Property valuations are key to the house buying and selling process. A valuation of your property investment helps identify not just its current worth, but also the state of the local market. It’s usually carried out by an estate agent or independent surveyor and takes into account a number of factors such as the property’s age, location, number of rooms, any additional work completed, and general condition. Both the seller and buyer will require their own independent valuation.
All valuations are made with respect to the economic conditions of the local market, as well as similar properties in the locale. They will also take into consideration the Land Registry data which offers statistical information on house prices both regionally and nationally.