How Much Is My House Worth?

How Much Your House Is Worth?
Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui
Are You Having Your Property Valued for Equity Release? Find Out How Climbing Property Prices Could Give You Access to Serious Cash, What the Long Term Effects Could Be & Is There a CATCH?

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Are you wondering how much your house is worth?

Since you bought your home in the ’80s for £20,268, or in Y2K¹ for £89,597, how often have you hired a surveyor to evaluate your home?

While property value can be estimated based on recent sales in your area, every home is unique and needs a top-to-bottom valuation.

With property prices rising annually², you could be sitting on a goldmine and not even know it. Perhaps you have a significant amount of equity locked into your home?

Let’s find out now!

TABLE OF CONTENTS

How Have Property Prices Risen Since Aug 2022

While purchasing a property has never been a cheap exercise in Briton,

Prices have substantially increased in the last 40 years³. In the mid-’80s, buying a house cost an average of £29,143, with 1988 bringing the biggest ever recorded increase of 25%.

However, the biggest jump came between the years 1995 and 2005.

In 1995, the average home set the consumer back by £59,939. In just 10 years, the average price shot up to £156,236.

Since then, property values have steadily risen, with your average home costing £250,772.

In other words, if you haven’t had a recent property valuation, your home could be worth a lot more than you anticipated.

What the Equity Release Council Has to Say

According to a report released by the Equity Release Council, the average homeowner in the UK that’s over-55 underestimates their property wealth by £90,000.

Furthermore, some homeowners haven’t done a property valuation since the purchase.

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Discover Your Property Value

If you’re 55 or older and nearing retirement, knowing your property value is an essential part of retirement planning.

Whether you are writing your will, planning retirement finances, or determining the overall value of your estate, a professional valuation is a key tool during this process.

To arrange an evaluation, we suggest you contact your bank or a retirement specialist firm who will refer you to a surveyor in your area.

Alternatively, you can search online to find someone local.

However, you could contact your financial adviser, who will guide you through your financial options in retirement, including equity release.

You May Have Access to Some Serious Cash with Equity Release

Some equity release lenders offer free property valuations, so if you decide to opt for an equity release, you’re in luck.

You’re likely no stranger to equity release.

This local retirement product allows homeowners above 55 to access up to 65% of their property value while remaining in the home for life.

The loan and compound interest are only expected to be repaid when the last homeowner dies or enters long-term care.

If your property value is up to £90,000 more than you thought, you could have access to some serious cash.

Common Questions

How Do I Find the Value of My House?

Which Website Has the Most Accurate Home Value?

What Increases Home Value?

Does Painting Increase Home Value?

In Conclusion

While equity release is one way of funding retirement, there are other options to consider.

Your financial adviser will talk you through all your options, helping you find the best retirement products to suit your needs.

If you’re not considering equity release, but don’t know your property’s current value, get in touch with a local surveyor.

And find out how much your house is worth. Hopefully, you’re in for a big surprise.

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Editorial Note: This content has been independently collected by the SovereignBoss team and is offered on a non-advised basis. SovereignBoss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.