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Property Valuation Appraisal Expert and responsible advice you can trust For the Attention of: Michael Alan Date: DD/MM/YYYY Property: Essex Road, Rochester, ME2 1AX
Introduction
Your Property Valuation Appraisal We are pleased to present this report which provides an accurate, honest and realistic opinion of the likely sale value of the probate property detailed on the cover page and explains how the conclusions within were reached.
Advice You Can Trust Produced by a senior staff member with many years of practical valuation experience, this Appraisal documents all the information and advice that was taken into consideration to determine the proposed valuation. Every factor that we believe could affect the valuation has been diligently researched, including a detailed investigation of the local market, consultation with local Estate Agents and a comprehensive comparison of similar homes for sale or recently sold in the immediate area, using online house selling sites and Land Registry data.
Report compiled by: Darren Parfitt Client Relationship Manager 01787 221079
Pg.2 89a Essex Road, Rochester, ME2 1AX
Recommendations & Opinions Positive Factors
Negative Factors
Good order internally and externally
Small block paved rear garden
Garage and driveway
Electric pylons opposite
Gas central heating
Over looked by older style property
Replacement double glazed windows
New builds available in the area
Conservatory Recommended 8 Week Asking Price
Achievable Value
Minimum Expected Price
Agent 1
£250,000
£240,000
£220,000
Agent 2
£250,000
£245,000
£240,000
Agent 3
£250,000
£245,000
£240,000
AVERAGES
£250,000
£245,000
£236,666
Valuing Agent
Note: Please refer to Estate Agents’ Performance Levels.
Our Recommendations Recommended Competitive Asking Price
£249,950
Achievable Target Price
£245,000
Minimum Expected Sale Price
£240,000
Recommended Rental Price - per calendar month
£1,200 - £1,500 PCM
Our Opinion This property has been available for sale since May 2019, Agent 3 at £265,000. The received interest has been poor with only 8 viewings and 0 offers with an average sold STC rate of 66% within a 3 mile radius for similar type properties, we feel the present marketing figure will hinder the sale, as demonstrated. Note: The recommended asking, achievable and minimum expected prices are provided in good faith, after extensive research of data available at the time of this report’s preparation. Market conditions can vary quickly, and property values can increase and decrease. We enjoy superior accuracy as far as our valuation advice is concerned as supported by our extensive key performance indicators, but we cannot be held responsible should a final sale figure differ from our advice, as the reasons can be considerable and variable.
89a Essex Road, Rochester, ME2 1AX Pg.3
Photographs & Description
Address
89a Essex Road, Rochester, ME2 1AX
Property Type
4 bedrooms, 2 reception rooms, detached house
Accommodation
Lounge, dining room, kitchen, conservatory, 4 bedrooms, en suite to master bedroom, family bathroom
Front
Lounge
Dining Room
Kitchen
Conservatory
Bedroom
Outside
Pg.4 89a Essex Road, Rochester, ME2 1AX
Property Overview
Construction
Standard construction
Tenure (and lease details if applicable)
Freehold
Listed
No
Extensions/major improvements
None advised
Parking
Garage and driveway
Windows
Replacement double glazed
Heating type
Gas central heating
Gardens
Front and rear
Internal condition
Good
External condition
Good
Decorative finish
Good
Location opinion
Popular residential area
Property on market
Yes
Disclaimer; Please note that the Tenure and associated consents of permissions have not been verified with either the owner or the Land Registry. Please also note that the central heating, electricity and other utilities have not been tested and therefore their condition is neither known nor verified.
89a Essex Road, Rochester, ME2 1AX Pg.5
Location Map & Street Scene
Satellite View
Street View
Comments/Notes The property is located 4.8 miles from Rochester town centre and 7.2 miles from the nearest superstore. The area is regarded as popular and experiences high demand.
Pg.6 89a Essex Road, Rochester, ME2 1AX
Land Registry Data
Most recent completions within postcode.
118 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£235,000
02/04/2019
90 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£245,000
19/06/2018
94 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£265,000
15/01/2018
67a ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£195,000
25/06/2017
80 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£237,995
18/10/2016
84 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£259,500
28/08/2016
92 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£210,000
23/08/2016
90 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£235,995
05/07/2015
94 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£205,000
21/08/20012
114 ESSEX ROAD, ROCHESTER, MEDWAY, ME2 1AX
£220,000
08/12/2009
89a Essex Road, Rochester, ME2 1AX Pg.7
Local Area Comparables We have investigated local properties recently sold and currently available, selected on the criteria below.
