Valuation check: 2,050 sq ft serviced apartment in Manchester at £975,000

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Using the one completed sale feels too narrow, but leaning on three asking prices feels too optimistic. I’m assessing a Manchester serviced apartment with two bedrooms, about 2,050 sq ft and an asking price of £975,000. It has good light and location, though the finishes are dated and the unusually large area may not attract the same rate per square foot as a more conventional layout.

I plan to compare the evidence without valuing every additional foot equally—for example, 500 extra sq ft may add useful space without adding the value of another bedroom. Which factor should carry most weight when setting a range: exact location, lease length and service charges, parking, outdoor space, or the work required? I also need to allow for insurance, maintenance and possible vacancy costs before arranging a local appraisal.

 

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The lease length and full service-charge history would change my view most. At roughly £476 per sq ft, the headline calculation is easy, but I would not apply the completed comparable’s rate evenly across 2,050 sq ft. A very large 2-bed may have fewer matching buyers than a layout with another bedroom.

I’d grade condition by the likely scope of work rather than use a broad percentage, then treat the three asking comparables as supporting evidence only.

 

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I’d put micro-location ahead of condition. Dated finishes are visible and can be allowed for, whereas even a short move within Manchester can make a comparable much less useful. Parking and outdoor space may also explain a price gap that looks like a floor-area adjustment.

Before choosing a range, build a simple table for all four comparables: completed or asking, exact area, £/sq ft, condition, lease length, service charges, parking and outdoor space. Leave blanks where facts are unknown rather than forcing an adjustment. With only one completed sale, I’d present a valuation range, not a single figure.