An estate agent’s valuation is an informed view of a possible marketing price. It is not a formal survey, an offer from a buyer or a promise that a sale will reach that figure. Treat it as one part of your pricing decision, alongside recent transactions and your own plans.
Start with comparable sales
HM Land Registry’s Price Paid service lets you look up recorded residential sale prices by address in England and Wales. Use nearby examples with a similar property type and, where possible, a similar number of bedrooms and overall size. Check the transaction date as well as the price: a sale from several years ago may describe a different market. Asking prices can help you see current competition, but they are not proof of what buyers ultimately paid.
Comparisons are a starting point, not a calculation. A flat and a house on the same road may have different tenure, service charges, outdoor space or parking. Even homes with the same number of bedrooms can differ in layout, condition, light, storage, extensions and repair needs. Do not assume a sold-price record captures every feature that mattered to the buyer.
Ask agents to explain their figures
The government’s home-selling guide recommends asking three estate agents for a valuation and asking what evidence supports it. When each agent visits, give them accurate information about improvements, defects, the lease if relevant, and any work still needed. Ask which comparable sales they used and how they adjusted for differences. A clear explanation is more useful than a confident number without supporting examples.
Ask how the suggested asking price relates to your timing. A seller who needs to move by a particular date may make different choices from someone willing to wait. Ask what marketing plan, viewing arrangements and communication you would receive, and request the fee, contract length, sole-selling rights and notice arrangements in writing before instructing an agent.
Use online estimates carefully
Automated estimates can provide a quick sense-check, but they cannot inspect your home or reliably account for every local feature. Differences between estimates are a reason to ask what data and assumptions each service uses, not to average the numbers and treat the result as a formal valuation.
Choose a price that fits the evidence and your circumstances. If you need a formal valuation for lending, tax, probate or another defined purpose, ask a suitably qualified professional which type of report is required. Keep the valuation, comparable sales and agent explanations together so you can revisit the decision if viewings or offers suggest the market is responding differently.