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Have been using this site for a while but only just joined as i now have a question.

I live in Neath and have just had the valuation for my council house with came out at £68000. With my discount i would pay £52000. Mine is 3 bed 1 bath and an add on shower room downstairs which is used as a storage room.

My concern is that the market value is too high for the area. The only other Bisf house that has sold on my street went for £32000 2 years (but that was in an original state). I am having difficulty comparing bisfs on the other two streets because i cant confirm which ones are bisf and standard construction. But generally houses in this council area of standard construction range between £60000 upto £80000.

The valuers report didnt mention anything about the construction of the house despite me explaining it.

So basically my question is a
Should bisf houses market value be similar to standard construction or should they be lower to take into account the issues faced with banks and insurance companies scepticism on them.

The only other houses within close proximityto mine that was on the marketfor £65000. It was standard construction and required a small amount of refurb.

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Hi Marker and welcome. Unfortunately house valuation isn’t a scientific thing at all, it’s value is only what someone is willing to pay for it, which is usually set by what others have already paid for similar homes nearby. So it will probably vary quite a lot from place to place and I don’t think there’s some easy formula. Around here there aren’t really any directly comparable houses of traditional construction. For three bedroom double storey houses the council built BISF houses, for two bedroom double storey and one bedroom single storey it built traditional houses and for four bedroom it built precast reinforced concrete Cornish units. So the most similar traditional houses would be two bedroom semi-detached homes that seem to sell for similar prices to BISF houses. But very local factors play a large part. For example a 19th Century terraced house just a few hundred metres away may sell for a lot more because it’s more suitable for multiple rental maybe.

I had some advice from an estate agent when I was going to challenge a valuation (in the end I did not need to). He suggested finding all the sold prices of BISF houses nearby and then comparing ours with them in terms of maintenance, upgrades etc, and also working out how much it would cost to bring ours up to the price of the most expensive, then taking that off the price.

You should be able to tell if houses nearby are BISF even if they have been modified by their size and shape, the shape and positions of the windows and front door and also the position of the chimney flue roughly in the middle of the house and slightly behind the ridge of the roof.

Ed

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