Is a Purple Bricks Valuation Free?

If you want to find out how much a property is worth, you’ll likely see a range of valuation options available.

Purple Bricks is a popular online estate agent offering home sale services. One of their top resources is a “free” virtual or in-person valuation. But is this service really free?

In this article, the team members at Property Solvers – specialists in the purchase, sale and valuation of homes across the UK – explore the matter.

Getting a Purple Bricks Free Valuation

Arranging a valuation is a vital part of buying or selling property. It’s a key element of many processes, from getting pre-approved for a mortgage for your next purchase to planning the price at which you’ll list your existing home for sale.

Many sellers choose to arrange a valuation for a property that is available via an estate agent.

So, when you see an estate agency like Purple Bricks offers valuations for free, what should you make of it? Is there a hidden catch? How accurate will it be?

The Process

You can choose a Purple Bricks remote valuation or an on-site option depending on your preference.

The process is absolutely free. What’s more, unlike many other property specialists that offer this service at no cost, Purple Bricks estate agents will undertake the valuation in person.

As mentioned above, you can arrange to speak to the agent on-site or via a video conference call. However, it is definitely best to have the valuer in the room where possible, so that they can get a good look at the property in detail. Once the valuation is complete, the company will provide you with a complete valuation report.

There are no hidden costs. Purple Bricks’ free valuation is a means for the estate agency to get themselves “on the radar” of potential clients.

Many estate agents will take a less “bespoke” approach to their free online valuations. In most cases, they will use data relating to previous property sales in the same area as well as market inflation rates to make a ballpark estimate of a home’s value.

Many do this without an understanding of any recent renovations, or of a property’s current condition. Different agencies may use different data sources, too, so they may provide you with very different figures depending on who you use.

Purple Bricks Valuation Accuracy

Purple Bricks will also use data relating to local and national property prices to inform their valuations.  Similar questions raised with regards to the accuracy Zoopla’s valuation, Purple Bricks have come under similar fire.  There have been accusations that agents effectively tell sellers what they want to hear rather than the truth.

Nonetheless, in-person inspection of a home will always increase the likelihood of a more accurate figure. It’s also worth nothing that the organisation claims to use only agents trained by the National Association of Estate Agents.

Purple Bricks has previously reported a 96% success rate for “sale price achieved”. This would suggest a very good level of accuracy.

Our advice is to always do your own research, and especially refer to HM Land Registry sold price data.

How Does Purple Bricks Work?

If you get your home valued by Purple Bricks, you won’t need to pay anything. Charges will only be presented once you opt to use them for your sale or purchase.

But how much do Purple Bricks charge when you use their services?

Unlike many other online estate agents, Purple Bricks does not operate on a “no sale, no fee” basis. If you are a seller, or “vendor”, the agency will charge you a fixed price of £999 to sell your home with them. In London and the surrounding areas, this amount changes to £1,499.

Recently, the company has introduced a money-back guarantee if your property fails to sell. However, you will only qualify for this if you have not received an offer worth at least 90% of the asking price within 10 months of the property going on sale.

What’s more, Purple Bricks may charge you extra if you do not use their in-house conveyancing service.

Is it Worth it?

Some concerns have been raised in the past about the future of Purple Bricks. This is partly because its share prices took something of a nosedive towards the end of 2021. At the time, the high-demand, low-supply situation in the UK housing market led to the organisation – and many of its competitors – to run low on houses to sell.

However, whatever becomes of Purple Bricks in the future, a free and accurate home valuation is not to be sniffed at. There is no obligation to use Purple Bricks to sell your home once you have received their report.

In many cases, it is best to get a number of opinions when deciding on the value of any property. You can compare the figures you receive against those of other valuation specialists in order to get a highly accurate “picture”.

Remember to always cross-reference any price estimations you receive with the widely accessible HM Land Registry data on sold house values.

Alternative Options

While the Purple Bricks’ valuation methods seem accurate – and their overall success and popularity are appealing – there are certain potential pitfalls to using this organisation.

If you are on the lookout for a speedier option when selling, you may consider using Property Solvers’ quick homebuying service. We’ll provide a no obligation cash offer up front, worth up to 75% of your home’s market value. We can then close the sale in as few as seven days. You won’t need to wait for buyers to make offers, and you won’t need to pay legal or estate agency fees.

Alternatively, you may consider our estate agency and auction services. Via these routes, you’ll be connected with the best buyers for your property within as little days. We offer a no sale, no fee guarantee and no tie-in contracts.

For further information, contact our team of specialists today.