Here we look at the valuation range for Flat 51, Riverside 1 Albert Wharf, 22 and see how it compares against the market values of the neighbouring properties.
The aim is to ensure that the automated valuations aren't suffering from any local market anomalies and therefore under or over-valuing the property.
To do this, we recommend utilising the cost per square foot as it is an excellent way to double check that a property hasn't been incorrectly valued.
A higher cost per square foot can arise for a few reasons, including:
|Address||Cost per square foot**|
|Flat 53, Riverside 1 Albert Wharf, 22||£1,273 (-30%)|
|Flat 43, Riverside 1 Albert Wharf, 22||£1,637 (-10%)|
|Flat 75, Riverside 1 Albert Wharf, 22||£1,762 (-3%)|
|Flat 62, Riverside 1 Albert Wharf, 22||£1,879 (+4%)|
|Flat 71, Riverside 1 Albert Wharf, 22||£1,914 (+6%)|
|Flat 31, Riverside 1 Albert Wharf, 22||£2,031 (+12%)|
|Flat 34, Riverside 1 Albert Wharf, 22||£2,191 (+21%)|
This shows the cost per square foot that each property would sell for today.
A property that is in better condition would typically have a higher cost per square foot.
** Cost per square foot is based on today's market value. Percentage values show the CPSF compared against the average CPSF in this property's postcode.
Using the cost per square foot as a valuation method is an excellent way to compare valuations of nearby properties even if they aren't the same size.
However, it isn't perfect.
It only takes the internal habitable space into account, so it ignores outbuildings and differences in garden dimensions (a.k.a. plot size).
For flats (and other leasehold properties), using the cost per square foot won't take account of the length of the lease remaining, which can also make a substantial difference to a property's value. If an owner has renewed the lease, the property would be worth substantially more than an identical property that had a much shorter lease left.
Properties bought through shared ownership schemes can skew the average cost per square foot in a postcode (as HM Land Registry don't release the additional data on what proportion of the property was purchased).
Find out how old the residents are, as well as their religious beliefs, fitness and health, unemployment levels and what proportion rent versus own their own home.
We offer a few different methods for valuing property - pricing property often still needs some human input to ensure that you're arriving at a sensible price. Make sure you compare local properties and use your judgement to produce a more accurate valuation.
To get the best valuation, sometimes it's best to:
* Excluding properties that we've been unable to calculate a valuation for.