Homeowners in England and Wales are overestimating the value of their property by an average of 16%, according to figures from Quick Move Now.
The data compares owner expectations with actual estate agent valuations and finds overvaluations across all regions and property types.
Regionally, the North East showed the biggest gap between perceived and actual value, with homeowners overpricing by 24%.
Other notable overvaluations were recorded in the North West at 19%, Yorkshire & The Humber and the East Midlands both at 18%, and Greater London at 14%. The lowest disparity was seen in the West Midlands, where properties were overvalued by 11%.
By property type, flats were the most significantly overestimated, with owners placing values 21% above estate agent assessments.
Terraced houses and bungalows followed closely at 18%. Detached houses were overvalued by 13% on average, while semi-detached homes and end terraces came in at 14%.
Danny Luke, managing director at Quick Move Now, said: “The property market has been quite uncertain over the last few years, so it’s little surprise that homeowners are misaligned with professional estate agent valuations.
“The level of difference may shock some people, however. According to Zoopla, the average UK property price currently sits at £268,400.
“Overestimating by 16% would have homeowners estimating the value to sit at £311,344 – an overpricing of over £40,000.”
He added: “This shows the importance of making the most of your estate agent’s local property market knowledge when putting together a pricing strategy for the sale of your property.
“Recent figures suggest that property values are sensitive, with a higher number of available properties putting downward pressure on pricing.
“Nationally, price growth has slowed to below 2%. Regionally, there are reports that some areas are experiencing falling property prices.
“Pricing your property correctly from the start will also have a big impact on how long it takes to sell.
“With figures suggesting properties currently take an average of nearly seven months to sell, you don’t want your property overpriced and stuck on the market.”
