Where do the valueres get there figures from

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We have had our house valued at 5,000 less than we are marketing it for.
I thought the market value of houses was what the buyer was prepared to pay for it. Other similar houses in adjacent streets have gone in excess of the 50,000 we are asking for though no houses have been sold down our street within the last 2 years. Do the valuers have some sort of database they consult as two different companies have now valued the property at exactly the same figure which to me is a bit suspicious. Once one has done the valuation do they post it somewhere so the other subsequent valuations are in the same ball park. ( I sense a massive conspiracy in the valuation field or am I just being paranoid).
There were a couple of inconsistancies with the last report as he said it was a 4 bedroom instead of a 3 bedroomed. Should the bank be concerned about this inaccuracy? I think the bloke really didn't know what he was doing. He got the postcode wrong plus the date the house was built. Should the bankk be commisioning another report due to these errors? He also said he has no evidence that supported my figure (dispite houses selling for this price in adjacent streets within weeks) and then he said that there was high demand for houses in this area.
What does every one think about this?
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On Sat, 16 Aug 2003 11:26:24 +0100, "much_to_do"

I'm curious - where in the urban UK are houses still going at 50K ?
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wrote:

Hull ?
From last weeks property guide;
Rough 2 bed terrace 5k Decent 2 bed terrace 25k Large 4 bed terrace 50k Large 3 bed 1930's semi 90k
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GASP!....
A bl**dy two up two down hovel in Cambridge now costs about some 200K..
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Tony Sayer



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And you think Tony - I couldn't afford Cambridge so went to Newmarket. Paid 82k 3 years ago for literally an ex-council house 2-up-2-down. Moving the mortgage this week and it has been valued at 155k!!!!
What's worse, the insurance for rebuild costs have gone up from 58k 3 years ago to 95k! Either labour rates are *way* out of control - or materials costs are rocketing - and my money's not on materials....
Cheers Dan.
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Ever tried to get anyone to do anything hereabouts these days?..
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Tony Sayer


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Yes - I've got a shit hot plumber - mind you he's a family friend. Think I have a general builder too. Roofer sorted (in Newmarket).
But to be fair the wife is an ex-buildings/civils QS so she knows the right sort of people :)
ANything you need?
Cheers Dan.
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Sorted at the moment but I'll bear it all in mind!..
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Wasn't Hull on Humberside recently voted the worst place in the country to live?

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Alan
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wrote

It was, but unfairly in my opinion. I've moved around quite a lot and there are many much worse places than Hull - I've lived in quite a few of them.
ps Its not 'Humberside' any more either ;-)
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junk_news snipped-for-privacy@amacleod.clara.co.uk says...

Something to do with the MP?
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On Sat, 16 Aug 2003 22:59:11 +0100, "James Hart"

You aren't joking ! We had bricks through the windows a couple of times - those orange curtains and blue doors were just too obvious a target !
It was probably envy, of us rich students waving our huge grants around. That was a lot of money in 'ull
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On Sat, 16 Aug 2003 14:32:54 +0100, "Nick Read"

Makes sense. I was a student there 20 years ago. Good place to be a student, bad place to live afterwards.
As it happens I was also looking at prices in Pontypridd a few weeks ago, and certainly didn't see anything below 50K. Now you could probably buy half of Cwm for that money, or a sizeable piece of Cwmcarn, but then you'd have to live there....
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Odd you should mention that - I have only just looked in the window of one of my local estate agents, and seen a perfectly good three bedroomed house for that price, with two bedroomed terraced houses going for a bit more than 30K. There are plenty of reasonably priced houses in the Manchester-Leeds area along the M62 and around the M60, provided you stay out of Leeds and Manchester city centres.
See, for example http://yorksandlincs.whitegates.co.uk/ area, the cheapest house, in Bradford, has been sold at GBP 17,950
http://yorksandlincs.whitegates.co.uk/PortalDetails.asp?propid%4449&lower=1
I'm not sure I should be telling you all this, though - we don't want all the southerners migrating up t'North.
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Alan J. Wylie http://www.glaramara.freeserve.co.uk /
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'spose it depends what you define as "urban", and what kind of work you may be willing to take on. There are still plenty of properties available at around that level (and below) in South Wales, but the further from Cardiff the better. East to West, Abertillery (3-bed mid-terrace there for 32k on Rightmove at the moment), Ebbw Vale, Tredegar, New Tredegar, Deri, some parts of the Cynon Valley (around Aberdare and Mountain Ash), practically anywhere in the Rhondda(s) north of Porth, even in the Pontypridd area if you're willing to take on a wrecked ex-student hovel, and the Swansea/Neath valley area is also a good bet.
Now, I'd count most of those places as "urban" as there are large numbers of houses in small amounts of space, but others may disagree, claiming that the villages are just semi-rural paradises these days, now that the coal mines have all gone.
Closer to Cardiff, it's surprising what a difference a mile or two can make: you could pay twice the amount for a similar-sized and -aged house in Caerphilly itself as in the adjacent/adjoining towns of Abertridwr, Senghenydd, Llanbradach, Ystrad Mynach etc., though the gap is rapidly narrowing.
We're in the process of buying a bit of a dump (with potential) in Abertridwr for loads more money than we anticipated when we started looking a couple of months ago.
Hwyl!
M.
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Trouble is unless the buyer pays cash, they'll need a mortgage from a bank who relies upon an independant valuation, and therein lies my problem. I have a buyer willing to pay the asking price in fact I have had more than one interested party but the valuer just doesn't seem to get that there is demand for this property.
Good guess to the previous poster it is in fact Hull. I would encourage everyone to buy in Hull and thus drive up prices especially in my street.
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Other similar houses in adjacent streets have gone in excess of the

Have you actually checked what price the properties changed hands for with an authoritative source? The asking prices and what is paid are often different.
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HM Government Land Registry ??
<http://www.landreg.gov.uk/>
<http://www.landreg.gov.uk/publications/default.asp?fl=1&pubtype=0>
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Alan
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Valuers follow guidance published by the RICS, and use other sources and local knowledge to formulate a value.
Whilst it is true that the value may be what a person is prepared to pay for the property, this may not be representive of what the wider buying market would pay.
So, considering two similar properties valuation can be affected by things such as additions and extensions (or potential for), decor, internal fit out, age and condition of services etc, suitability for families, local housing need, even the condition of the property next door.
Estates Gazette is the publication for the profession.
Valuations are merely opinion based on experience and knowledge. My valuation may well be differnt to another persons, but it will not make mine "wrong". You tend to find that valuations to the residential market can be widely different and are more approximate rather than accurate - this is because ther are only required to be used as a general indication.
Accuracy of the valuation tends to increase with property value, so someone is going to take more care in valuing a 250k house than they would in valuing your 50k house.
dg

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On 16 Aug 2003 15:48:10 -0700, snipped-for-privacy@hotmail.com (dg) wrote:

for....but here is a case for a flat I sold in Bradford
Usually these types of flat were offered for 27950 Most sell for 20-27k depending on how quick you want a sale and the level of fittings included.
Estate agent 1 suggested valuation of 22k, sell for whatever offer we get above 18k
Estate agent suggested valuation of 25k, but agreed to market at 27950 to gauge level of interest.
Sold for 26k, bank valuer had no problem agreeing valuation.
If the buyer defaulted, then any shortfall if the property was auctioned would become the buyers liability anyway, not the banks, unless the buyer went bankrupt. I would say a few k here or there is nothing for a valuation..these things are flexible.
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