Newcastle property valuation guide: Get the best deal

If you are looking to sell your home in Newcastle, a property valuation is inevitable. However, this process is often described as time-consuming and confusing. It is also not always 100% accurate. That’s why you need to create an average by requesting three different property valuations.

How can you do that? Well, estate agents can definitely help. It is part of their job to provide you with a home valuation. However, if you want an easy and quick way to sell your home, you should consider The Property Buying Company.  

We will inspect your property and check whether it meets the industry standard. You won’t have any obligations or additional expenses like you would with estate agents. After the valuation, we can give you a cash offer. If you are interested in how home valuation works, this article will cover everything you need to know.

What is a house valuation?

A house valuation is the process of estimating home value. This is usually carried out by a professional surveyor or an estate agent. House valuation will consider a couple of factors, which include the size of your home, condition, type, location, potential for development, and the current local market trends.  

The valuer might also consider external influences, like market performance and future housing predictions. The house valuation involves an in-person assessment where the surveyor will inspect your property, take pictures and notes, and identify imperfections. After that, you’ll be given a detailed valuation report.  

House valuations are important for many reasons. They can help set up the market price before the home is sold, resolve any ownership issues, handle probate after a passing, satisfy mortgage lender requirements, and ensure accurate insurance coverage.  

Different types of valuations  

There are two main types of home valuations you can consider: online and in-person valuations.

Online valuations are done using tools like Zoopla. They give you a quick estimate based on data from property sales in your area. These are usually free, but they are not entirely accurate.  

On the other hand, in-person valuations are conducted by professional surveyors or estate agents. They involve a physical inspection of your property, where they will consider specific conditions, features, and local market conditions. These provide you with accurate information.

Who undertakes a house valuation?

Typically, a house valuation is carried out by an estate agent, qualified surveyor, or regional agent trained to assess the value of the property. This process will involve evaluating various elements, like the size of your home, storage, age, wear and tear, market conditions, and room layout. Valuers will also compare similar properties in the area to come up with an estimate.  

Surveyors generally handle valuations for purposes like probate or mortgages, while estate agents will mainly focus on valuations for selling. If you are planning to sell your home, you need a proper valuation Newcastle.  

The cost of house valuation will mainly depend on the type required and the agency or professional you choose. For example:  

• Estate agent valuations - Mainly done for selling purposes and are often free.  

• Mortgage valuations - The cost will depend on the property’s value and the mortgage lender, usually between £150 and £1,500.  

• Private valuation - These are formal valuations often required for legal or financial purposes and can cost between £300 and £1,000+.  

• Online valuation tools - Can provide an estimate based on algorithms and are usually free or around £50.  

• Probate valuations - These valuations are done to determine the value of a deceased person’s estate. It can cost between £250 and £500+.  

• Insurance valuations - Will assess the cost of rebuilding the property rather than the market value. Usually costs between £300 and £800.  

What is the house valuation process?

Not all estate agents and valuators will conduct property valuation in the same manner. However, there are a few key factors that are always considered.  

During property valuation, the valuator or estate agent will take the role of a prospective buyer. This means they’ll make an assessment of your home’s land based on factors like location, size, and topography. They will also consider the potential for zoning and future development. This is because the value of your home is determined not only by what is on the land but also by the potential for rezoning and future developments.  

The valuator or estate agent will carry out an external and internal inspection of your home, just like one does when viewing a property for sale. This will involve measuring the size of the building, taking notes of the number of rooms and types, the age of the property, etc.  

The condition, just like the structural integrity of your home, will be a factor in the valuation process. For example, things like rising damp or dry rot will negatively influence the valuation of a property. This is often brought up during negotiations with a potential buyer who is asking for a lower price. External factors are also assessed, like the ease of access for vehicles, the number of garages, etc.  

Your valuer might ask you questions regarding your neighbours and local amenities. Make sure to answer honestly, even if there are any issues you are experiencing. You do not have to thoroughly clean your home to be valuated properly. Valuers are trained to overlook the mess and only look at facts.  

A property valuation appointment can take as little as 20 minutes or as long as an hour. Patience is key, and it is always better to allow valuers to take as much time as they need. You are free to ask them any questions along the way about the entire process.

Getting a free house valuation in Newcastle

If you do not have the funds or you are simply curious about property valuation, we are here to help. All you need to do is input your postcode and click ‘Get Your Offer.’ We will contact you within 24 hours for a no-obligation valuation. You are not required to continue using our service; you can simply leave free of charge. If you do choose to work with us, we will visit your property and provide you with the final cash offer.  

We offer free house valuations in Newcastle and other areas in the UK. Our team comprises professional property consultants with over 50 years of combined experience. They will conduct their research, collect all necessary data, and provide you with an accurate valuation.  

