In the Community

The value of a property is surely what someone is prepared to pay for it? therefore these automated valuations can never be accurate. over the years I have had many properties that have sold at above what would be considered 'market level' because a buyer has been found who really wants that property for whatever reason and is willing and able to pay the price to secure it. we have seen a see saw on mortgage valuations between surveyors valuing up and the max price for a given street/house increasing, then a few years later down valuing. The agent gives a market appraisal based (hopefully) on size, location, condition and comparable evidence along with the key factor, demand, the property is marketed and if a proceed able offer is achieved at the asking price (or near enough) then surely the property is 'worth' that asking price? Also, although some over valuing to secure listings does take, the vendor has to shoulder some of the responsibility, in the majority of cases and especially with the information on sold prices and asking prices in the area that is available to home owners, those home owners know full well what the rough price of their property is likely to be. This coupled with three or more valuations from agents should give them enough information to make an informed decision about their asking price, if they wish to instruct and agent who will market for far above the average then so be it.

Yes well, all very interesting but small potatoes really and the main risk of these acquisitions is no doubt with the franchisees.

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It’s a political football now which isn’t good and going to get worse. I am totally fed up with it and have started selling small chunks. Will trim down over the coming years and am deviating into development to sell which is where it’s at now for me.

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