Sunday, April 10, 2005

How Much Did They Get?

08 Apr 2005 News Item

A number of websites allow you to spy on your neighbour's selling price, but none are as in-depth as the new site from Hometrack...
Why do properties differ so much in terms of selling price, length of time on the market and number of viewings before a sale? If you've been perplexed by such puzzles, Hometrack's new consumer website promises to give you the answers.Granted, in many cases it's blatantly obvious: a well-maintained, well-presented façade will be instantly more appealing to buyers than a shabby, faded exterior, and this goes for interior décor as well. But is there more to the selling price than aesthetics?
Hometrack's new site aims to provide answers to frequently asked questions which so far haven't been answered in other, similar websites. Visitors to the site will not only be able to verify a property's value but will have access to more detailed information such as the key drivers of that value eg number of bedrooms.
The website will also highlight specific market trends such as the asking/selling price ratio, how long properties are taking to sell in local areas, and will give an in-depth socio-economic breakdown of an area. None of these, according to Hometrack, are available on the growing number of sites that rely on Land Registry data.
"A Revolutionary Product"Mark Witherspoon, Hometrack's chief executive, says: "This product is revolutionary in terms of the detail of information our customers can access.
"We are confident it will become an important resource for people wishing to sell, buy or simply find out more about an area."
The estimated valuations of property are calculated by tracking other properties in the area at a similar price which have either been sold or valued recently, and this information is then aggregated by the Hometrack index.The database will then use comparables from sales and valuations on properties to provide information on sales price achieved and asking price, time taken to sell, number of viewings before an offer is made, supply (instructions registered) and demand (number of buyers) per month, and overall market activity in the area.
Known as the Area Report, this will be available at a charge of £4.95 which gives access to the information for a three month duration. There is also a more detailed Property Report costing £14.95 which includes the Area Report.

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