Hometrack has launched a new online service which it claims will allow homeowners, homebuyers and investors to value a property to a level only previously available to high street mortgage lenders.
The firm says the service - www.hometrack.co.uk - is set to revolutionise the house buying process as the general public can use the figures to negotiate on the price of the property or similarly ensure an estate agent's valuation is correct.
Hometrack believes it crucial that homeowners do not pay over the odds, particularly in the current market, where property prices are continuing to readjust.
It adds that the user friendly service goes way beyond the 'nosey neighbour' websites.
The system provides an actual valuation based on location, property type and bedroom count, whereas other sites simply only provide details of how much other houses were sold for.
Hometrack's new product utilises a database of over 13 million property records to undertake online valuations. The estimate is based on actual valuation and real transactions data from a variety of sources, including surveyors' valuations throughout the UK and information from HM Land Registry.
Mark Witherspoon, chief executive of Hometrack, said: "This new product really will revolutionise the house buying process as the mortgageapproved valuations create transparency around valuation inconsistencies as well as help buyers and sellers reach an agreement on the value of a property.
"As a property is only worth how much someone is willing to pay for it, there can be no absolute value.
"Prices will always be in a range, typically as much as plus or minus ten per cent on an average property depending on who is buying or selling it and the property's condition and location.
"But, we are the first company to offer customers such an independent breadth of information, and are confident that it will become an important resource for anyone looking to buy, sell or simply find out more about an area.
"Finding out what someone paid for a house in the past is interesting, but knowing what it may be worth today is invaluable." Richard Donnell, director of research at Hometrack, added: "With a period of low, single digit house price growth ahead, homeowners and investors need to do their research into what they pay for a property.
"If they don't, and end up over-paying, they can not rely on the market to save them as it has done over the past decade."
The property report, which gives up to date information on the valuation of your current property, is available for £19.95 including VAT.
In addition to the online valuation service, Hometrack also provides all Land Registry information for free, including past sales information and in-depth, up-to-date information from its monthly survey of house prices and market trends across England and Wales.
The firm says that the valuation service is accurate for the majority of properties, typically the 80 per cent of sales that fall either side of the national average price.
However, it warns that it is not a perfect system for all properties with lower confidence levels, for unusual properties or those with particular distinctive features.
Hometrack claims to have the most extensive database of properties in the UK with 13 million datasets on over eight million properties and provides systems and information to central government, social landlords, local authorities, property developers, investors, estate agents and financial institutions.