Homeowners in England and Wales overvalue their properties by an average of 16%

Homeowners in England and Wales are overestimating the value of their property by an average of 16%, according to new figures.

Data from Quick Move Now compares homeowner estimates with formal estate agent valuations and is broken down by both region and property type. Overall, homeowners overvalue in every single category.

 

Regional breakdown

Region Average % homeowners overvalue or undervalue by
England and Wales Overvalue by 16%
East Midlands Overvalue by 18%
East of England Overvalue by 17%
Greater London Overvalue by 14%
North East Overvalue by 24%
North West Overvalue by 19%
South East Overvalue by 16%
South West Overvalue by 17%
Wales Overvalue by 15%
West Midlands Overvalue by 11%
Yorkshire & The Humber Overvalue by 18%

 

Property type breakdown

Property type Average % homeowners overvalue or undervalue by
Bungalow Overvalue by 18%
Flat Overvalue by 21%
Terraced house Overvalue by 18%
End of terrace Overvalue by 14%
Semi-detached house Overvalue by 14%
Detached house Overvalue by 13%

 

Danny Luke, Quick Move Now’s managing director, says: “

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.

“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 7 months to sell, you don’t want your property overpriced and stuck on the market.”

Regional breakdown of overvaluing stats

Property type breakdown of overvaluing stats

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Estate Agent Talk

The most stressful places to move to in the UK

With more people in the UK moving homes during summer than any other season and the average cost of moving in the UK rising to over £14,000, picking the right place to move to has become more crucial than ever. Luckily, new research from Pay Less for Storage reveals the UK cities that make life easiest…
Read More
Estate Agent Talk

Time-Traveling Estate Agent Sequel Climbs Amazon Charts

A UK Estate Agent Currently Bringing Joy to People’s Lives – Shame He’s Fictional…   Eric Meek, the fictional estate agent created by author Dale Bradford, is back for a second outing in The Time‑Travelling Estate Agent 2, a sequel that is already climbing Amazon’s bestselling time‑travel rankings. Estate agents were recently highlighted as the third…
Read More
Estate Agent Talk

Is it finally time for lenders to back green homes?

Andrew Smith weighs the risks and rewards Property developers are increasingly pitching green homes to lenders; however, with sales cycles slowing down and repair costs rising, is now the right time to back sustainable builds and at what price point is there market demand? Sustainability is continuing to shape our future of construction with the…
Read More
new build homes colchester essex
Breaking News

UK Housebuilding Falters as Construction Hiring Flatlines

New research from Inventory Base reveals that UK construction industry employment has increased by almost 11% in the past five years, but there has been less than 1% growth in the past 12 months. Inventory Base’s analysis of the UK construction industry shows that in 2024 (latest data available) it employed an estimated total of…
Read More
Estate Agent Talk

Making Small Office Spaces Feel Much Larger

Small offices can often seem tight, making it hard for employees to work comfortably. Not enough space may lower mood and affect how well people do their jobs. Good design choices, though, help any small workspace feel bigger, brighter, and easy to move around in. How a space is perceived can often influence comfort and…
Read More
Planning disputes on new build land
Breaking News

£2.7bn in Development Opportunities Across England

The latest research by specialist property finance lender, West One Loans, has shown that there are currently £2.7 billion worth of development opportunities in the current market, with the South West home to the highest proportion of potential plots available for developers to capitalise on. West One Loans analysed current land, plot, and site listings…
Read More