How should an estate agent value a property? What evidence do you look for? What statistics do you ignore?
Full transcript below:
Alex: Final stretch in terms of how to ascertain a property value. The key to this is what has sold in the market. Ignore what’s for sale, ignore current guide prices, it’s what’s sold. So, go on to as I said net house prices, ignore HPI’s, house price indices, ignore as I said Zoopla and their generalised algorithms and statistics, you’ve got to go by fact and that’s really what an estate agents there for. So, it’s looking at comparable evidence as to what’s sold. The other angle is to look at a pound per square foot analysis and this is what’s called a gross internal area, that wall to that wall, that by that, gives you the overall square footage, times by the magic number for the area. So, for example in Harrogate you can be anywhere between 225 a square foot to about 350 square foot, and you times that out ad that will give you a vague indication as to a property’s value and you then add on a bit extra for the garage or they’ve got several acres with it or they’ve got the views. That’s effectively how an estate agent should value the property, it’s pound per square foot analysis and it’s looking at comparable evidence, what has sold recently in the area as well.
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