This is one of the questions I’m asked most often when carrying out valuations: “My neighbour sold for £X in 2021 – why isn’t my house worth more than that now?”
The short answer is that a house doesn’t have a value simply because a similar house sold for a certain amount a few years ago.
The property market has moved on, buyers have changed, mortgage costs have changed, the supply of properties has changed and – perhaps most importantly – buyers today are comparing your home against what they can buy today.
A 2021 sale can be useful information, but it shouldn’t be the foundation of a 2026 valuation.
2021 was a very different market
The housing market in 2021 was unusual.
Buyer demand was strong, people were reassessing where and how they wanted to live, and there was significant competition for certain types of property.
In some areas, buyers were making quick decisions because they were concerned that waiting could mean losing the property.
Today’s buyer behaviour can be very different.
I’m seeing buyers who are prepared to wait.
They can look at several properties. They can compare prices. They can monitor something they like and see whether the seller changes their position.
That creates a completely different environment for sellers.
Your neighbour’s house isn’t your house
This sounds obvious, but it’s something that gets overlooked surprisingly often.
Even two houses next door to each other can have very different values.
Perhaps one has a new kitchen.
One might have a landscaped garden.
One might have been extended.
One might have off-road parking.
One might have three genuinely good bedrooms, while another has a smaller third bedroom.
One might be beautifully presented and ready to move into, while the other needs £20,000 spending on it.
Those differences matter.
And buyers don’t look at a house in isolation. They look at it alongside everything else they can buy for the same money.
What happened in 2021 isn’t necessarily what happens now
Let’s say your neighbour sold for £350,000 in 2021.
It would be tempting to say:
“Surely mine must be worth at least £350,000 now.”
But that’s not how I’d approach a valuation.
I’d ask:
What has actually sold recently?
What is currently available?
What condition is your property in?
How does your property compare with the competition?
What are buyers prepared to pay today?
That’s much more useful.
A historic sale tells me what someone paid for a particular property at a particular point in time.
It doesn’t automatically tell me what today’s buyer will pay for yours.
Price isn’t the only thing that has changed
One of the biggest changes I’m seeing is that buyers are increasingly focused on value.
They’re not necessarily looking for the cheapest property.
They’re looking for the property that gives them the most for their money.
That could mean a beautifully finished three-bedroom house beats a larger but tired four-bedroom house.
It could mean a smaller home with an exceptional kitchen and garden attracts more attention than a larger property with a dated interior.
It could mean a house that has been marketed brilliantly generates more interest than a similar property that hasn’t been presented properly.
This is why I believe marketing and presentation are more important than they used to be.
So how should you value your home?
I’d start with recent evidence, not historic headlines.
Look at properties that have actually sold, rather than simply looking at what similar homes are currently asking.
Then consider the differences.
Finally, think about what your property is going to look like to someone searching on Rightmove today.
Because that’s the person you’re trying to convince.
Not the buyer from 2021.
Not your neighbour.
Today’s buyer.
And don’t choose your estate agent purely on valuation
This is something I tell sellers quite openly.
If three agents value your house at £350,000, £360,000 and £390,000, it’s very tempting to choose the £390,000 agent.
But I’d ask a different question:
“Why do you think you can achieve £390,000?”
What evidence supports it?
What is the marketing strategy?
Who are the likely buyers?
What comparable properties are you competing against?
What happens if the first couple of weeks don’t produce the expected response?
A valuation is an opinion.
The market decides the eventual sale price.
My role is to give you an honest opinion, explain the reasoning behind it and then create the best possible conditions for achieving it.
That’s why my approach is built around transparency, communication, second-to-none marketing and a genuine relationship throughout the sale.
I’m Eliot Putman, an estate agent with Hortons covering LE3 and the surrounding areas, including Western Park, West End, Westcotes, Braunstone, Leicester Forest East and Kirby Muxloe.
Since starting my career in property in 2015, I’ve built my approach around giving homeowners straightforward advice about what their property is worth and, importantly, why. I work directly with my clients from the initial valuation and marketing strategy right through to negotiating the sale and helping it progress towards completion.
If you’re wondering what your home is actually worth today, I’d be happy to give you an honest, no-pressure valuation based on the market you’re selling into now – not what your neighbour achieved several years ago.
You can find out more about me, my approach and the properties I’m currently marketing on my Eliot Putman agent page, or get in touch to arrange a valuation.
