When you’re looking to sell your house, it can be useful to know the prices that similar houses in your local area sold for. You might also want to find out what your house previously sold for to see how much the value has changed over the years.
Many factors influence the price of a house. Supply and demand is perhaps the most controlling element in the valuation of a house. The property’s physical condition can also affect how much a house sells for, as well as external influences such as the local infrastructure and amenities.
There’s no way of knowing how much your house will sell for until you find a buyer. The best way to find a good asking price for your house is through research. You should look into the price that your house previously sold for, the current situation of the market and any improvements that you have made.
This guide will tell you how to find the price that your house previously sold for, as well as how to tell how the local area is performing in the housing market.
How do I find out the last price a house sold for?
You can find out the previous price of a house through a simple internet search. HM Land Registry has a form that you can fill out to locate property transactions. This will allow you to see the price of a specific house. You can adjust the settings to find one or more houses in the same search.
If you’re looking for a general overview of house prices in your area, you can research local houses that are listed for sale. This may help you to estimate the price that your house might sell for. You can adjust your search on the HM Land Registry website to find particular building types (such as detached or a flat), as well as the age of a property.
Finding out the last price that your house sold for can help when you meet with estate agents. It’s important to gauge the price that you should list your house for. Overpriced houses are difficult to sell, but you don’t want to lose out on money by listing it too low.
Continue reading for more information on how to find the previous price that a house sold for, what can affect house prices and how to compare prices in your local area.
Why should I find out the previous price of a house?
Estate agents will help you to list your house for a reasonable amount, but it’s always a good idea to have a basic understanding of the market yourself. Some homeowners can enthusiastically list their house for a high amount and then become confused when it won’t sell.
You can justify your asking price to potential buyers if you have evidence of what your house previously sold for. It can also help you in the search for your next house if you have an idea of what your house could sell for.
It’s easier to find the right insurance for your property if you know what your house previously sold for and its current worth. You can also work out some of the reasons that the price of your house might have changed. For example, if the price went up when it had a new kitchen built, you might consider doing something similar before you decide to put your house on the market. You can concentrate on making some home improvements to the areas that will have a positive impact on the worth and asking price of your house.
What can affect a house price?
Most people know that the location of a property can have a major influence on its price. However, there are many other factors that determine what your house can sell for. The following is a list of some points that can affect your asking price.
- Supply and Demand – House values will go up if there are more people buying property than selling.
- Infrastructure – Your house might have a lovely scenic view at the moment, but is there plans to build a housing estate in the near future? Does a busy rail line run right next to your house? Buildings, roads and changes to an area can all affect the house price.
- Age – Newer houses tend to sell at a better price than older houses. Unless the house has been recently renovated, old houses may come to require maintenance on things such as the electrics and plumbing.
- Property features – Your house will sell well if it has features that make it stand out. Have you got a double garage? Do all the bedrooms have an en-suite?
- Flooding – Houses that are flooded usually see a price reduction in the following couple of years. However, unless the damage is severe, house prices can bump up again.
- Upgrades – A brand new kitchen will attract buyers, as would a pool in the garden or an extension.
- Local amenities – Having a house close to shops or a park can be very appealing. A nearby bus route can also improve the value of your house.
- House and land size – Although small properties in a desirable area will sell more than a bigger house in an undesirable area, house size is still a major factor in valuation. Lots of bedrooms and bathrooms can increase prices, as can a large garden.
Which housing areas have had the biggest price increases?
An ITV report found that North West areas such as Merseyside and Greater Manchester have seen rising costs in recent years. The average house in Wallasey, Merseyside had the biggest increase of 15.6% from £152,858 in April 2020 to £176,707 in April 2021.
Although Penzance in Cornwall featured third on the list, it was the only location in the South West to have a spot in the top regions with the most dramatic house price increases. After the North West, the West Midlands was the second most common region in the UK to see dramatic price changes to the average house. Wednesbury houses had an average increase of 12.2%, with house prices rising from around £153,901 to £172,753.
The areas that saw an increase are all priced below the national average house price of £256,405. The house prices are being pushed up due to high demand and desirable features, such as large gardens and nearby beaches.
Average house prices in the UK have been steadily increasing since a dip in 2009. The average house price in January 2008 was £185,782, whereas the average house price in January 2021 was £249,252. The North West has had the biggest overall increase of 15.2%, whereas London has seen the smallest change of 5.2%. In January 2022 the average house price hit £274,000.
How can I find out other house prices in my area?
You can find out property price trends in a local area by looking at the HM Land Registry House Price Index. The data is collected by the Office for National Statistics and lists the changes in house prices. The Index is published every month and also includes attributes to estimate the forthcoming changes.
You can download the Index data for the specific area of housing that you are researching.
As mentioned previously, buyer demand can increase the cost of houses in an area. This means that studying the House Price Index can help you decide whether it’s a good time for you to sell your house. If local houses are being sold for a cheaper price, you can assume that the local market isn’t fairing well and it might be an idea to consider your options. An estate agent will be able to give you a better idea of whether now is a good time to sell your property.
How much will my house sell for?
You can base the asking price of your house on the previous price of your house. Consider what improvements, if any, you have made to the house and land. This will all increase the value of the property.
Your estate agent will be able to give you a better idea of the current market. You can consult the House Price Index to follow trends and find out the average house prices across the country. The prices will vary depending on the region and property type.
If you’re selling your house through an estate agent, they will usually give you a free house valuation. The agent will inspect the property and refer to the market and features of your property. Alternatively, you may be asked to pay a few hundred pounds for an estate agent to value your house.
The estimated price of your house won’t guarantee the amount you will receive when you finally sell. Some houses sell for more, whereas some might sell for less depending on the market.