Thinking of scribbling down “old sofa, about £50” and moving on? Think again.

Valuing household contents for probate might sound like a formality — but HMRC sees it differently. And if you get it wrong? You could land the estate with penalties, inheritance tax issues, or worse — a drawn-out investigation.

We’ve helped thousands of executors sell inherited properties over the years, and one question comes up again and again: “How do I actually value what’s in the house?” It’s a question that trips up even the most organised executors — so let’s walk through it properly.

Here’s what we’ll cover:

• What average house contents are really worth (spoiler: it’s not what they’re insured for)
• How to work out the open market value of furniture, tech, jewellery and more
• When to DIY — and when to call in a professional valuer
• How to dodge HMRC penalties (even if the contents are minimal)

This guide is for general information based on our experience helping executors through the probate property process. For advice specific to your estate, including any tax or legal questions, please consult a qualified solicitor or accountant.

First Things First: Why Valuing House Contents Actually Matters

When someone passes away, their estate includes everything they owned — not just the house and bank balance.

And HMRC wants it all accounted for.

Here’s why the contents of the house aren’t just background noise:

• It’s a legal requirement. Executors must declare all estate assets, including furniture, jewellery and personal items in the home.
• It affects Inheritance Tax. If the estate exceeds the £325,000 nil-rate band (frozen at this level until at least 2030), those extra pounds could be taxed at 40%. If the deceased’s home passes to direct descendants, an additional £175,000 residence nil-rate band may apply, bringing the total tax-free threshold to £500,000 per person.
• It ensures fairness. Say one sibling gets the contents and another gets cash. You’ll need a proper valuation to make sure everyone gets a fair slice.
• It protects you from penalties. HMRC isn’t shy about dishing out fines if assets are undervalued — even if it was an “honest mistake”. More on the specific penalty rates below.

Bottom line? Even the knackered telly in the spare room matters.

Market Value vs. Insurance Value: The Big Mistake People Make

Let’s clear something up.

The value you put down for probate should be the open market value — not the amount you insured the items for. HMRC’s own guidance is clear: you need to report what the item would realistically sell for in its current condition, not what it would cost to replace it.

Here’s the difference:

• Insurance/replacement value = What it’d cost to buy the item brand new today.
• Open market value = What it’d fetch second-hand, in its current condition, from a willing buyer.

Example:

• You bought a sofa for £1,000.
• It’s insured for £1,000.
• But on Facebook Marketplace? You’d be lucky to get £100.

And that £100 is the number HMRC wants.

This is something we see all the time when working with executors. They’ll quote us their contents insurance figure and we have to explain that the probate value is often a fraction of that. The gap between what you’re insured for and what things are actually worth second-hand catches people off guard every single time.

Using inflated figures could lead to overpaying inheritance tax. But underestimating things could trigger an enquiry — or worse, a fine.

So: always, always use the second-hand resale value. That’s what counts.

What’s the Average Value of House Contents in the UK?

This bit always raises eyebrows.

Most people assume a family home’s contents are worth upwards of £40,000 — because that’s what the contents insurance says.

In reality?

Here’s what we typically see across the probate properties we deal with:

Unless the property’s packed with antiques or high-end gear, most homes fall between £8k–£25k at open market value. But you can’t use these averages in your probate application. You need the correct numbers based on a real valuation of the actual estate.

And remember — this is based on current second-hand value, not what it all cost originally.

Step-by-Step: How to Value House Contents for Probate

Let’s break this down into a practical process.

1. Start with an Inventory

Go room by room. Include:

• Furniture
• Electronics
• Kitchen appliances
• Artwork
• Jewellery
• Collectibles
• Anything of potential value (cars, tools, etc.)

You don’t need to log every mug — just focus on the significant stuff.

From our experience, the garage and shed are the rooms people forget. We’ve had executors ready to complete a sale only to discover a workshop full of quality power tools, or a vintage car tucked away in storage. Always check every space.

2. Flag Anything Worth Over £1,500

HMRC’s IHT407 form requires that individual items of jewellery valued at £1,500 or more are listed separately with a professional valuation. This threshold also applies to antiques, works of art, and collections of significant value.

