A guide on valuations for selling a house in London

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Selling a property with a valuation

A property should have a valuation done to it in order for it to be sold, this article goes over the valuation process so all your questions are answered on the topic if you are selling a home.

Understanding property valuations for selling a property

To find out about the property prices in specific areas of London, we have compiled guides on the areas of London. Check out the guide on property prices here.

As of 2021, the average price of property was £636,960 and according to industry estimates, over 1.2 million property valuations are conducted in London each year, with a significant portion of these being for sales purposes.

This underscores the importance of accurate valuations in the bustling London property market. Additionally, the sheer volume of valuations highlights the wealth of data available to professionals, enabling them to provide well-informed and precise valuations to prospective sellers.

What is the importance of property valuations

Property valuations are crucial for sellers as they provide an objective assessment of a property’s worth in the current market. This information enables sellers to set a realistic and competitive asking price, which is essential for attracting potential buyers and achieving a successful sale.

Why valuations are important

An accurate valuation helps sellers avoid underpricing their property, which could result in leaving money on the table. Conversely, an overinflated valuation could lead to prolonged time on the market and potential frustration for both the seller and buyers.

Furthermore, valuations can reveal a property’s strengths and weaknesses, allowing sellers to highlight the property’s best features and address any potential concerns during the marketing process. This transparency can build trust with buyers and facilitate smoother negotiations.

(Data from directory data about how the value has increased over the years and how London has the best capital appreciation in the UK include)

How much does it cost to do a property valuation?

Property valuation can be required for mortgage appraisals and other mortgage related issues. Your bank can charge you quite a lot to conduct such valuation. We have listed below the average cost of valuations of the major banks.

Property Price Range Average Valuation Cost Cozee Valuation Cost
Up to £250,000 £200 – £400 FREE
£250,000 – £500,000 £300 – £600 FREE
£500,000 – £1,000,000 £400 – £800 FREE
£1,000,000+ £600 – £1,000+ FREE

Check out our property price directory too which is where if you live in London you can find your borough and begin your search on what the average property price is where you live.

What questions should you ask to an estate agent during a valuation?

During a valuation, there are some important questions you should ask to the valuer to make sure that everything is going as it should

1. Is that a marketing price or an achievable price you valued my property at?

It’s crucial to clarify whether the valuation provided is a realistic and achievable price or merely a marketing strategy. A marketing price may be inflated to generate interest, but it could lead to disappointment if it doesn’t reflect the property’s true market value.

2. What is your marketing plan to show my home to the right target buyers?

Asking about the agent’s marketing plan is essential to ensure that your property will be effectively promoted to the right audience.

Need the right marketing plan from an agent?

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A comprehensive marketing strategy should include various channels and tactics to reach potential buyers who are genuinely interested in your property type and location.

3. Who will be conducting the viewings in your team, and how experienced are they?

The experience and professionalism of the individuals conducting viewings can significantly impact the overall selling process. Knowledgeable agents can effectively highlight the property’s features and address potential buyers’ concerns, increasing the chances of a successful sale.

4. Who will I/we be dealing with directly throughout the whole process?

Establishing a clear line of communication and understanding who your primary point of contact will be throughout the selling process is crucial. This ensures a smooth flow of information and minimises potential misunderstandings or delays.

A man working with someone for the valuation process

5. What do you think is the most likely reason the house won’t sell?

This question allows you to identify potential obstacles or concerns that the agent has identified, enabling you to address them proactively and increase the chances of a successful sale.

6. What is the plan if the property doesn’t sell?

Understanding the agent’s contingency plan is essential in case your property doesn’t sell within the expected timeframe. This could involve adjusting the marketing strategy, revising the asking price, or exploring alternative selling methods.

7. What is the most likely type of buyer to offer on my house?

Gaining insights into the agent’s assessment of the most likely buyer for your property can help you prepare for the negotiation process and tailor your approach accordingly.

Get a better idea of the buying process

8. What do I need to have and/or do before the house goes on the market?

This question allows you to identify any necessary preparations or documentation required before listing your property, ensuring a smooth and efficient sales process.

9. Who do I need to get quotes from to help with the move?

Moving can be a complex and stressful process. Asking for recommendations on reliable service providers, such as removalists or cleaners, can help streamline the process and ensure a smoother transition.

What Cozee does during a property valuation

When Cozee value a property, the entire selling process is managed for you while we communicate with you every step of the way. It begins with introducing yourself to a member of our team an setting up an appointment.

Set up an appointment with a member of the team

The first step in the process of selling your property with us is to reach out and schedule an appointment with one of our friendly and knowledgeable team members.

Want to set up an appointment?

Cozee are leading estate agents in London who will be able to outsource the entire selling process, including valuation

During this initial consultation, our staff will take the time to understand your specific needs, circumstances and position and gather essential information about the property you wish to sell

This appointment serves as an opportunity for us to assess your goals, timeline, and any unique factors that may influence the sale of your property.

Prepare for viewing 

Once we have gathered all the necessary information about your property, your dedicated agent will work closely with you to prepare your home for viewings from the surveyor.

We understand that presentation is key to attracting potential buyers and maximising the value of your property.

A man preparing a house for viewing

We’ll help you with making sure the property is clean, tidy, and well-presented, as well as addressing any potential issues or concerns that may arise during the valuation.

