Thank you for using the propertypriceadvice.co.uk free valuation tool, either on our own website or on one of our partners’ websites.
Depending on the property details you entered, you will have experienced one of the following outcomes. Read on for a full explanation of what they mean and why certain results may have either (1) been missing or (2) missed the mark in terms of what you were expecting.
At propertypriceadvice.co.uk, we strive for accuracy, but there will always be some occasions when our wizardry isn’t 100% perfect!
1. I received an error message saying that you were unable to value the property
We’re really sorry we weren’t able to provide you with a valuation on this occasion. This happens in a small number of cases and is usually due to the postcode you’ve entered. The starting point of our valuation model is the average price of a property in the local area. The data detailing which area a postcode falls into is taken from the 2011 Census, as this was the last time the dataset we need was produced. Since 2011, many new postcodes have been created which don’t appear on this list. When this happens, our clever model attempts to find a postcode nearby (and then uses that postcode’s local average property price), but this doesn’t always work. We’re looking at ways to expand the number of postcodes the model can cover, so watch this space!
Please note: the model cannot currently produce a valuation for most properties in Scotland, but plans are underway to change this. The model does not work for properties in Northern Ireland.
2. I received 5 different valuation outputs
1. Estimated price for this type of property in this area:
This output is based on nearly 40 different components which we believe have an impact on the value of an individual property, including up to 8 local area characteristics and 31 property characteristics (and is the reason why we ask you such a comprehensive list of questions!). Taking the average property price in the local area as a starting point, it adjusts this baseline according to all contributing factors, and then delivers a price which most accurately reflects the property’s current value.
Statistically, the model is really sound – we know it provides a value within 15% of the actual value for an impressive 50% or more of UK properties. Of course, there will always be outliers – properties that don’t follow the expected pattern – and if the value you received seems inaccurate, it’s likely that your property doesn’t fit the mould in terms of being a typical property in your local area.
2. Previous sale price in (year):
Our model attempts to match the address you’ve entered to an address within the Land Registry’s Price Paid Dataset, which includes all residential property sales recorded in England and Wales since 1995. If it finds a match, it will display the last known sale price of the property here.
3. (Year) price updated to today’s value:
If the model finds a previous sale price, it looks up the percentage change in the local area’s average property price since the date of this last sale, and adjusts the previous sale price up (or down!) according to this percentage change.
4. Local average for all properties:
To help you understand the market in your local area and how your property compares, we show you what the current average property price is.
5. Local average for (number) bed properties:
As above, but we get more precise and show you what the current average property price is in your local area for properties with the same number of bedrooms as your property.
3. I received 4 different valuation outputs
If you received four valuation outputs rather than five, you’ll have been missing the ‘Estimated price for this type of property in this area’. Occasionally our component parts model (based on up to 40 different components) produces a result which is significantly different to the previous sale price updated to this year’s prices. In this case, we think it’s best not to show you the result based on the component parts, as we can’t be confident in its accuracy. Instead, the best indicator of the current value is the updated previous sale price and we state this as the main valuation result.
4. I received 3 different valuation outputs
If you received three valuation outputs, you’ll have been missing the ‘Previous sale price in (year)’ and the ‘(Year) price updated to today’s value’. There are two potential reasons for this:
- the property being valued hasn’t sold since the Land Registry started publishing their Price Paid Data in 1995, or
- our system has been unable to match the property’s address with an address within the Land Registry’s Price Paid Dataset.
The Land Registry format addresses differently to the standard Royal Mail address file, so occasionally, despite our model’s best efforts, the matching process fails. Please do email us to let us know if your property wasn’t matched to a previous sale price but has sold since 1995.
All feedback, good or bad, is really useful to us as we strive to refine and improve our online valuation tool. Let us know what you think or send us any bright ideas you have that would make our service even more valuable to you!