Do you know what your home is worth? Many homeowners in England and Wales still overvalue their property by an average of 6.8%. This is a reduction from previous years, however it continues to be a problem across the UK.
Those in Greater London more accurately value their property and in many cases actually undervalued it. In contrast, those in the North of England tend to overestimate by a whopping 19.99%. In Wales, owners also overestimated by 19.42%. Those in the North of the country were more optimistic but those in London, the South East, and East of the country were not far from actual sold prices.
Find out the trend in your area by reading this article. Whether you are a buyer or a seller, understanding local pricing trends will help you be a savvy shopper.
- Home owners in England and Wales over estimated the value of their property by an average 6.8% in 2016.
- Coverage of rising property prices gives many home owners false expectations of their homes sales price.
- In areas which have struggled to recover from the financial crash, property owners are vastly over optimistic about their properties worth.
"A breakdown of the figures suggests that owners in Greater London have been better at accurately valuing their properties over the last five years and actually undervalued the price by an average of 4.3%."
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