What Is My House Really Worth Before Offering?

Why asking prices lie — and what to look at instead

The asking price on Rightmove is a marketing number. It's set by the estate agent to generate viewings, and it may have very little to do with what the property is actually worth. Some agents price high to win the instruction from the seller. Others price low to create a bidding war. Neither strategy is designed to help you.

What actually determines a property's value is what comparable properties have sold for recently — not what they're listed at. The Land Registry publishes every completed sale in England and Wales, usually within a few weeks of completion. This is the only data that matters.

To assess value properly, you need to look at three things. First, what has the specific property sold for previously? If it last sold for £280,000 in 2019, that gives you a baseline. Second, what have similar properties on the same street or in the same postcode sold for in the last 12 months? This tells you the current market. Third, what condition is the property in relative to those comparables — does it need a new kitchen, a roof, rewiring?

Zoopla and Rightmove both show some sold price data, but it's incomplete and often poorly matched. They'll show you a "value estimate" based on an algorithm that doesn't know whether the house has been extended, modernised, or is falling apart. The estimate is a starting point, not an answer. What you want is the full transaction history for the property and its neighbours, combined with the EPC data that tells you about the building's condition, and any planning applications that might signal improvements (or problems) nearby.

How to use this when making your offer

Armed with real comparable data, you can do something most buyers don't: make an offer you can justify with numbers, not emotion.

Here's the practical approach. Find the three most recent sales of similar properties nearby — same number of bedrooms, similar type (terrace, semi, detached), within half a mile. Average those sale prices. That's your baseline market value for the area.

Now adjust. If the property you're buying has a better EPC rating than the comparables, it's worth more — each EPC band is worth roughly 3-5% in most areas. If it needs significant work (new boiler, damp, dated kitchen and bathroom), knock off the cost of that work plus a margin for your time and hassle.

If the asking price is above your adjusted comparable figure, you have evidence to offer below asking and explain why. If it's at or below, you know you're not overpaying.

This matters most in a market where properties are going to "best and final offers" — you need to know your ceiling before you get drawn into an emotional bidding war. The worst financial decisions in property happen when buyers fall in love with a house and lose track of what it's worth.