Selection Criteria Radius of subject postcode
3.0 miles
Property types considered
Houses
Minimum number of bedrooms
4+
Up to price level
ÂŁ300,000
Marketed by
All agents
Date from
20/05/2019
Comparable Properties Relative Location
5
3 1
4
Note: Icons indicate the centre of postcode and not necessarily the exact location.
Pg.8 89a Essex Road, Rochester, ME2 1AX
2
Local Area Comparables 1. Copse Close, Rochester, Kent
No Longer on the Market
Marketing Period
23 Oct 2018 to 21 Mar 2019
Marketing Price
£295,000
Property Summary
4 bedroom detached house
Condition
Good
Comments
Larger 4-bedroom detached house with double garage Subject should be less in value
2. Cowdrey Close, Rochester, Kent
Sold & Completed
Marketing Period
19 Sep 2018 to 24 Jun 2019
Marketing Price
£320,000
Property Summary
4 bedroom detached house
Condition
Good
Comments
Extended 4-bedroom detached house Larger than subject. Subject should be less in value
3. Friston Way, Rochester, Kent
No Longer on the Market
Marketing Period
20 Mar 2019 to 24 May 2019
Marketing Price
£270,000
Property Summary
4 bedroom detached house
Condition
Good
Comments
Cul de sac positioned property - Similar size although modern build. Subject should be less in value
4. Halling, Rochester, Kent
Sold & Completed Marketing Period
24 Oct 2018 to 18 Jun 2019
Marketing Price
£285,000
Property Summary
4 bedroom detached house
Condition
Good
Comments
Subject - Unsold at current marketing level. Archived from market. Subject should be less in value 89a Essex Road, Rochester, ME2 1AX Pg.9
Local Area Comparables 5. Roman Close, Blue Bell Hill, Chatham, Kent
No Longer on the Market
Marketing Period
16 Apr 2019 to 12 Jun 2019
Marketing Price
ÂŁ240,000
Property Summary
4 bedroom detached house
Condition
Good
Comments
Similar sized home - good comparable. Subject should be less in value
Local Sold STC Levels Criteria Type: House
Bedrooms: 4
Max Price: ÂŁ300,00
Radius of subject postcode
Total number available
Total number sold STC
Sold STC coversion%
0.5 mile(s)
3
2
66%
1 mile(s)
6
4
66%
3 mile(s)
46
31
67%
Our Opinion The local sold rate can be regarded as good, indicating good local market conditions.
Pg.10 89a Essex Road, Rochester, ME2 1AX
Estate Agents’ Performance Levels Company
Current No. on market
No. sold STC
% of stock sold STC
Agent 1
94
62
65%
Agent 2
124
72
58%
Agent 3
35
18
51%
Agent 4
45
16
35%
Agent 5
51
22
43%
*not used, but included for comparable purposes
Our Opinion Executor Solutions has located the three most prominent selling agents within the given postcode for valuation and sales purchase. Agents with asterisks are closer to subject postal code but show poor sold levels.
Disclaimer: The recommended Asking Price, Achievable Target Price and the Minimum Expected Price set out in this report are all provided in good faith and on the basis of both the physical inspection of the Property and a desktop background research report. The data set out in this report is based on data available at the time this report is prepared. No survey has been carried out on the Property and therefore any subsequent survey carried out may increase or decrease the valuation of the Property. We cannot be held responsible or liable for changes in market conditions or survey results and therefore cannot guarantee any of the prices set out above as being the ďŹ nal sale price of the Property. We do not represent, warrant, undertake or guarantee the completeness or accuracy of either the valuation estimate, nor that the valuations will lead to the property being sold within those estimates whether due to market uctuations or otherwise. We will not be liable to you or any third parties in respect of any losses or damage you may suffer arising out of your use of this Property Valuation Appraisal to the extent allowed at law. We will not be held liable for any information provided to us by third parties. Any reliance you place on this Property Valuation Appraisal is therefore strictly at your own risk.
89a Essex Road, Rochester, ME2 1AX Pg.11
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