Everything you Need to Know About House Valuation and How It Affects Your Mortgage

Why is it so important to get a House Valuation?

Getting an accurate house valuation is an essential first step in your property sale, helping you market your property at the right price. It’s also an important step in buying your next home and organising your next mortgage, as you need to have some idea what your current home is worth, so you can understand what you can invest in your next home.

Home Emergency Insurance for £130

  • ✓ Covered up to £1,000 per emergency
  • ✓ £250 for overnight accomodation
  • ✓ Call out, labour & parts included
Buy now
Home Emergency Insurance

Your initial asking price is an important decision as it will impact the level of buyer interest you can expect to receive, as well as the eventual offer amounts.

List your property for too much and you might put yourself out of some buyers’ price bands, resulting in your property taking longer to sell. Underprice your property, and you could end up getting less for it than it’s worth.

It is advised to get a professional valuation and compare that to your own research, and set an asking price in that range. You should then have a call with a mortgage advisor, who can help you figure out the price range you can look at for your next property.

This will, of course, not be the final figure, as you cannot know this until you have had an offer on your property and are officially applying for a mortgage yourself. But on this call, your mortgage advisor will ask you a lot of questions in order to give you the most accurate estimate possible. With Mashroom, all of our advice is free, so be sure to ask any and all of the questions you might have about this process!

What does a House Valuation take into account?

Average house price

Arguably the most reliable indicator of house value is the sold prices of similar, recently sold properties in the nearby area. In most cases, you should be able to identify a handful of properties that have sold on your street or neighbouring streets over the past couple of years. Leading property portal Rightmove lets you view the old listings of these properties, which will allow you to benchmark your property.

It’s also worthwhile looking at what’s currently for sale in your area, and how much those properties are listed for. Take a look at the pictures and floorplans, compare it to your property and adjust accordingly.

The more accurately you are able to benchmark, the less unlikely you are to undersell yourself or overprice and see no interest. This also means your next mortgage estimate will be more accurate.

In addition to the above, the real skill of valuing a house is weighing up the unique characteristics of your property – whether that’s the stunning coloured brickwork of your Victorian property or your new home office/gym extension out back.

How does the valuation process work?

Booking in a valuation is simple. Once you’ve booked it, you’ll be able to arrange a time and a date to suit you, which your estate agent will confirm.

The valuer will stop by to value your property and answer any questions you might have. After their visit, they’ll put together a bespoke presentation for you detailing your local housing market (including recently sold properties and similar properties for sale).

With this, you should be well equipped to decide on a asking price and get your property listed on the major property portals.

What to do next?

Property prices, highest rise in 18 years

Once you’ve settled on an asking price for your property, it’s time to get your property listed and wait for the viewing requests to come in. Speak to your agent to get an understanding of current market demand, so you don’t make any hasty decisions about lowering the price to get more viewings, when it’s just a slow market.

Now it’s time to start your own house hunt, so you to plan your own buying process. Book a call with one of our Mashroom Mortgage advisors, who will be able to answer all your questions and give you an idea of the price range you should be looking for.

Mashroom Mortgages gives our clients access to expert mortgage and protection advice. We have access to over 12,000 mortgages from 90+ lenders so we can find the right mortgage to suit your individual needs, whether you’re a first-time-buyer, looking to invest in a buy-to-let or planning to remortgage.

Comments 0


Tenancy deposit
Money shield
Local heroes
Approved code
Property ombudsman
Open banking
Mashroom is an appointed representative of Adelphi Insurance Brokers Ltd. Adelphi Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Their Financial Services Register number is 594620, with permitted business activities being introducing, advising, arranging, dealing as agent, assisting in the administration and performance of general insurance contracts and credit broking in relation to insurance instalment facilities. You may check this on the Financial Services Register by visiting the FCA’s website, register.fca.org.uk or by contacting the FCA on 0800 111 6768