We ask for several opinions on your behalf

We believe in providing our clients with the most accurate and reliable property valuations. To achieve this, we employ a thorough and comprehensive approach that involves seeking multiple professional opinions from different surveyors.

Our process typically involves requesting valuations from three to five independent surveyors who are experienced in the local market and have a deep understanding of the factors that influence property value.

By obtaining a range of expert opinions, we can minimize the risk of over or undervaluing your property and ensure that the final valuation is as precise and well-informed as possible.

What is inspected during a valuation?

During a property valuation, surveyors will conduct a thorough inspection of your home, evaluating various factors that can influence its value. One of the primary considerations is the location, including proximity to amenities, transportation links, and the overall desirability of the area.

  • Surveyors will also assess the
  • Size of the property
  • Plot size of the land
  • Number of bedrooms and living spaces.
  • The condition of the property
  • Signs of structural issues
  • General state of repair and maintenance.

Additionally, they will evaluate the property type, whether it’s a period home, a modern build, or a unique architectural style, as this can significantly impact its value too.

Desirable features like off-street parking, outdoor spaces, and unique characteristics like character features or recent renovations will also be taken into account during the valuation process.

A property that has unique outdoor features

Surveyors will assess how these elements contribute to the overall appeal and marketability of your property.

You receive a valuation letter

After the surveyor has completed their comprehensive inspection and analysis, you will receive a detailed valuation report from Cozee Properties.

This report will outline the estimated market value of your property, taking into account all relevant factors and the professional opinions gathered during the valuation process.

Here is an example of what one of our valuation letters may look like:

What are the components of our valuation letter?

The valuation letter you will receive from Cozee Properties is a personalized response of the value of a property. We will always be clear and transparent with the value and only include the information that is important, leaving behind all the details from the surveyor.

Cozee valuation letter

How long can you expect your valuation to take?

The duration of the valuation process can vary depending on the complexity of your property and the thoroughness of the inspection required.

In general, the on-site visit by the surveyor can take anywhere from 15 minutes to an hour. During this visit, the surveyor will conduct a comprehensive inspection of your property, taking note of its condition, features, and any potential issues that may impact its value.

Following this, the valuation process that is based on this visit may take a few days to complete and it could be several days to receive a valuation letter. Factors that could potentially extend the timeline include:

  • Extensive market research: If your property is particularly unique or rare, our surveyors may need to conduct more in-depth market research to identify comparable sales and establish an accurate benchmark for its value.

  • Involvement of specialised experts: In some cases, such as for historic properties or those with unique architectural elements, our surveyors may need to consult with specialized experts to ensure an accurate assessment of the property’s value.

  • Additional documentation or information: Depending on the specific circumstances of your property, our surveyors may require additional documentation or information to complete the valuation process accurately.

After you have received your valuation, how long is it valid for?

A property valuation is typically valid for six months. The housing market can be dynamic, with prices fluctuating based on various economic and market factors.

If you do not sell your property within six months of receiving the valuation, it is advisable to request a new valuation to ensure that the estimated value accurately reflects the current market conditions.

Want to ensure you sell within 6 months?

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Additionally, if you make any significant changes or improvements to the property after receiving the initial valuation, it is recommended to seek a new set of valuations.

Even minor home improvements or renovations can potentially increase the value of your property, and a new valuation will capture these changes accurately.

What happens after valuation?

While the valuation is a crucial step in the process of selling your property, it is just the beginning of a series of complex tasks that need to be undertaken to ensure a smooth and successful sale.

At Cozee Properties, we understand the nuances of the UK property market, and below are some of the additional process that will follow a valuation

Anti Money Laundering (AML) checks

One of the most critical steps after the valuation is conducting Anti Money Laundering (AML) checks.

These checks are a legal requirement in the UK and are designed to prevent the use of property transactions for money laundering activities. Failure to conduct proper AML checks can result in severe penalties and legal consequences.

Go to gov.uk to learn more about anti money laundering

At Cozee Properties, we take AML compliance very seriously. Our team will request various documents and information from both the seller and the potential buyer to verify their identities and source of funds.

This process may involve requesting proof of identity, proof of address, and documentation related to the source of funds being used for the property purchase.

Arrange for a photographer and floor plan

After the valuation and AML checks have been completed, the next step is to ensure that your property is presented in the best possible light to potential buyers.

A photographer taking property pictures after valuation

This involves arranging for professional photography and the creation of a detailed floor plan. Effective property marketing heavily relies on high-quality visuals that showcase the unique features and appeal of your home.

Additionally, a well presented floor plan is essential for providing potential buyers with a clear understanding of the layout and dimensions of your home. This aids in visualising the space and helps buyers make informed decisions.

EPC checks

In the UK, it is illegal to sell a property without a valid Energy Performance Certificate (EPC). An EPC provides potential buyers with information about a property’s energy efficiency, carbon dioxide emissions, and recommendations for improving its energy performance.

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Talk to a member of the Cozee team, expert in London property to begin the sales process

It is important to note that an EPC is only valid for 10 years from the date of issuance. If your property’s EPC has expired or is nearing its expiration date, we will ensure that a new assessment is carried out promptly to avoid any delays in the selling process.

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  • More than 25 years of experience combined
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