Property Valuation

The UK housing market has seen huge changes in recent years with houses prices rising and stagnating. So how do you know how much your property is worth? At Eyesurvey our experienced team take into consideration a range of information to come to a realistic valuation figure.

 

There are two main areas to take into account when conducting a valuation on a property. The first is specifics about the property itself such as age, size, fittings, extras such as double glazing, storage etc., etc. During inspection, the surveyor will look at every room, measuring, looking at the state of repair and whether there are any additions (such as double glazing, storage heaters etc.) 

Having a local valuer is key to an accurate valuation. At Eyesurvey we know our local area like the back of our hand. So things like school catchment areas, development plans and level of demand can all be taken into consideration to give you the best quality and reliable valuation possible.

 

All of these factors are put together so the surveyor can arrive at an accurate and substantiated property valuation.


Les Long FRICS of Eyesurvey is a member of the RICS Valuers Registration Scheme. If you need a property valuation, call us and be assured that you will receive the most comprehensive and accurate valuation possible.


First, it is important to understand that Estate Agents do not give “Valuations” in a professional sense – they provide a “Market Appraisal”. They have no liability if the opinions they give are inaccurate. Nor will such an opinion, even if set down on paper, be acceptable as evidence in a Court, or in cases of Inheritance and other Taxes, or for Probate-type use.


A Chartered Surveyor (look for MRICS/ FRICS) must give an opinion of value based on evidence, which is properly related to the subject. They are liable “in tort” for their opinions, if incorrect, even if not paid for that work.



There are five recognised methods of property Valuation used by professionals:

1. Comparison – similar or “comparable” properties already sold or rented are compared to produce a resulting valuation.


2. Investment – the income, from one or more completed rental transactions is compared to the capital (market) value of such properties, to produce a “yield” in percentage terms, and that then gives a “multiplier” to assess anther rental income to show the capital value of the subject.

3. Residual – used to assess a development area or piece of land for building new property, either residential or commercial. The estimated total value of the intended selling prices is calculated first. Costs of demolition and site clearance are assessed; the costs of building and landscaping calculated and added. Costs of financing, marketing and selling/ marketing are next worked out and added to other costs. The total is deducted from the finished development figure: the balance is the “Residual” price to be paid for the land.

4. Profits test – essentially derived from a considered view of the accounts of a specialist business property, such as pubs, restaurants, golf clubs or petrol stations.


5. Contractor’s test – for a property with “No market”, such as power stations, libraries, or a sewage plant installation, the total costs of building are calculated: that total is “discounted” by a percentage the Valuer considers to be proper in the light of all circumstances, resulting in his valuation.

So if you need to have your property evaluated for whatever purpose or are unsure of how to go about it please give Eyesurvey a call. Our team would be happy to advise and undertake your valuation for you guiding you all the way.