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A Fine Balance
The value of our homes often means more to us than just numbers on paper; it reflects our investment and the memories shared within those walls. But how accurate are homeowners in the UK when it comes to estimating their property's worth? Recent research sheds light on this intriguing question.
Underestimating and Overestimating Property Values
- The Underestimation Phenomenon: Almost half (45%) of UK homeowners undervalue their home, with the average undervaluation standing at just over £46,000. This highlights a common trend among homeowners to underestimate the true market value.
- The Flip Side: In contrast, 1 in 4 homeowners believe their property is worth more, with one in 10 predicting it was worth over £100k more. This represents a significant disparity in perceptions.
Why Accuracy Matters
- The Importance of ‘Good Market Knowledge’: With only 3 in 10 people having an accurate idea of their home's value, it's no wonder that 78% of sellers consider ‘Good Market Knowledge’ as a top priority when selecting an estate agent.
- The Bigger Picture: Zoopla's research indicates that the average UK home is worth over £9k more than its owner realises. In London, this figure is more than double the national average, standing at £22,846.
Conclusion
The findings reveal a fascinating landscape of undervaluation and overvaluation across the UK's property market. With so many homeowners misjudging their property's worth, the role of professional estate agents with sound market knowledge becomes crucial.
Homeowners should consider seeking professional advice to understand the true value of their properties, as this knowledge could have significant implications for selling, renovating, or even refinancing their homes.
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