Homeowners overestimating the cost of their home in all but one region despite pandemic

• Brits estimate their home is worth 22.3% more than the UK national average
• Homeowners in the North West estimate their homes to be worth 44.1% more than the official average price
• London was the only region where homeowners believe their homes to be worth less than the official regional average

Homeowners across the UK are overestimating the value of their homes by as much as 44.1% in some regions according to a new study.

Leading UK property buyer Property Rescue has published an article which has revealed that Brits believe their homes are worth 22.3% more than the national average, with only one area of the country believing their homes are worth less than the regional average.

In the North West, owners believe their properties to be worth an average £242,449, 44.1% higher than the official statistics, which show average value in the region as £168,261. In total four regions’ homeowners believed their home to be worth at least 30% higher than their region’s average, with the North East (39.4%), Wales (32.2%) and Yorkshire & Humber (31.7%) joining the North West.

Only Londoners believed their home was worth less than the average value, with the study showing owners in the region believed their properties to be worth an average £454,764 compared to the official regional average of £479,018, a 5.1% decrease.

Danny Nieberg, Director at Property Rescue, “It’s interesting that the pandemic hasn’t dampened people’s attitudes towards the value of their home, but given the market could slow in 2021, it could leave those looking to sell in for a bit of a shock when they do get their home valued.”

2021 is expected to see a slowing in the growth of house prices due to the end of the stamp duty holiday, the end of furlough and rising unemployment. However, half of people are confident that the pandemic will see house prices stay relatively similar, with one in four expecting a slight decrease in value.

You can find the full study at: https://www.propertyrescue.co.uk/useful-guides-articles/homeowners-in-the-uk-are-overestimating/

About Property Rescue

Property Rescue have been buying properties for well over a decade and have an expert

team who purchase properties directly from the homeowner without a middleman.

Property Rescue have helped thousands of people sell their houses over the years and can

exchange contracts, offering a guaranteed sale within as little as 48 hours, no matter what the condition and state the property is in.

For more information you can visit the Property Rescue website at www.propertyrescue.co.uk