Summary
Comparable sales are recent similar completed sales used to estimate value. The best comparables are close, recent, similar in type, tenure and size, and require only small, transparent adjustments.
Definition
A comparable sale is a completed sale used as evidence for valuing another property. Buyers should build a small set of strong comparables and adjust them in a disciplined order. Start with property type and micro location, then tenure and lease length, then time movement, size or price per square metre, new build incentives, condition, parking, outdoor space and obvious defects. The strongest comparable usually needs the fewest assumptions. Weak evidence should either receive less weight or be excluded rather than forced into the calculation.