be a fair price for a property.
If you are searching for property across a fairly wide geographical area, sold house price information can also be used to shortlist areas where properties may be within your budget.
How do sold house prices in my area affect the value of my property?
Each road or area will have a ceiling price – the highest price people will be willing to pay for a property, regardless of how well presented it is. This price will be based on the amount other properties in the area have sold for. Sold house price information is now easily available, so most prospective buyers will have a good idea of what they believe your property is worth before even stepping over the threshold.
There are several variants that will lead to your property being valued above or below average. These include:
- Condition of property – A well-presented property that’s ready to move straight into will obviously be worth more than a property in need of renovation. Structural issues often won’t be identified until a property survey is carried out. If structural problems are identified as part of the survey process it will have an impact on your property value.
- Leasehold vs. freehold – If your property is leasehold in an area of mainly freehold properties, your property will be valued lower than comparable freehold homes. If your property is freehold in an area of mainly leasehold properties, your home will have a higher value than your neighbours’ properties. The number of years left on a lease will also affect the value of your property. The fewer years left on your lease, the lower the value of your property.
There are also several external factors that will affect the value of your property:
- Transport – Improved transport links will have a positive impact on local property prices, especially if you are within commutable distance of a major city.
- Education – How your local schools are performing can also have an impact. An ‘outstanding’ OFSTED inspection report can quickly generate increased demand for family homes in the local area, resulting in higher property prices.
Number of properties for sale – If there are a lot of properties available locally, property prices may fall as homeowners compete to attract the attention of potential buyers. Similarly, if there are few properties available locally, property prices are likely to rise as would-be buyers try to outbid each other to secure the more desirable properties.
How much will my house sell for?
The short answer is no-one knows until you find a buyer.
Estate agents and property experts can give you an idea of what they think your property might sell for, based on recent sold house prices and demand for properties in the local area, but a property is ultimately only worth what someone is willing to pay for it.
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- Why can’t I sell my house?
- How to find out how much a house sold for
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- Freehold vs leasehold – what’s the difference?
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