West Midlands property valuation: Guide for buyers & sellers

Whether you are a buyer or seller, obtaining an accurate property valuation West Midlands is crucial, regardless of the location. According to Zoopla, the average property price in the West Midlands is £244,000, which is slightly below the national average of £296,000.

Of course, looking at the average is not much of an indicator, as there are urban centres like Birmingham that have relatively low prices, while areas like Solihull are significantly higher in value. Nevertheless, there is no need for concern, as we will cover some of the most important points regarding property valuation.

Property Valuation in the West Midlands

Whether you are interested in selling, buying, or refinancing a property, it is essential to know its value. The process of property valuation determines your home’s market value based on various factors, such as location, condition, size, and nearby amenities. Given that the West Midlands is quite a diverse region, valuations can vary considerably depending on local market dynamics.

For instance, some areas like Sandwell and Dudley offer some of the most affordable housing options. However, when it comes to wealthier neighbourhoods such as Solihull and certain parts of Birmingham, they command higher valuations due to their desirability. Many factors can influence this, but people generally prioritise amenities and transport links, particularly if they are near HS2 transportation.

Obtaining an accurate property valuation ensures that sellers set a competitive asking price, reducing the risk of overpricing and prolonged time on the market. For buyers, it aids in negotiating a fair price and securing the necessary funds. In the West Midlands, a professional valuation typically considers various factors, such as market trends, recent sales, economic conditions, and more.

When selecting a valuer for properties in the West Midlands, it is important that they possess local knowledge, particularly of the housing market. Only those who understand the West Midlands can provide a realistic and comprehensive evaluation that reflects your property’s true worth.

If you are contemplating selling your home in the West Midlands, The Property Buying Company is a cash buyer who can provide you with both a valuation of your property and a no-obligation offer. If you choose to accept, the sale can be finalised in as little as seven days.

What is a house valuation?

The process that determines how much your home is worth on the local market is called house valuation. This estimate is based on factors such as the property’s size, condition, location, and unique features. Homeowners, buyers, and investors can make informed decisions about whether to buy, sell, or refinance the property once they know its value, which is why it is so important.

During a house valuation, a professional will assess the property thoroughly. This professional can be a surveyor or an estate agent. They will examine key aspects of the property, such as structural integrity, recent renovations, modern upgrades, historical value, and other notable features that may influence the price of the property. Naturally, certain unique features can increase the value, while others may decrease it, particularly if these features are outdated.

Valuations do not solely consider elements that are present on the property; they also take into account external factors such as proximity to schools, reliable transport links, and popular amenities. A significant external factor in the valuation is market trends, as high demand typically results in higher values, whereas low demand can lead to a significant drop in value.

In the West Midlands, property values can vary widely depending on location, making it crucial to obtain an accurate valuation. If you are seeking a quick valuation and an offer to sell your home, cash home buyers like The Property Buying Company can assist you with this.

Who undertakes a house valuation?

Several professionals can carry out the task of valuing property. Each has their own expertise and focus, and some carry more weight than others.

Chartered Surveyors

The most accepted valuation of a house is undoubtedly that conducted by chartered surveyors. These are qualified professionals that are accredited by the Royal Institution of Chartered Surveyors (RICS), and they give credible valuations. Because their valuations are highly regarded, they are typically used for legal, financial, or high-value transactions. Chartered surveyors assess properties for structural integrity, legal compliance, and market value.

Due to the accuracy and reputation of their valuations, this service is paid. RICS valuations typically cost between £250 and £600, depending on the property size and location. If you require an in-depth valuation for a mortgage application, dispute resolution, or if you are considering making an investment, an RICS valuation is your best option.

Estate Agents

Receiving a free property valuation from an estate agent as part of their service is the most common method of obtaining a home valuation. Estate agents possess expertise in market trends and can compare your property to those that are currently on the market or have recently sold in the area.

There is one important thing to note when it comes to obtaining a valuation from an estate agent, and that is that some estate agents might overvalue your home on purpose just to secure you as a client. This is why it is important to find reputable estate agents that will be completely transparent, ones that will not inflate the value of your home for their own benefit.

Mortgage Valuers

If you are borrowing money from somewhere, mortgage valuers are appointed by the lenders to ensure that your property is worth as much as you are borrowing. This type of valuation is primarily done to protect the lender, and it might not reflect the market value perfectly. Mortgage assessments are quick, focusing on key points rather than minor details.

