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Just about a year ago many homeowners in the UK knew just what the value of their properties was, having tracked soaring house prices that had been rocketing for the past decade. However, over the past year there has been a turnaround in the housing markets, with house prices plummeting month on month according to reports, and this has left many homeowner unsure as to what their house is now worth.

There are many reasons for the falling values of homes for homeowners, mainly being the current credit crisis, which will new property buyers off the market as there are no online mortgages available anymore.

There are a number of reasons why you may be looking to get your house valued. You may be thinking about putting your home on the market and moving on, in which case you clearly need an idea of what you will get for it. You may be thinking about borrowing against the equity in your home, and will need to provide the lender with details on the value of the house. You may simply be curious to find out what your property is not worth of nearly a year of month on month property price falls.

It is vital in the current climate to try and get the most accurate valuation on your property so that you know what the house is worth following nearly a year of home price drops. You can get an estate agent to come out and provide you with a valuation on the home. However, there is a risk that you could end up with a valuation that is either too high or too low depending on whether the estate agent is looking to get increased commission on the sale of the property or whether the estate agent wants to try and get your property sold as quickly as possible.

It is therefore a good idea to get around three surveyors from different estate agents to come and look at the house in order to provide you with a valuation. Obviously, you should not mention that you have already been given a valuation, as otherwise each estate agent may base his or her valuation on the one that you have already received. Your aim should be to get a totally independent figure from each one so that you can see whether they all come to roughly the same conclusion with regards to the price of your house.

It is important that you also put a little work into getting an accurate valuation on your home, and one way that you can do this is by checking out the price of homes for sale that are similar to yours in the same sort of area. You can do this easily and quickly online or simply by checking the local papers that advertise properties for sale. You can then see of the sale price is along the same lines as the valuations that you have received.

Don’t be surprised if the price of your property is considerably lower than you may have anticipated, as house prices have been tumbling and many homeowners may have no idea how much their home price has dropped. If you plan to sell the house you should remember that if you inflate the asking price to way above the price of the house you are unlikely to be able to sell it in the current climate.

If your property does not sell at your desired price and you still have equity in your home, then secured loans could help to improve your current home removing the need to move. For more information on property prices and finding out your properties worth read the articles on a financial advisor to find you a mortgage