Why?

HousePriceReports is frequently asked to comment on the current state of the property market so we decided to apply our experience of analysing and modelling house price data to develop an automated approach to valuing property. Given the plethora of contradictory house price analysis appearing in the media we felt it was the right time to provide the general public an automated guide to the value of their largest asset. Our estimated current market value service (ECMV) is only available via our Web site and for a small fee of £2 provides the public an instant estimate of their own property's value without the bother of completing complex questionnaires or arranging a physical inspection of the property.

How?

We produce the estimated current market value (ECMV) for a residential property by applying our own proprietary indexes to the historic sale price of the property.

Which properties?

The ECMV has been calculated for the vast majority of historic sales that we hold on the database going back to October 2001. We are launching the ECMV service in Scotland because so few of the existing automated valuation services cover the Scottish market. At this time we are only able to provide valuations for properties if they have been registered as sold over the last 6 years but we do hope to extend our ECMV to cover all residential properties in the future.

What does our Valuation report contain?

Our estimated current market value (ECMV) report costs £2 and contains a number of elements that will help you understand how the housing market in your local area has changed over the last 5 years. It contains our estimated valuation for the current data with a lower and upper estimate (see below for an explanation of these).

We also report the address, price and date of all previous registered sales of the property.

A chart of observed market growth shows the value of the property changing over time in relation to the specific index of house price growth for the property and locality.

Comparable Properties Nearby provides a listing of all historic sales in the immediate area that are of a similar value.

What does our Full Market Report contain?

Our Full Market Report costs £5 and includes the estimated current market value (ECMV) of a property with an in depth profile of your local area that you specify on a map. Specific sections of the report cover house prices, the people that live in the area, the economic activity, and the neighbourhood.

Why are there three different valuation figures?

We provide lower and upper bands as well as a central valuation figure. The reason is that the valuation is calculated on the assumption that the registered property was not altered in any significant way between the prior registered sale date and the valuation date. The valuation also assumes that the property is typical of the neighbourhood and locality in which it is situated.

If the property you wish to revalue has been maintained at a higher or lower standard than is typical in the neighbourhood then it may be appropriate to consider one of the valuation bands as well as the central valuation. For example, suppose our valuation is for £180,000 with bands of £160,000 and £200,000. If the subject property has not been generally well-maintained and/or is characterised by an unpopular design or layout then it may be appropriate to consider the valuation as lying within the range of £160,000 to £180,000.

If the property has been altered in a significant way (such as being extended or having a conservatory added) then a more appropriate action for you is to contact a surveyor or estate agent in order to arrange a full valuation that includes a physical inspection of the property.

To what extent can I rely on the valuation figure?

The lower and upper bands form a 95% confidence interval (we expect that our valuation model will correctly value within the lower and upper bands 95% of the time). What this means in practice is that the mid-point of the range or actual valuation is the most likely value of the property. If the property deviates from market norms then the true value is likely to lie closer to one of the valuation band limits. As mentioned above, items that are assumed to follow market norms include popularity of property design, type and location and standard of cosmetic and essential maintenance.

Disclaimer

This report is for personal information purposes only and should not be relied upon for any other purposes. HPR have taken all reasonable efforts to ensure that the contents of the report are accurate but we cannot be held liable for the accuracy, suitability, completeness, currency or otherwise of the information within the report. HPR shall have no liability whatsoever to the Customer for any claim, loss, damage, costs or expense suffered by the Customer arising out of or connected with or related to use of our services.

All the data and information within the report are produced on an 'as is' basis and to the fullest extent permitted by law make no representations or warranties of any kind with respect to this report or its contents and disclaims all such representations and warranties

The automated valuation estimates provided by HousePriceReports should not be used to replace a valuation report carried out by an Estate Agent or a licensed RICS Surveyor. You are advised to seek independent advice when buying or selling a property.

Full Terms of Use and Conditions are available here