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| Be wary of just using Land Registry data to put a valuation on your home - it can have serious drawbacks when used in isolation |
Land Registry for England and Wales is a government department originally set up in 1862 to register the ownership of land and property. In more recent years this has also included the price the property actually sold for on completion and other information such as how the purchase was financed.
To put it bluntly, this “cuts out all the bull”. The price of property actually exchanged hands for is the most accurate valuation of a home – or is it?
Land Registry data comes with some drawbacks. The first is that the data takes a while to come onto the site, sometimes three months or more and so, by its very nature, is out of date as soon as it can be accessed. In a market where prices are static this method is fine. A market where property prices are changing rapidly, either up or down, this can only be, at best, a rough guide.
Many estate agents in Ipswich believe that property prices may be about to start rising. If this is the case, then Land Registry data could lead to an inaccurate figure.
The Land Registry data also does not take into account the circumstances surrounding the sale of that property or the seller themselves. The price that the property exchanged hands for could be reflected that this was a forced sale and a seller took considerably less for the property because the buyer could move extremely quickly. In other circumstances with a seller who was in no hurry and was prepared to wait, a higher price may have actually been achieved.
There is another problem with the time delay of the Land Registry data. At Jonathan Waters Estate Agents in Ipswich, a check on our applicant base showed that a majority of the buyers we have registered as wanting to buy a property right now were not registered with Ipswich estate agents three months ago, they hadn’t even started looking then.
Estate Agents Ipswich – contact us today for an accurate valuation of your Ipswich or Martlesham property
625 Foxhall Road, Ipswich, Suffolk, IP3 8ND
01473 721133
jonathan@waters-ips.co.uk
35 Buttermarket, Ipswich, Suffolk, IP1 1BH
01473 281188
jonathanwaters@jonathanwaters.co.uk
Bristol Court, Betts Avenue, Martlesham Heath Business Park, Martlesham IP5 3RY
01473 620222
jonathan@waters-ips.co.uk
or visit www.jonathanwaters.co.uk
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