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Why Is My Neighbours House Value at £70000 more than mine

Why is My Nieghbors Hose valued at £65000 more than mine

Asked on Dec 19 2009, House Prices in Currie | Report content

Answers (1)

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  • Good question! It depends on the size, layout and condition of your property of course, plus any additional features that the neighbouring property might have. If the 'value' you refer to is based on an estimate or an estate agent's valuation then it might simply be that the estate agent has over-egged the pudding with their valuation in an attempt to win the business by giving an unrealistic valuation of the neighbouring property. On the other hand, if you have had an estate agent value your own property and are comparing that with a neighbour's valuation then the estate agent who valued yours might have been pessimistic. Additionally, if they were valued at different points in the recent market downturn an identical house that was valued just a few months later would most probably have been valued at less than the other. In a nutshell an estate agent's valuation is an estimate of what the property is likely to achieve for sale on the open market and different agents will have different opinions however, if your property is the same as the neighbouring one, there shouldn't be a £70,000 differential unless someone is really a bit out of touch. If you are talking about a surveyor's valuation then, in theory, this is slightly more scientific than a mere market estimate however, beware, even surveyors' valuations can vary quite widely. I hope this might be some help. Please don't hesitate to get in touch if you would like a little more information: we value properties for a living!

    Answered on Jan 18 2010, Report content

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