Property & accommodation
Type, age, floor area, room arrangement, alterations, external space and other material physical characteristics.
RICS residential valuation
Need an independent opinion of Market Value?
A formal residential valuation brings together inspection findings, property characteristics, comparable sales and market evidence to provide a clear opinion of value for the agreed purpose and valuation date.
RICS regulated practice RICS Registered Valuer Comparable evidence
Comparable method
Evidence is adjusted, not simply averaged
- property characteristics and condition;
- completed local transactions;
- differences between subject and comparables;
- market context at the valuation date.
Purpose first
The reason for the valuation shapes the instruction
Before accepting the instruction, the intended purpose, valuation date, property interest and intended users need to be clear. This matters because a valuation prepared for one purpose should not automatically be relied upon for another.
SurveyAll's residential valuation work is evidence-led and typically uses the comparable method, supported by inspection information, HM Land Registry evidence, relevant market data and other information appropriate to the instruction.
What we consider
Factors that may materially affect residential value
The relevance of each factor depends on the property and the valuation purpose.
Condition & specification
Observed condition, modernisation, material defects and specification are considered insofar as they influence a purchaser's view of value.
Tenure & occupation
Freehold or leasehold interest, lease information where relevant and other tenure matters supplied for the valuation.
Market evidence
Relevant completed sales, location, transaction dates, parking, access, plot characteristics and other differences requiring professional adjustment.
When it may be useful
A formal residential valuation may be appropriate when:
- you need an independent current Market Value for an agreed private or professional purpose;
- a solicitor, accountant or other adviser has requested a formal valuation;
- the value will inform a family, ownership or financial decision;
- a scheme-specific valuation may be required and SurveyAll confirms the instruction fits the relevant requirements; or
- you require a written valuation rather than a marketing appraisal or automated estimate.
Valuation process
Inspection, evidence, adjustment and reconciliation
Instruction
Purpose, property interest, valuation date, intended users and relevant assumptions are agreed.
Inspection
Relevant property characteristics and condition are recorded for valuation purposes.
Comparable analysis
Completed sales evidence is analysed and adjusted for material differences.
Valuation report
The evidence is reconciled into a reasoned valuation conclusion with assumptions and limitations stated.
Common questions
RICS residential valuations
Is this the same as an estate agent appraisal?
No. An estate agent appraisal is commonly prepared to advise on a potential asking price or marketing strategy. A formal valuation is prepared for an identified purpose and sets out the valuation basis, assumptions and evidence supporting the opinion of value.
Do you inspect the property?
For a formal residential valuation, the scope normally includes an inspection appropriate to the instruction. The exact extent is confirmed before the instruction is accepted.
How is the value assessed?
Comparable completed transactions are a central source of evidence for ordinary residential property. Differences such as size, location, accommodation, condition, tenure, lease terms, external space and parking are considered where relevant.
Is a valuation the same as a building survey?
No. A valuation considers condition only to the extent that it affects value. It is not a substitute for a RICS Level 2 or Level 3 survey where detailed condition advice is required.
Can the report be used for any purpose?
No. The purpose and intended users must be agreed before instruction. A report should not be assumed suitable for lending, taxation, court, matrimonial, scheme or other formal purposes unless that use has been expressly agreed.
Independent value advice
Residential property valuations across South East London
SurveyAll provides appropriate residential valuation instructions across Greenwich, Lewisham, Bexley and Bromley, with other London instructions considered where suitable.