How did a Surveyor come to a valuation £50,000 over the market average?

A Chartered Surveyor inspected a semi-detached property in Preston. The value he placed on the two-bedroom home was significantly over the market average for houses in Lancashire’s administrative centre.  

We investigate how the Surveyor arrived at his valuation

Home Buyers Surveys in Lancashire take a number of factors into account when they make a valuation. However, the major variables that affect the estimate are the property’s condition and the current market trends in the area.

With two-bedroom homes in Preston currently selling at an average of £127, 205, the buyer may have been surprised to find the property valued at £175, 000.

Home was in a desirable area of Preston 

When reaching this estimate, the Surveyor would have noted that the property was in the safe and sought-after area of Fulwood.

This northern suburb of Preston houses nearly a third of the city’s residents. It was designated part of the Central Lancashire New Town scheme during the 1970s. The urban development that followed improved the character of the area and caused its population to grow significantly.

Business and housing developers flocked to Fulwood because of its proximity to the M6 and M55 motorways. These arterials serviced a large number of businesses that required easy access to the wider Lancashire area. These include:

  • The Lancashire Evening Post 
  • Asda
  • A Royal Mail sorting office

Survey finds few faults, meaning few headaches for buyer

The second major factor in the price was the clean condition of the property. The Surveyor only noted two minor maintenance issues.  

  • The garage door and window needed sanding back and revarnishing with two coats of external varnish.
  • Isolated high damp – possibly rising damp due to a failure of the plastic strip damp-proof course. This would need inspection by a specialist contractor but was not considered to be a major issue.

The buyer could have dealt with these at relatively little expense. However, if they so desired, they could request that the seller take care of them before the purchase – especially considering the already high price.