There’s a sea-change about to come, in the the way that houses are sold in this country and it’s being started by the Land Registry who are now making their data about house prices available for use by other businesses.
Land Registry Service, operated by Land Search Service Limited is bringing together various sources of information currently available to produce what we consider to be some very helpful mathematical and statistical data resulting in the production of current benchmark house valuations.
For example they have recently begun offering a detailed online valuation service called an Instant Valuation Report, something which is specific to an individual house and which gives a valuation using all the available information both on recent sales and using market projections to arrive at a current valuation for the house in question.
This new report provides exactly the sort of information needed to get the housing market back onto its feet, with houses changing hands as frequently as people would like them to.
Of course it goes without saying that the information produced is without carrying out a detailed inspection of the individual property, therefore an experienced valuer ought to be engaged in any event to determine to what extent (if any) the figure produced needs adjustment to reflect both the actual condition of the house concerned and whether there have been any changes or enhancements that have been completed and which could add or detract from the overall valuation.
Nevertheless this online valuation service is a first and is something that both sellers and estate agents currently lack as a method to aid the correct pricing of houses going up for sale.
In fact it could revolutionise the way estate agents both take on, and then deal with sales of houses across the whole country.
With exceptional valuation knowledge like this now being made publicly available, both the buying and selling of houses should become a far less stressful and much more enjoyable experience. It will bring both certainty of price and an added confidence to sellers (and their agents) when deciding on the correct asking prices to bring about actual sales.
This will allow vendors to go ahead with simultaneous purchases which must, in turn, stimulate our whole economy. That’s something that relatively few have been able to manage in recent times owing to the plethora of excessive prices being quoted - mainly through the lack of sufficient valuation information previously available. This lack of information has dogged the housing market and caused such price imperfections that the market has all but stalled in many locations, compared with the levels of completed sales transactions attained in past years.
The new Instant Valuation Reports, which are available to all applicants, will ‘out’, or spotlight, any house marketing campaigns where prices are not in-line with current market prices, i.e. currently achievable prices.
Anybody serious about buying a house these days would be well advised to avail themselves of one of these reports. The cost of buying one is approximately £30 per copy and is sent by email. It only takes about 24hrs to obtain the report. As an additional extra, if required, a five year future statistical price forecast may also be obtained.
The web address for obtaining these reports is: http://landregistryservice.co.uk/ - Land Registry Service (part of Land Search Service Limited).
Thinking about this, why don’t all estate agents use these new reports when giving sellers market appraisals, and/or as a check on the vitally important matter of correctly estimating an asking price? We all know that it is vital to set this price correctly if each client is to get their house sold within the planned timescale. Using these reports extensively would dramatically help people to do the house moves that they wish to do and so improve the private housing market in the process.
Posted by: Property Match (UK): The modern way to market houses