It sounds like a straightforward question, but there are actually two different figures that often get confused when selling a property: market value and asking price.

They are related, but they aren't necessarily the same.

Understanding the difference can help you make a more informed decision about how to put your home on the market and, ultimately, how likely you are to attract the right buyers.

Market value is essentially an evidence-based assessment of what your property is likely to achieve in the current market. It should take into account things such as:

The important part is current. A property that sold for £500,000 two years ago isn't necessarily worth £500,000 today. The market may have changed, mortgage rates may be different and buyers may now have more or less choice. A good valuation should therefore be based on what is happening in the market now, rather than simply finding the highest price a similar property has ever achieved.

The asking price is the figure you choose to put on the property when you bring it to market. That makes it partly a marketing decision. The asking price needs to attract attention from the right buyers while giving you a realistic opportunity to achieve the best possible result. For example, if a property's market value is around £450,000, you might decide to market it at £450,000, or there may be a reason to position it slightly differently depending on the property, competition and the strategy being used. What you don't want is an asking price that simply reflects what you would like the property to be worth.

It's a common approach: “Let's put it on for £500,000 and see if anyone offers.”

The problem is that buyers are also looking at the same evidence. If similar properties are selling for £450,000 and yours is priced at £500,000, you may find that the people most likely to buy it simply don't book a viewing. That can be more damaging than it first appears. The first few weeks on the market are often when a property receives its strongest initial attention. If buyers reject it because they feel it is overpriced, you may eventually need to reduce the price to attract the same buyers you could have targeted from the beginning.

They also compare it with what else they can buy today. This is one of the most important parts of pricing a property. Imagine there are three similar homes available at £425,000, £435,000 and £450,000. If yours comes to market at £475,000, buyers aren't going to assess it purely against historic sold prices. They'll look at the alternatives available to them right now. This is why a valuation should consider both sold evidence and current competition.

Then it may be worth more. A valuation isn't simply about finding the average price per square foot and applying it to your home. A larger garden, better condition, additional parking, an extension, better layout or a particularly good location can all influence what buyers are prepared to pay. Equally, a property needing significant work, having a smaller garden or lacking parking may need to be priced accordingly. The job is to understand which features genuinely add value in the eyes of today's buyers.

It is also important to remember that a valuation is an opinion based on available evidence. It isn't a guarantee that your property will sell for exactly that figure. The market ultimately decides. Once your property is advertised, buyer behaviour provides another layer of information. If you have plenty of online interest, enquiries and viewings, the market is telling you something positive. If there is very little interest despite good exposure, that can be a sign that buyers don't see the value at the current asking price. This is why pricing isn't something that should be considered only on the day the property goes on the market.

It can be tempting to choose the agent who gives you the highest valuation. After all, who wouldn't want to hear that their home is worth more? But there is a difference between telling a homeowner what they want to hear and providing an evidence-based assessment of the market. A higher asking price can look attractive on paper, but if it results in months of limited interest followed by price reductions, it may not produce a better outcome. Sometimes positioning a property correctly from the beginning creates more interest, more competition and a better chance of achieving the strongest price the market will support.

When you're getting valuations, don't just ask: “What can you sell my home for?”

Ask:

“What evidence supports that figure?” A good valuation should explain the comparable properties, recent sales, current competition and how buyers are behaving in your area. From there, you can decide on an asking price that makes sense for your circumstances and the strategy for selling your home. Your market value is based on evidence. Your asking price is how you choose to take that property to market.

Getting the relationship between the two right can make a significant difference to how much interest your property generates — and how long it takes to sell.