What is a comparable?

A comparable is used to prove you will be able to achieve a stated price for a property. For example, if you are going to refurbish a house and you have predicted that the value of the house will rise once the refurbishment work has been done, you will need to prove that you will be able to sell the house for the higher price with comparables. An ideal comparable is the same unit type, which is the same size, sold within a year, and within 1/4 of a mile is a great comparable. Let's break that down some more. Same unit type - if you are creating a flat, your comparable will need to be a flat, OR if you are creating a modern, refurbished 3 bedroom house, your comparable should be a modern, refurbished 3 bedroom house. Same size - The comparables you find should be the same as the unit you are looking to sell/refinance. This is particularly important when looking for comparables for flats. If you do not know the unit size, you may be able to find it by looking on the EPC Register. Sold within a year - Your comparables should all be sold units as this price is confirmed, whereas properties on the market could sell for a very different price to the price advertised. Ideally, your comparable should have sold within the previous year in order to give you the most accurate idea of the price when you sell/refinance. Within a 1/4 of a mile - The closer the property is to your property, the more likely the price will be similar to the price you will achieve when you sell/refinance your property.