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How do we Value a
Unique Home?

Your expert guide from
Sam and Phil

Here in the Lake District, valuing a
property is far from straightforward.
There are so many factors to take into
account…

…the historical importance…

Of course, unique homes in any location
can be tricky to value.
~
How do you place a monetary amount,
for example, on a property with lake
frontage on Windermere, when there
are only perhaps a hundred or so
properties that share that privilege?
~

We were asked to visit a home near Grasmere
that was on the market with another agent, but
the levels of interest were disappointing. Let’s
call it The Manor. The challenge lay in the fact
that it was already on the market, meaning that
the price was ‘anchored’. Not only had it been
fixed in the homeowner’s mind that this price was
achievable, but also it had left a digital footprint
of its price online, via the portals and other sites.

Of course, unique homes in any location
can be tricky to value, but how do you
place a monetary amount, for example, on
a property with lake frontage on
Windermere, when there are only perhaps
a hundred or so properties that share that
privilege?
So what could we do to value
this home accurately?

5 POINTS OF REFERENCE
1. Existing price and interest
2. Comparable properties
3. Sold prices
4. Price per square foot
5. Online valuation tools

Original valuation: £800,000
Launched to market at: £850,000
Three months later: reduced to £800,000
Viewings in first six months: 2
Conclusion: the price may still be too high.
1. EXISTING PRICE

As The Manor is unique, finding any
comparable houses in the area is tricky, but we
did find three that may be competing:
Fell View £595,000
Loughrigg£647,000
Ash Close £750,000
Conclusion: The Manor is not competing well
and looks expensive by comparison.
.
2. COMPARABLES

Sold Prices – looking at precedent can give an indicator as to the value.
Our research showed five relevant sales in the past twelve months:
Wordsworth£1,100,000
Oak Beck £897,000
Beech House £695,000
Briarswood £615,000
Silver Birches £366,500
Conclusion: The Manor is not breaking the price ceiling for the area, as two
properties have sold for more than its current asking price over the last year.
3. SOLDS

Price per square foot – this doesn’t take into account any
amenities (like an amazing view) or disadvantages (like a
public footpath through the garden). But it can be a useful
guide to see how much house a buyer would get for their
money.
We include any attached building, even if it’s a garage, but
exclude any detached building, unless it’s an additional
dwelling (eg a holiday cottage).
4. PRICE PER SQUARE FOOT

How do we value a unique home?

Average price per square foot = £365
Conclusion: At £394 per square foot, The
Old Manor House has a 7% higher price
per square foot than the average

Online instant valuation tools are
relatively new to the UK, but becoming
increasingly popular with homeowners
looking for a quick answer to the question,
‘how much is my home worth?’
5. VALUATION TOOLS

Please try out our
instant online valuation tool at
valuation.ashdownjones.co.uk
Often for unique homes the results are very
unpredictable, but we’d love to get your
feedback.

We ran The Manor through
8 online valuation tools:
Lowest online valuation £417,000
Highest online valuation £671,000
Average online valuation £586,000
Conclusion: Using an online valuation tool for
The Manor is not a valid source of information.

The original valuation of £800,000
was probably right
Properties have sold for higher in the area.
The slightly higher price per square foot is
justified by its extremely high standard of
refurbishment.
Summary

So how did the story end for
The Manor?

After several months on the market, the
owner accepted an offer of £740,000.
This is 92.5% of asking price,
and 87% of the original marketed price.
Most sellers expect to attain better than 95%
of their asking price. This is usually
achievable with the right marketing strategy.

1. Try out our instant online
valuation tool at
valuation.ashdownjones.co.uk
2. Drop us a line and tell us about
your unique home
Sam and Phil
What to do next:
team@ashdownjones.co.uk
015394 88811

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How do we value a unique home?

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How do we value a unique home?