antique furniture

When valuing furniture for probate, accuracy matters.

As an executor, your legal responsibility is to report what items would sell for on the open market, not what they cost originally, not what they’re insured for, and not what they mean to the family.

Furniture is one of the easiest categories to overvalue, especially when antiques, heirlooms or expensive-looking modern pieces are involved. But HMRC expects realistic, evidence-based figures, and over- or undervaluing can lead to unnecessary inheritance tax, or even penalties.

Understand open market value – not insurance or purchase price

Probate valuations must reflect open market value, the price an item might reasonably fetch if sold today, in its current condition, through a second-hand channel like an auction, dealer, or online platform.

This figure is almost always lower than the original purchase price or insured value. A sofa bought new for £3,000, for example, might be worth just £50 to £100 on the second-hand market, depending on style and condition.

“People often confuse insurance value with resale value,” says Mark Littler, founder of Swift Values. “An insurance figure might reflect replacement cost, but HMRC wants to know what something would sell for today, not what it once cost or how much it means to the family.”

Old doesn’t mean valuable: what actually sells today

A common misconception is that old furniture must be valuable. In reality, many antique pieces, especially large, dark wood Georgian or Victorian furniture, have seen sharp declines in demand. These “brown” furniture items often sell for far less than expected.

Meanwhile, certain mid-century and modern designer pieces from the 1950s–70s, such as G-Plan, Ercol or Danish makers, are in high demand and can command strong prices.

At the other end of the scale, most modern flat-pack or mass-produced furniture has very little resale value. Items made from chipboard or MDF, even if originally expensive, often fetch nominal amounts second-hand.

Valuing furniture for probate means looking at what the market wants now and not what something once cost or how long it’s been in the family.

Why getting it right matters: HMRC and inheritance tax

Accurate furniture valuations aren’t just a formality, they affect the estate’s tax position. Overvaluing items can result in unnecessary inheritance tax. Undervaluing them risks investigation, fines, and penalties.

Executors are legally required to take reasonable care when reporting asset values to HMRC. If figures are questioned later, you’ll need evidence to justify them.

“HMRC doesn’t expect perfection,” says Katy Littler, Swift Values’ tax specialist and chartered financial planner. “But they do expect defensible figures based on real market data. Guesswork, especially on big-ticket items, can lead to problems later.”

Proper documentation and evidence-led valuations protect both the estate and the executor.

What executors should do: practical steps and expert help

Start by listing all furniture in the property, room by room. Note any branded, unusual, or clearly high-quality items. Check for maker’s marks, labels, or designer names, these can significantly affect value.

Where possible, compare similar items on auction house websites or platforms like eBay (sold listings only). Avoid guessing and if you’re unsure about an item’s value, or if the estate includes a large volume of contents, it’s best to get a professional valuation.

Swift Values offers an online house contents valuation for £99+VAT, ideal for getting a broad overview and identifying any items that might need closer inspection. This approach provides clarity, keeps costs low, and ensures valuations are based on proper evidence.

Realistic valuations protect everyone

Valuing furniture for probate is ultimately about realism. HMRC don’t require perfection, but do require figures that reflect the current market rather than family opinions or insurance estimates.

By documenting what’s in the property and getting help where needed, you fulfil your duty and reduce the risk of disputes or penalties.

If you’re unsure about where to start, Swift Values offers fast, impartial valuations that are fully compliant with HMRC guidelines, giving you confidence and peace of mind.