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Online Property Valuation Site Reviews (#2)

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RESOURCES - Online Property Valuation:
Online property valuation tools need to be treated with caution because none of them are 100% accurate.
Our guide to online property valuation tools comes in 3 parts and takes a critical look at the 3 major online valuation services available.
In this article we take a look at the Liquid Property "Online Valuation Service" which is available via their website.
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   Online Property Valuation Provider

E-valuations.co.uk is a new online property valuation website owned and operated by Liquid Property Ltd.

The service was developed in response to the lack of consumer access to professional grade online property valuation reports in the UK.

After years of experience in the US real estate market, the MD, Steve Minton (an American) settled in the UK and quickly learned that the structure of the UK property marketplace can be chaotic when compared to the system in the United States.

Most of this chaos has evolved because estate agents in the UK are not sufficiently regulated and the quality of customer service can vary substantially from one estate agent to the next.

Steve has set out to create a service enabling homeowners to obtain objective information to aid them with the buying and selling of their property.

E-valuations.co.uk has plugged a gap in the market and provides professional grade online property valuation reports at about 1/3 the cost of using a regular Chartered Surveyor.

How do they Value Property?

Like Surveyors, E-valuations.co.uk uses the "Comparative Sales Method" which is the most accurate way to value a property.

To do this properly involves analysing three sources of data:

  1. The value of actual property transactions as reported by the Land Registry.
  2. The opinions of the local estate agents.
  3. The value of similar houses currently for sale in the area.

The big difference between a Surveyor's valuation and an E-valuations.co.uk valuation is that the company does not visit your property.

Instead, you have the option to provide digital photos and other information that a Surveyor would gather at a visual inspection.

E-valuations.co.uk produces 4 different valuation products:

Option A (£99.98 + VAT)

This option includes:

  • Land Registry Data Interpretations
    +
  • Survey of Local Estate Agents Opinion
    +
  • Analysis of Similar Property On Sale Nearby

Option B (£49.98 + VAT)

This option includes:

  • Land Registry Data Interpretations

Option C (£69.98 + VAT)

This option includes:

  • Survey of Local Estate Agents Opinion

Option D (£79.98 + VAT)

This option includes:

  • Analysis of Similar Property On Sale Nearby

Inside their Online Property Valuation Service

Their online property valuation service will provide you with:

  • An estimation of your home's current market value.
  • A generic estimation of the asking price to sale price gap that other sellers have been achieving.
  • Historic house price data for your area.
  • The evidence and property details used to support their property valuation.
  • A users guide to their online property valuation report.

E-Valuations Online Valuation Service - Conclusion

So that we don't upset anyone too much, we must point out that our opinions of this online property valuation tool are based on our own personal and limited experiences - not rigorous scientific testing!!

Considering that they provide an online property valuation service that can rival the accuracy of a surveyor, the service is reasonably good value. Surveyors are quite a bit more expensive (£250+VAT is typical).

However, I would say that for a private individual it's still too expensive. Especially when on this website you can find all the info you need to value your property accurately and do it for free.

To set your sale price, at least seek the opinion of a reputable local estate agent and if possible do a little of your own research too.

If you need some help with this, read our guide to working out how much your house is worth.

Another small gripe is that in our opinion the market data could be improved upon. It's certainly not as detailed (or useful) as that available from Hometrack.

Basically, although the online property valuation report will provide you with an accurate assessment of your properties value, it won't tell you anything you can't find out for free - it's just that they'll do all the work for you.

RESOURCES - Online Property Valuation:

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