Online estate agent's valuation flawed, reports Building Survey in Wokingham

A Building Survey in Wokingham handed our client, Mr H, a positive report on the condition of the Berkshire cottage he was considering. However the Surveyor felt that an Internet real estate agent had inflated the purchase price.

Well cared for Edwardian cottage in Berkshire Building Survey

In general the Berkshire Home Surveyor considered the condition of the three-bedroom Edwardian cottage to be good for a building that had just passed its one-hundredth birthday.

The Surveyor obviously enjoyed the time he spent assessing this property. “Overall”, he said, “there is a good cottage feel to the property. ”

In particular he was impressed with a loft renovation that had been completed during the last 12 months.

Internet agent inflates property price, reports Building Survey in Wokingham

The Surveyor noted a discrepancy between his own estimation and the value placed on the property by an Internet realtor. This was due, he said, to a difference in valuation method.

Web-based real estate agents base their judgements on a statistical analysis of the local property market. A Building Surveyor combines this analysis with an on-the-ground appraisal of the home’s condition.

This lead the Surveyor to say that:

“I feel that the sales price of £290, 000 is too much for a property of this age type in this location, with a range of £275, 000-£280, 000. ”

Wokingham Building Survey predicts uncertain future for home

This Building Survey in Berkshire also reported that the unstable housing market and a huge housing development proposal on the land across the road could make the property’s value unstable in the short to medium term.

The proposal, which the Surveyor said was currently under review, contained:

“Plans by landowners Legal and General to build 975 homes on the site with a community centre and GP's surgery. "

The Surveyor said that:

“If the development proceeds this is a large number of homes that could affect other local sales values i.e. it could distort the market. ”

The report handed to Mr H from this Building Survey in Wokingham, urged him to negotiate a lower price on the property.