Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less?
Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25% overestimating its worth. Under a third were correct. Those who underestimated, did so by £46,305 on average, while those who overvalued thought their property was worth £44,313 more. Combining all responses, homeowners were shown to be underestimating the value of their properties by £9,470 on average, £237bn collectively.
Understanding your property’s value may have a significant impact on your life. Of those who sold their home after taking the survey, 81% said their unexpected windfall had enabled them to improve their lifestyle.
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