Data from Savills claims that the number of properties in Great Britain valued over £1 million has increased by a whopping 22 per cent in 2021. On average, the price of property in the UK rose by a whopping 9.7 per cent from the start of the Covid-19 pandemic up until January 2022, and they have further increased by 4.1 per cent from March 2022 till March 2023. Research has shown that 1 out of every 11 homes in London is currently valued at over £1 million. Of course, this record price growth has many homeowners, landlords and property owners interested in knowing the current value of their homes. Market experts have come up with a guide to help you master the art of spotting the rising value of your home in the UK.
Research local property trends
The best way to spot the rising value of your home is by understanding and researching local market trends. For instance, properties in South West England have seen a 5.4 per cent average increase in property prices from March 2022 to March 2023 whereas properties in London have seen a mere 1.5 per cent increase in average property prices. While this will give you a fair idea of the approximate increase in property values, you will also need to research the average change in property prices in specific areas and neighbourhoods. For instance, if you have a house in Leeds then you can always get in touch with estate agents in Leeds to find out the average property prices in your area to calculate the growth rate.
Opt for a free online property valuation
The best way to find out the value of your home is by opting for a free online house valuation. There are multiple estate agency portals and property websites online which offer free valuations. All you need to do is input some basic details such as the area or postal code, the location of your home, the size of your home, the number of bedrooms and bathrooms and you will get a fair idea of the current value of your home. This is a great way to understand how much your home is currently worth and how much the value of your home has risen since the date of purchase.
Check online listings on property websites
Another great way to check if the value of your property has increased is by looking at similar properties that have been listed on the market. Let’s say you own a three-bedroom house with two bathrooms, an open-layout kitchen, a living room with a fireplace and a driveway with a garage. Now, you are going to want to look at similar properties in your neighbourhood or in surrounding neighbourhoods which have been listed online. Check out the average asking price for these properties on websites like Zoopla or Rightmove, give or take around 5 to 10 per cent, and you will be able to figure out the current value of your home.
Study the selling price of properties on your street
There are always homes for sale in every neighbourhood, many of which sell within days or weeks. So, the best way to figure out the rising value of your home is by finding out the selling price of properties on your street. If a property that is quite similar to yours has just sold for 10 per cent more than what you bought your house for, then you can assume that the value of your property has increased by approximately 10 per cent. Essentially, the selling price of homes in your street or postal code is one of the best ways to understand the rising value of your property. Of course, you are going to need to study these selling prices, figure out the similarities between your home and the properties that have been sold and then you can get a fair idea of the current value of your home.
Look at property price predictions
Every month, market experts and estate agencies write a report about the ongoing market trends in the UK. You can always use these price predictions to figure out the rising value of your home. For instance, some experts believe that the average price of property in the UK will rise to £280,000 by 2026 while others have predicted that it will cost around £335,971 in 2040 to buy a house in the UK. These price predictions can also help you spot the rising value of your home.