Before you put your home on the market, you need a realistic idea of what it is worth. Price it too high and buyers will overlook it. Price it too low and you risk leaving money on the table. Getting the market value right from the start is one of the most important steps in a successful sale.
This guide explains what market value means, how to find out what your home is worth, and what factors can push that figure up or down.
What Is the Market Value of a Property?
Market value is the price a property would reasonably sell for between a willing buyer and a willing seller, with both having access to the same information and neither being under pressure to act quickly. It is not the same as the asking price, which is what a seller hopes to achieve, or the mortgage valuation, which is carried out for the benefit of a lender.
For a broader explanation of how valuations work, see our guide on what a property valuation is.
How to Find Out What Your Home Is Worth
There is no single definitive answer to what your home is worth. The most accurate picture comes from combining several sources of information.
1. Get a Free Valuation from a Local Estate Agent
This is the most practical first step for most sellers. A local estate agent will visit your home, assess its condition, size, and features, and compare it against recent sales of similar properties in your area. This service is free and carries no obligation.
The key advantage over online tools is that an estate agent can account for things an algorithm cannot, such as the quality of your kitchen, the size of the garden, or the fact that the house backs onto a main road. For a better understanding of how agents arrive at their figures, see our guide on how estate agents value houses.
It is worth getting valuations from two or three agents before deciding on an asking price. If the figures are broadly similar, you can move forward with confidence. If they vary significantly, ask each agent to explain their reasoning.
2. Check Sold House Prices
Before or alongside your estate agent valuations, research what similar properties in your area have actually sold for, not just what they were listed at. There is often a gap between the two.
You can check sold prices using the HM Land Registry Price Paid Data, which records every residential property sale in England and Wales. Rightmove and Zoopla also display sold prices alongside current listings, making it straightforward to find comparable properties by postcode, property type, and number of bedrooms.
Look for sales that completed within the last six to twelve months. Older sales are less reliable as a guide because market conditions change.
3. Use Online Valuation Tools as a Starting Point
Online valuation tools from Rightmove, Zoopla, and similar platforms can give you a quick indicative figure based on sales data and property characteristics. They are useful for getting a rough sense of where your home sits in the market, but they have clear limitations.
They cannot account for your home’s current condition, any improvements you have made, or hyperlocal factors that a knowledgeable estate agent would know. Use them as a starting point, not a final answer.
4. Commission a RICS Valuation
If you need a formal, independent valuation, for example for legal proceedings, a probate sale, or a contested sale, you can instruct a surveyor registered with the Royal Institution of Chartered Surveyors (RICS). A RICS valuation is a professional assessment that carries weight in legal and financial contexts.
This is not necessary for most standard residential sales, where a free estate agent valuation is sufficient. But it is the most authoritative route if your circumstances require it.
What Factors Affect Your Home's Market Value?
Understanding what drives value up or down helps you interpret the valuations you receive and identify where you may be able to improve your position.
Location
Location is the single biggest driver of property value. Proximity to good schools, transport links, green spaces, and local amenities all play a role. These are fixed factors you cannot change, but they are important context when comparing your home to others.
Size and Layout
The number of bedrooms and bathrooms, total floor area, and how well the space is laid out all affect value. An extra bedroom or a well-configured open-plan ground floor can make a meaningful difference.
Condition
Buyers factor in the cost of work they will need to do after purchase. A well-maintained home in good decorative order will typically achieve a higher price than an identical property that needs attention. This does not mean you need to renovate before selling, but visible maintenance issues can affect offers.
Market Conditions
Local supply and demand have a direct impact on what buyers are willing to pay. In areas where good properties are scarce and demand is strong, prices tend to hold firm or rise. In slower markets, buyers have more choice and more negotiating power.
What Can Reduce Market Value
Some factors can bring a valuation down significantly and are worth being aware of before you go to market. These include structural issues such as subsidence or damp, a short lease on a leasehold property, lack of off-street parking in areas where this matters, and proximity to commercial or industrial sites.
For practical steps on how to improve your position before listing, see our guide on how to boost the value of your property.
Common Mistakes to Avoid
Overpricing based on what you need rather than what buyers will pay
The market does not care what you paid for your home, what you have spent on it, or how much you need to achieve. Pricing above market value leads to fewer viewings, longer time on the market, and often a lower final sale price than if it had been priced correctly from the start.
Relying solely on online tools
Online valuations are a guide, not a valuation. Always follow them up with a visit from a local estate agent who knows your specific market.
Only getting one valuation
A single opinion is just that. Getting two or three valuations gives you a more balanced view and a stronger basis for your pricing decision.
FAQs
How long does a property valuation take?
A standard estate agent valuation typically takes between 30 minutes and an hour. For more detail on what to expect, see our guide on how long a house valuation takes.
How often should I reassess my home's value?
If you are planning to sell in the near future, get a fresh valuation within three to six months of going to market. Property values shift with local conditions, and older valuations may no longer reflect what buyers are willing to pay.
Does refurbishing before selling always add value?
Not always. Some improvements add more value than they cost, such as updating a dated kitchen or bathroom. Others, such as highly personalised decorating choices, may not appeal to buyers and will not increase what they offer. It is worth asking your estate agent for their view before spending money on pre-sale improvements.
Can I negotiate on an agent's valuation?
You can and should discuss the figures with your agent. Ask them to explain which comparable sales support their figure. A good agent will be transparent about their reasoning and should not simply tell you what you want to hear.
Is there a difference between market value and asking price?
Yes. Market value is what the property is genuinely worth based on evidence. The asking price is what you choose to list it at. Pricing at or close to market value tends to generate more interest and stronger offers.
Michael Anthony Estate Agents
Michael Anthony Estate Agents has been valuing and selling homes across Milton Keynes, Bletchley, Hemel Hempstead, Tring, and the surrounding areas for over 30 years. Our team has detailed knowledge of the local market and can give you an honest, accurate assessment of what your home is worth.
Book your free property valuation or find out more about selling with us.
Originally published: June 21, 2024 | Updated: May 2026