That includes:

• Gold and silver jewellery
• Designer watches (Rolex, Omega, Cartier, etc.)
• Antiques and fine art
• Collectibles (coins, stamps, wine, etc.)

These items should be listed individually on the IHT407 schedule (a supplementary schedule to the main IHT400 form). If you have a professional valuation, include a copy with the form.

Practical tip: Even if you don’t think jewellery is worth much, it’s worth getting a quick check. We’ve seen executors dismiss a box of “costume jewellery” that turned out to contain solid gold pieces worth several thousand pounds. When in doubt, get it appraised.

3. Assign a Realistic Resale Value

Use places like eBay, Facebook Marketplace, or Gumtree to gauge open market value.

Typical depreciation examples:

• £1,000 dining table? Now worth around £100–£200
• £600 washing machine? Maybe £50–£75 if working
• 3-year-old smart TV? Roughly 20–30% of original price

For low-value groups (e.g. “Clothes – £100”, “Books – £50”), you can bundle items together rather than listing them individually.

4. Add It All Up

Tally your estimated values. You’ll need the total to fill in the IHT407 form (section 4 covers the total value of household and personal goods not listed individually elsewhere on the form).

5. Keep Evidence

Photos. Screenshots of similar listings. Quotes from valuers. Whatever you use — save it.

If HMRC ever asks, you’ll need to show how you arrived at your figures. According to HMRC’s own guidance, they’ll check whether the values offered for household goods seem consistent with the value and nature of the deceased’s main residence and the estate as a whole.

In our experience, the executors who sleep best are the ones with a thorough paper trail. It doesn’t need to be fancy — a spreadsheet, photos on your phone, and screenshots of comparable listings will do the job.

When You Should Bring in a Professional Valuer

You don’t always need an expert, but in some cases? Getting a professional valuation can save you time, stress — and potentially, money.

Here’s when it’s worth calling in the pros:

• High-value items: Anything likely worth over £1,500 on its own — especially jewellery, artwork, antiques, or rare collections. HMRC’s IHT407 form specifically asks for professional valuations of these items.
• Estate is taxable: If the total estate value is near or over the IHT threshold (£325,000, or £500,000 if the residence nil-rate band applies), get a formal contents valuation. The stakes are higher when tax is on the line.
• Family disagreements brewing: A professional can act as a neutral third party — helpful if there are disputes over who gets what. We’ve seen families torn apart over the value of a single item. An independent valuation removes the guesswork and the arguments.
• Unusual or hard-to-value items: Think vintage instruments, obscure collectibles, or unusual vehicles. Better safe than sorry.

Cost-wise, many probate valuations for house contents cost between £100–£300. Some auction houses even offer it free if they expect to sell the items.

Pro tip: Make sure you tell them it’s for probate — you want open market value, not insurance value. A valuation prepared on the wrong basis can create more problems than it solves.

What If the Contents Are Worth Very Little?

Let’s say the house is full of worn-out furniture, sentimental items and old clothes. What then?

You can give a lump-sum estimate — but only if it’s realistic. According to The Gazette’s probate guidance (the UK’s official public record), if the total value of contents is expected to be less than £1,500, you do not need a formal valuation and a reasonable estimate can be used.

Here’s what to do if the contents are worth under £1,500:

• Use a sensible estimate (e.g. “Household contents – £1,000”)
• Group items together (e.g. “misc kitchenware – £50”)
• Take photos to back it up — in case HMRC comes knocking
• Keep a basic list or inventory for reference

If in doubt, note the context: “Most valuable items were given away or disposed of before death.” You might not need to submit this, but be ready just in case.

This is actually one of the most common situations we see. Many of the probate properties we deal with have been largely cleared or have minimal contents. Even so, it’s important to document what’s there — HMRC does have the right to ask for further details.

Important: Even if you plan to donate or dispose of items, you still need to value them based on what they could have sold for — not what they fetched.

House Clearance: What to Expect and Budget For

Once you’ve valued the contents, there’s the matter of clearing them out. That’s where house clearance services come in.

