A new study by property firm Quick Move Now reveals that homeowners are overestimating the value of their properties by an average of 14%.
The company compared self-valuations from homeowners to local estate agent valuations, uncovering a trend of overvaluing homes.
Cambridge homeowners displayed the most accurate perception of their properties’ values, though self-valuations still averaged 5.9% higher than local estate agent appraisals.
In contrast, residents in Llandrindod Wells overestimated their property values by an average of 22.9% compared to estate agent pricing.
Regionally, homeowners in the East of England had the most accurate understanding of property values, while those in the North East were the least accurate.
Danny Luke, managing director of Quick Move Now, said, “Our research showed an overwhelming tendency to overvalue your property… most homeowners significantly overestimated the value of their homes.”
He attributed the disparity to the slowdown in the property market, making it more challenging for homeowners to gauge accurate property values.