Alternatively, you can use online valuation tools as well. Many estate agents and property websites offer free online valuation tools that can give you an estimate based on market data and the details of your home. However, these valuations are not as accurate as in-person ones.  

What is a RICS valuation & how do I get one?

Royal Institution of Chartered Surveyors or just RCS will determine a property’s market value. This valuation is essential for selling and buying land, determining taxes, making financial plans, and addressing legal issues.  

The RICS plays a pivotal role in ensuring that property surveyors maintain credibility and professionalism. These valuations are known to be accurate and fair, instilling trust in stakeholders and helping to make the market more transparent. They also encompass many residential, industrial, commercial, and agricultural properties. RICS is utilised for various purposes, including mortgage financing, investment research, insurance, and planning for new construction.  

RICS valuation and HomeBuyer report, what’s the difference?

Chartered Surveyors conduct both RICS Valuation and HomeBuyer reports, but they differ in purpose and depth. A RICS valuation focuses on determining the market value of your home through a comprehensive visual inspection of areas such as floors, roofs, grounds, etc. It will also analyse the materials and construction methods to predict their performance over time.  

In contrast, the HomeBuyer report mainly assesses the property’s overall condition, identifying defects or potential issues that may require urgent attention or further investigation. The HomeBuyer report will include a market valuation and reinstatement cost for insurance purposes, emphasising your property’s condition, restoration needs, and maintenance advice.  

Both are visual inspections, which means that they do not include an in-depth electrical examination. This is typically covered by an Energy Performance Certificate.  

Where to get a RICS valuation in Newcastle

When selling your home with a reputable Newcastle estate agent, they should be able to arrange the RICS Valuation for you. However, if you need to manage this yourself, you should conduct thorough research about firms offering this service. Start by typing “Newcastle RICS Survey” into Google and check out the top-ranking websites. Be sure to review their feedback as well. Some good suggestions include:  

• Cosey Homes Surveyors - They offer a range of RICS-compliant surveys, including residential valuations. Their services encompass RICS Building Surveys, Condition Reports, and HomeBuyer Surveys. Prices start at around £360 for basic reports.  

• Landmark Chartered Surveyors - They specialise in RICS-certified valuations, covering those for mortgages, sales, and other legal purposes. They have a nationwide presence and cater to Newcastle residents. The starting price typically begins at £400.

Zoopla & other Online House Valuations in Newcastle: What To Expect

As one of the most popular online property valuation tools in the UK, Zoopla is often the top choice for many. It offers a quick, free, and easy way to estimate the value of your home in Newcastle and other UK areas.  

According to Zoopla, the average price for properties sold in Newcastle in 2024 is around £240,998. This marks a 5% decrease compared to the previous year, indicating some fluctuations in the market. This is still below the UK national average of £296,000. That said, different property types exhibit different prices:  

• Detached houses are in the lead with an average sold price of £395,469.  

• Flats have some of the lowest average sold prices at £168,841.  

• Semi-detached homes sold for an average of £266,861.  

• Terraced houses had an average sale price of £199,939.  

Although Zoopla can be a great tool for your house valuation, it should be used merely as a means to guide the valuation of your home in Newcastle. 

Zoopla’s valuation tool draws data from historical sale records, publicly available property data, and some live estate listings. The algorithms used for valuations are not perfect, but they do provide a solid estimate that can be useful when buying or selling property.  

Other online valuation tools

In addition to Zoopla, there are several other online valuation tools that offer similar services, such as Rightmove. This is a free online property valuation tool based on public sales data, current listings, and recent market activity.

There is also the OnTheMarket website that offers free valuations and relies on similar data. Additionally, you can consider Mouseprice. This website is known for providing online property valuations by using sale prices, pulling data from live listings and the Land Registry.

Most of these tools work similarly by using AVMs (Automated Valuation Models). These models take data from different sources in order to provide you with an estimate of the property’s market value. The accuracy can vary significantly, which is why they should mainly be used as a guide. 

Want a second opinion? 

Requesting a Zoopla valuation is easy and quick. However, you won’t receive an entirely accurate home valuation. Therefore, if you would like an accurate home valuation in Newcastle, you should consider contacting The Property Buying Company. We will provide you with expert property valuation within 24 hours. This does not require any obligation; you can just get your valuation, and that’s it. 

However, you are also welcome to work with us. We will call you to discuss the ballpark figure and send an agent to your home in Newcastle. They will be able to conduct an in-depth valuation. Don’t worry about costs; we cover everything, including any legal fees. After the inspection and everything else, we’ll provide you with a finalised offer and all the information you need about your home valuation.