What is House Clearance?

It’s a service that removes unwanted contents from the property — usually to prepare for sale or rental. Some items may be sold, others donated or binned.

When to Use It

• There’s too much to deal with personally
• You need to clear the house quickly
• Items are mostly unwanted or unsellable

Important: Do the valuation before you clear the house. Once it’s gone, you can’t backtrack if something valuable was tossed. We’ve seen this happen more times than we’d like — an executor clears the house in a rush, then realises they can’t account for the contents on their IHT forms.

Typical Clearance Costs

Extras to watch out for:

• Fridge/freezer removal: £75–£120
• Old TVs: £20–£30

Some clearance firms offset these costs if they can resell anything — so ask in advance.

Charity Tip

Charities like the British Heart Foundation often collect furniture and donate-able goods for free. It won’t cover the whole job, but it can bring costs down significantly.

HMRC Expectations (and What Happens If You Get It Wrong)

HMRC isn’t expecting you to be an antiques expert. But they do expect you to act with care and common sense.

Their basic expectations:

• Include all items that have value
• Use open market values (not insurance or original price)
• Seek expert help for high-value or specialist items (particularly those over £1,500 per the IHT407 requirements)
• Keep records and be able to justify your figures

What If You Get It Wrong?

If HMRC finds an error, what happens depends on the reason. Under Schedule 24 of the Finance Act 2007, penalties are calculated as a percentage of the “potential lost revenue” (the additional tax that becomes due after correcting the error):

Source: GOV.UK – Penalties: an overview for agents and advisers

The penalty can be reduced if you come forward and disclose the error yourself (an “unprompted disclosure”) rather than waiting for HMRC to discover it. The quality of your disclosure — how open, honest, and co-operative you are — determines where within the penalty range you fall.

Even if you’re acting as a volunteer executor, HMRC can still hold you personally liable for underpaid tax if you’ve already distributed the estate.

Key protection? Documentation. Your spreadsheet, photos, quotes and receipts are your safety net.

Common Mistakes When Valuing House Contents (And How to Avoid Them)

Even well-meaning executors can slip up. Here are the classic errors — and how to dodge them.

Mistake 1: Confusing Insurance Value with Market Value

Why it’s a problem: You’ll massively overstate the contents value — and possibly trigger unnecessary Inheritance Tax.

How to avoid it: Always use second-hand, open market prices — what the item would fetch today in its current condition.

Mistake 2: Forgetting to Value Something Because It’s “Sentimental”

Just because something has no resale value doesn’t mean it should be ignored.

What to do: Sentimental items (e.g. family photos, letters, personal mementoes) can be valued at £0 if that’s what they’re truly worth on the open market, but they should still be accounted for in your inventory if they’re significant.

Mistake 3: Giving Items Away Too Soon

Letting family members take belongings before they’re valued can derail the whole process.

We see this regularly. A well-meaning relative takes a few pieces of furniture “to look after”, and suddenly the executor can’t account for what was in the property. It creates headaches with both HMRC and other beneficiaries.

Fix it: Value first, distribute later. Keep a written and photographic record before anything leaves the house.

Mistake 4: Undervaluing Out of Laziness or Guesswork

Writing “all contents – £500” to dodge admin? That’s a shortcut to a penalty if HMRC checks.

Fix it: Do a proper walk-through, estimate fair second-hand values, and document everything. Remember, HMRC’s own staff are trained to check whether your contents figure seems consistent with the property’s value — a £500 figure for a well-appointed 4-bed house will raise questions.

Mistake 5: Ignoring Storage Units or External Items

It’s not just what’s inside the house. Think sheds, garages, storage facilities, or belongings lent to friends.

Fix it: Check all locations the deceased may have stored possessions — not just the main property. We’ve had cases where an executor only discovered a storage unit months into the process, requiring a correction to the IHT return.

Special Situations You Might Encounter

Every estate’s different. Here’s how to handle a few curveballs:

Collections (Coins, Stamps, Memorabilia)

Don’t assume they’re worthless — even a scruffy stamp album might hide a rare gem.

