How useful is a Sold Property Price?

publication date: May 13, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

How useful is a Sold Property Price?

Did you know that you can now find out what price a property has sold for in the street you are buying or selling in? There are lots of websites that will let you have access to sold property price information absolutely free of charge!

Which are the best websites to use?
The first thing to learn about sold property price websites are that they don’t all buy the same amount of data. What do we mean by data? Well, the information about what a property has sold for is sold to these websites by the Land Registry.

How much data does the company buy?
Companies and websites can buy as much or as little data as they like. Sites such as Mouseprice or Zoopla offer a good amount of information as does Hometrack. Rightmove is a great site to use to find properties and it is easy to use their sold price data, however we tend to find that it doesn’t seem to give as many results as more specialist websites.

How often do they update the data?
Sold price data comes in every day, but is likely to be updated once a month. Some companies may do this really quickly, within a day or so of receiving the data, others might take longer and therefore their data isn’t as up to date as other sites.

How can sold property price data help me when selling?

If you are planning to sell your home, finding out the price that similar properties have sold for in the last few months can be really helpful in getting a good idea of what your home might be worth.

This is particularly helpful when talking to agents as it gives you information that will help you challenge any value they give you. If you think they have ‘undervalued’ your property versus what others have sold, you can ask them why. If they are suggesting a property price a lot higher than similar properties have sold for locally, then you should be challenging them as to why they think it’ll sell for that much.

Remember the ‘not so good agents’ will always try to lure you onto their books by giving you a high valuation for your property. A few weeks later after no viewings they’ll suggest you drop the price to the same as other agents suggested originally and then you’ll end up losing the advantage of lots of viewings from being new onto the market.

How can sold property prices help me when buying?

Sold property prices are incredibly useful when you come to buy a home. They can help you work out how much to offer on a property and justify that offer to the agent too by quoting prices that other properties have sold for.

Sold property prices can also help you understand why some properties in a street sell for more than others. Is it that some are bigger inside or others have a larger garden, garage or conservatory?

Want to learn more about how to use sold property prices? Email or call us on 0845 838 1763.

Need help with a property problem? Have a question? Why not call Designs on Property on 07585 897128 or Contact Us via email.
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