Explore which home improvements can not only enhance your living space but also increase your property's value
House features, location, and investment performance
5 Richmond Place is a freehold terraced house, built in 1983-1990. A 2010 survey recorded the property as having 670 square feet of floor space and space for 2 bedrooms.
The property was a good investment for its previous owner, who made a £59,950 profit between January 2002 and August 2010.
5, Richmond Place, Birmingham, West Midlands B14 7ED
Sold House Prices
Timeline of sold house prices and cost per square foot
Since 5 Richmond Place's first recorded sale in 1998, the house's price has risen by £207,050 or 14% per year.
During the same period, the price of an average home on Richmond Place increased by £200,000 or 14% per year, and the average UK home increased by 12% per year.
- Current valuation£264,000
Terraced house freehold, £394 per square foot+ 70%
- Sold August 2010£154,950
Terraced house freehold, £231 per square foot+ 63%
- Sold January 2002£95,000
Terraced house freehold, £142 per square foot+ 67%
- Sold June 1998£56,950
Terraced house freehold, £85 per square foot
Comparison of local and national house prices
House Prices in Richmond Place start at £245,000 for the cheapest property on the street, rising to £272,000 for the most expensive.
5 Richmond Place is worth 3% more than the £257,000 average property on Richmond Place and 12% less than the £300,000 average home in England.
Cost per square foot valuation
Using local prices per square foot as benchmarks for valuation
When valuing this property, one factor we consider is the average cost per square foot (CPSF) for terraced houses in the area. Based on this metric alone, the property's valuation would be £257,000.
Our valuation is at the higher end of the £363 to £403 CPSF you would have to pay for a typical terraced house in Richmond Place. Factors such as features and outdoor space affect CPSF, with past sale prices reflecting these differences.
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Property valuation details and commonly asked questions
- What condition is the property in?
- How is the property valuation estimated?
- Where are the figures sourced?
- What should I do if the details are incorrect?
What condition is the property in?
At a sale price of £264,000, the property’s cost per square foot indicates a better condition than the neighbouring properties or that it possesses additional features to warrant the higher price.
Making home improvements could increase the cost per square foot within the £363 to £403 per square foot range we typically see for terraced houses in Richmond Place, increasing the property's value.
How is the property valuation estimated?
Every month, our Automated Valuation Model (AVM) determines property values.
Our AVM collects data from reputable sources, like HM Land Registry, and uses the data to estimate what each property is worth.
In our tests, we have found that the sale price of a property falls within our AVM's confidence range in most cases. However, there are scenarios where the valuations are not accurate. For example, if significant alterations have been made to a property recently or if a property is unique with few comparables.
For more details on the workings of our AVM, including its strengths, limitations, and how it measures up to traditional valuation methods, please refer to our guide 'How We Value Property'.
We try to make the valuations as accurate as possible, but they are estimates. When buying or selling property, you should speak to a qualified professional.
Where are the figures sourced?
Sold house prices, and data on property types/tenures, are sourced from the HM Land Registry.
There is a time delay in property sales appearing in HM Land Registry, which can be up to three months.
Other property details, such as energy efficiency, are estimates from a 2010 property survey.
What should I do if the details are incorrect?
We generate all our property valuations programmatically. They cannot be manually edited based on new information, such as evidence of redevelopment.
If any other property details are incorrect or out-of-date, they will update automatically when next surveyed.
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