Tip: If in doubt, get a quick appraisal or ask a collector/dealer to take a look. Collections over £1,500 in value should be listed separately on the IHT407.

Electronics & Tech

Most modern tech depreciates fast — but high-end kit (DSLRs, premium headphones, gaming PCs) can retain value.

Tip: Check second-hand prices online. Group older/low-value electronics together.

Jewellery & Watches

Even if it looks like tat, it could be solid gold or antique.

Tip: Separate fine jewellery from costume, and get an appraisal for anything that might be valuable. Remember, HMRC requires individual items of jewellery worth £1,500 or more to be listed separately with a professional valuation.

Vehicles

Cars, bikes, boats and caravans all count.

Tip: Use sites like Autotrader and WeBuyAnyCar for ballpark values. Classic vehicles may need a specialist valuation.

Shared Ownership or Trust Items

If something is co-owned (e.g. 50/50 between spouses), only include the deceased’s share in the estate.

Tip: Check the legal ownership and include a note on your valuation. Jointly owned household goods should be reported on form IHT404 rather than the IHT407.

Learn more about what happens to an estate when there’s a living spouse.

Get It Right, Stay Protected

Valuing house contents for probate isn’t glamorous. But it’s crucial.

Do it properly and you’ll:

• Avoid trouble with HMRC
• Prevent family disputes
• Distribute assets fairly
• And sleep easy knowing you’ve done your job as executor

Cut corners and you could face fines, backdated tax — or accusations from beneficiaries.

So take the time, document everything, and get help where needed.

Exemptions and Exclusions

Certain sentimental or low-value items may be grouped together. Items that are worth less than £1,500 in total can often be reasonably estimated rather than professionally valued, though HMRC may request further details.

Items gifted within seven years before death may be included under inheritance tax rules, particularly if the deceased continued to benefit from the gift after giving it away (known as a ‘gift with reservation’). You can find more detail on GOV.UK’s inheritance tax guidance.

What If You Discover Something After Submitting?

If you find a valuable item or discover an error after filing, you should notify HMRC using Form C4 (Corrective Account). This form is specifically designed for amending the original IHT400 — whether you need to increase or decrease the estate’s value.

HMRC’s guidance states that a corrective account should technically be delivered within 6 months of discovering the error. In practice, your solicitor may batch several corrections together before submitting. The key thing is to act promptly once you know the original account was wrong.

Need to Sell a Probate Property?

At Property Rescue, we buy properties directly from executors — including houses with all the contents still in them. Whether the property is empty, full of furniture, or in need of work, we can make a cash offer, typically within 24 hours of contact.

We exchange contracts in as little as 48 hours and complete sales in under 7 days. If you’re dealing with a probate property and need to free up funds quickly — whether to pay inheritance tax or settle the estate — we can help.

Probate is stressful enough. We’re here to make the property side of things a whole lot easier.

Get a free, no-obligation quote to see how much your property is worth.

FAQs: Probate Contents Valuation

Do I need to list every single item?

No. Group low-value items like books, utensils or clothes. But any individual item of jewellery valued at £1,500 or more must be listed separately on the IHT407 form, along with a professional valuation.

What if we find something valuable after submitting probate?

Notify HMRC and file a Form C4 (Corrective Account). This should ideally be done within 6 months of discovering the error.

Can I use insurance values for speed?

No — that’s the fastest way to overstate the estate and overpay tax. Always use open market (second-hand resale) value.

Do I still need to value things even if we’re not selling them?

Yes. Even if a beneficiary keeps the items, they must be valued at open market price for estate accounts.

What’s the difference between IHT400 and IHT407?

The IHT400 is the main Inheritance Tax account submitted to HMRC. The IHT407 is a supplementary schedule specifically for household and personal goods — it’s attached to the IHT400 to provide the detailed breakdown of contents.

What if the estate is below the IHT threshold?

You still need to account for contents in your probate application, even if no Inheritance Tax is due. The £325,000 nil-rate band (or £500,000 with the residence nil-rate band) determines whether tax is payable, but the obligation to report assets applies to all estates going through probate.