GOLD REPORT
dated: 11.02.2015
CURRENT MARKET CONDITIONS
PROPERTY SUMMARY
Nottingham City Dec 2014 (index 184)
Average flat price: £130,629
Monthly Growth: -1.1%
Annual Growth: +7.7%
Address: Flat 3, Mills Building, Plumtre Place,
Nottingham, NG1 1HD
Type: duplex apartment
Beds 2 | Bath 2 (plus downstairs WC)
Spec / condition: good
Total square meters: 104sqm
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Last sold for: unavailable
Date: unavailable
Additional info: leasehold (999 years from 1999)
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Nov 2008
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Ceiling July
2010
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ONE | STREET CEILING
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No repairs needed. Recent redecoration throughout.
Includes 1 underground parking space.
*this shows the most that anyone has ever paid for a similar property on the same street.
Amount: £210,000
Date sold: July 2010 (index 181)
Price per sqm: £2,333
Price per sqm (adjusted): £2,372
TWO | COMPARABLES
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Square Meters: 90 sqm
Address: 28 Lexington Place
Type: apartment
Beds: 2
Spec: good
Ceiling breakable?: YES
Flat 3 Mills Building is larger than this
property and the market is higher.
**similar properties sold within a ! mile in the last 6 months where possible.
No.
ADDRESS
TYPE
BEDS
SPEC
DATE SOLD
AMOUNT
SQM’s
PP SQM
ADJUSTED
1
21, 1a Hollow Stone
flat
2
good
Dec 14
£170,000
91
£1,868
£1,868
2
36, 14 Plumptre Street
flat
2
good
Oct 14
£200,000
93
£2,150
£2,116
3
23, 21 Barker Gate
flat
2
good
Sept 14
£190,000
92
£2,065
£2,065
4
6 Lexington Place
flat
2
med
June 14
£146,151
77
£1,898
£1,973
Average price per square meter: £2,005
THREE | VALUATION
Base Price: £208,572 (per sqm £2,005 x 104sqm)
Expected Sale Price: c. £219,000
Price per sqm: £2,105 psqm
Spec: good
Recent refurb works, spec of the property, additional
Asking Price: £237,500 (92.18% asking to sale ratio)
bathroom, and underground parking space all
increase its value by a minimum of 5% (+£10,429) Average days this type of property spends on the market
before selling: 148 days (c. 5 months)
REPORT GUIDE
ONE| This section let’s you know what’s going on in
the market place in general. The index is used to
adjust prices to todays values.
What’s important to note here is the trend in the
market. Is it growing or declining?
The blue dots show at which points in time over the
last 10 years the market was at a similar level as
today.
The red dot show’s at
which point the street
ceiling sale price was
achieved.
1
This sets the tone for a
realistic valuation.
3
THREE | The street
ceiling helps us to
understand what people
have actually been
prepared to spend on
this street in the past.
We give our opinion on
if this ceiling can be
broken with the sale of
this property and why.
Again this keeps the
valuation realistic.
4
how to read your report
TWO | This section briefly summarises the details of the property.
Key parts which affect the end value;
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The location
The bedroom to bathroom ratio
The spec* of the property
The size of the property (square meters)
Any refurbishment works, extensions etc. that have been done
Any repair works that need doing
2
*SPEC RANGE.
Low: dated, old fixtures & fittings
or in need of repair.
Medium: average fixtures and
fittings in common with market
Good: in between med & high
High: best fixtures & fittings. e.g:
wet room vs. shower cabin
FOUR | The comparables are
crucial and show what people are
really paying for similar properties
in the area (not what they’re
advertised for!).
We take into account the sale price
and the size to create a price per
square meter.
5
We then adjust these to todays
prices so that we can use them.
This produces an average which is
used for the end valuation.
FIVE | The valuation is where all the factors from the previous sections are pulled together.
1. BASE PRICE. First the base price is calculated using the average price per square meter of the comparables which is
multiplied by the total square meters of the property.
2. ADDED VALUE: Then we consider if there is any added value from any features (bed to bath) or additional works that
have been done (e.g: new extension). There are a number of research studies which have proven the uplifts provided by
such things as increased floorspace or additional bathrooms. These figures are used to calculate the uplift.
3. COST OF WORKS: Then we consider if there are any works that need to be done and our team (who are experienced
in development costs) estimate the budget needed to repair the problem. This is removed from the end valuation.
4. END VALUATION: We then have our expected sale price, which is a combination of points one to three above. This is
sense checked against the street ceiling price and adjusted if necessary.
5. ASKING PRICE: We additionally compare the asking to sale ratios on 6 similar properties in the same area to
understand the reality of what properties really sell for vs. what they are advertised for. We apply this ratio to set an
asking (marketing) price. This allows you as a vendor to understand at what price you should market the property.
Where available, we additionally provide information on how long similar properties took to sell.