Whenever you apply for a mortgage, the lender will issue a valuation, but you should mainly see this valuation as a starting point since it will not be a detailed inspection, and the valuers probably won’t have as comprehensive knowledge of the market value as a RICS surveyor or an estate agent would.

Online Valuation Tools

One of the biggest advantages of the modern world we live in is that there are online tools for all kinds of things, including property valuations. There are many of them, and Zoopla or Rightmove are easy to use and can provide you with an automated estimate based on the data you provide to these platforms. These valuations are very convenient and also free of charge. However, they are incredibly inaccurate and should only be used as a starting point, as these tools cannot assess the internal conditions or unique features that a property might have.

Auctioneers

If you need a quick sale, an auction house will send someone over to value your property. While this might seem convenient, it is important to understand that the auction house will set a starting price that is significantly below market value to initiate some bids. In most cases, the property will sell for less than market value after the bidding is concluded, but sometimes, there are surprising instances where the selling price exceeds it as well.

Cash Home Buyers

Another way to obtain a quick valuation of your property is through cash home buyers. This can be an individual or a company, and while they provide free valuations alongside their offers to purchase your property as quickly as possible, it should be noted that these offers are typically 10% to 20% lower than the market value of the property.

While the financial loss on the sale might seem significant, it is also worth noting that cash home buyers can finalise sales in as little as seven days, and the best part is that reputable ones, such as The Property Buying Company, will cover all fees related to the sale.

What is the house valuation process?

The house valuation process involves assessing your property’s worth through a structured approach. While some valuers may require additional information, here is the general idea of how the valuation process will appear:

Getting a free house valuation in the West Midlands

To obtain a free house valuation in the West Midlands, all you need to do is click “Get an Offer.” Our experienced team will provide you with a no-obligation valuation based on market trends, local data, and property insights. If you become interested in a formal cash offer, we will visit your property to finalise the valuation and ensure a fast, hassle-free sale.

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

The Royal Institution of Chartered Surveyors, or simply RICS, is a professional assessment of a property's market value conducted by a RICS surveyor. This valuation is considered the best and is often regarded as the Global Standard.

It is a paid service, but just because that is the case does not mean that the valuation will be biased. Inspections carried out by RICS are rigorous, and their standards are quite high. Because of this, it is necessary to have a RICS valuation if you are dealing with mortgage applications, probate, inheritance tax, matrimonial settlements, capital gains tax calculations, and other legal reasons.

How to obtain a RICS valuation in the West Midlands?

To obtain a RICS valuation, you should first identify qualified surveyors. You can use the RICS Find a Surveyor tool to locate accredited professionals in your area. Once you do that, contact the chosen surveyor to arrange an inspection at a convenient time. Of course, provide them with the necessary property details and discuss why you require a RICS valuation.

When the surveyor arrives, they will conduct a thorough inspection. They will examine the property’s condition, location, market trends, and other factors of interest. Chartered surveyors will compile a detailed report according to RICS standards and will provide you with an unbiased market value.

The benefits of this valuation are its credibility, accuracy, and compliance with various legal and regulatory requirements. If you want the best valuation possible, you cannot go wrong by obtaining a RICS property valuation West Midlands.

Zoopla & Other Online House Valuations in the West Midlands: What to Expect

With the arrival of online house valuations like Zoopla, Rightmove, OnTheMarket, and many others, it can be an easy mistake to assume that these valuations are completely accurate. However, they are not, and they should be considered somewhat of a starting point.

These platforms utilise data from sources such as the HM Land Registry, property listings, and market trends, and then they generate their estimates. They are very convenient and can give you an initial insight, but compared to personal inspection, they are nowhere near as accurate. Another factor that these tools do not consider is the rapid dynamics of market trends. Since they look at data over some time, they might not take into consideration that demand for an area has recently shifted for better or worse, and thus, they may provide a poor valuation.

Want a second opinion?

If you are not sure about the accuracy of a property valuation, getting a second opinion can provide you with peace of mind. The Property Buying Company offers free, no-obligation property valuations in the West Midlands to those who are considering selling their home.

Our expert team, with years of experience, will provide you with a realistic and fair valuation. If you are looking for a stress-free process that ensures you are making the right decisions with your property, do not hesitate to contact us through our website.