Was your new year’s resolution to move home in 2024? That seems to be the case for many homeowners in the UK, as there were a record number of requests for in-person property valuations in January [1].
What is a home valuation?
One of the first steps a homeowner will take towards putting their house on the market is getting a valuation. An expert will assess the value of a property by considering a range of factors, including the home’s condition, location, layout, and the need for refurbishment. Based on this, the expert will estimate how much an average buyer would be willing to pay.
Why is it important?
Those who have bought or sold in the last year will know all too well that property prices can fluctuate. It is therefore important to get an up-to-date valuation to ascertain the current value of your home – not what it was worth three years ago. In doing so, some homeowners might learn that their house is worth more than they thought, encouraging them to go ahead and sell up. On the other hand, prospective sellers could realize they have some work to do to get their home to the asking price they hoped for.
Is this the year to sell?
The steadier mortgage market has clearly been encouraging for sellers, as estate agents received 23% more home valuation requests in January 2024 than in 2023. Tim Bannister, Rightmove Property Expert, explained that the increase in activity is “likely to be a combination of home-movers who have recently decided to make this the year to find a new home, and potential home-buyers who took a step back last year and paused their plans while the outlook for mortgage rates was more unclear.”
[1] Rightmove, 2024
🚨 Data accurate as of the date of publication – 17.06.2024
🚨Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q2 2024
