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What is the difference between house value and average house value?

Can someone explain the difference between the house value and average house value?

Asked on Jun 12 2017, House Prices in Ashford | Report content

Answers (2)

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  • If you're referring to the Zoopla price estimates then the house value is the estimated value for the individual property you're interested in and is based in the recent sale price for the property (if applicable) accounting for any uplift in value over time. If the property has not sold recently then the estimate is based on the value of similar properties. The average house value is the average for the street, or area and will include a mean average of all properties. So that includes flats, bungalows... properties that are bigger, smaller, better condition, worse condition... than the individual property you're looking at.

    Answered on Jun 13 2017, Report content
  • Hello Kim - house value is usually determined by looking at one or two other properties that have recently sold on the street to get a broad idea of the price. Average house value is determined by adding up the total value of a set number of properties and dividing it by that number - eg. if house no. 1 sold for £80,000, house no. 2 sold for £90,000 and house no. 3 sold for £95,000, the average house price would be £88,333 (£80,000 + £90,000 + £95,000 divided by 3).

    Answered on Jun 18 2017, Report content

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