Property warning: Homeowners are ‘overpricing’ their homes – list of best and worst areas

House prices: Expert discusses 'interesting' pricing differences

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New figures have revealed that homeowners in England and Wales are overvaluing their properties by a staggering eight percent, on average. The research, which was conducted by Quick Move Now, compared homeowners valuations with that of formal independent estate agent valuations. Danny Luke, Quick Move Now’s managing director, said in 2019 when they first started comparing figures, people were overvaluing their properties by an average of eleven percent.

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The lower average indicates that homeowners are becoming more accurate at assessing how much their home is worth.

Property sites, which allow homeowners to access information about the local housing market and recent sold prices in an area, are making it easier for homeowners to figure out the market value of their property.

Danny said even when armed with this data, homeowners estimates can be “pretty far off their property’s actual value.”

He continued: “Overpricing your property by eight percent when putting it on the market could have a significant impact on how long it takes to sell.

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“Previous data has suggested that over-pricing your property can result in it sitting on the market for twice as long as an accurately priced property.

“It can be very difficult to view your own home objectively, so it’s always best to get a local estate agent to visit your property for an accurate and up to date valuation.”

The new data also unveiled which areas people are overvaluing their homes the most.

Homeowners in Harrow, Romford and Telford are most accurately valuing their homes.

They are over-valuing their homes by an average of six percent.

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But those living in Llandrindod Wells gave the least accurate valuations, overvaluing by an average of 20 percent.

Residents living in the picturesque town of Harrogate in North Yorkshire overvalued their homes by an average of 17 percent.

However, all areas tended to overvalue properties rather than undervalue them.

A booming property market and surging house price growth may have contributed to homeowners overvaluing their homes.

Danny said those living in urban areas where homes are similarly designed in a small area are likely to have more comparable data which allows homeowners to get a more accurate idea of their home’s value.

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He said those living in rural areas will find it more “challenging” as homes are more spread out which can make it difficult to compare prices.

The property expert continued: “Whilst it is handy to be able to go online and get a rough idea of how much your property might be worth, it is always best to ask a local independent estate agent for a formal valuation.

“Ultimately, any property is only worth what someone is willing to pay for it and a local estate agent is likely to have knowledge about the local market that an online valuation tool simply can’t compete with.

“That is especially true in the current market where things are changing very quickly from one week to the next.

“Now that the ‘cost of living’ crisis is really starting to hit, we are definitely beginning to see a cooling of the market.

“The first two weeks of marketing your property are the most important in terms of attracting a buyer, so it’s vital that you price your property correctly from the start.”

The average percentage homeowners are overvaluing their properties by in each postal area:

St Albans – eight percent

Bath – nine percent

Birmingham – seven percent

Blackburn – 13 percent

Blackpool – 12 percent

Bolton – nine percent

Bournemouth – 10 percent

Bradford – 11 percent

Brighton – 10 percent

Bristol – 10 percent

Bromley – 11 percent

Cambridge – 10 percent

Canterbury – 11 percent

Cardiff – 13 percent

Carlisle – 10 percent

Chelmsford – 11 percent

Chester – eight percent

Cleveland – 13 percent

Colchester – 10 percent

Coventry – seven percent

Crewe – eight percent

Croydon – nine percent

Darlington – 10 percent

Dartford – 10 percent

Derby – 14 percent

Doncaster – 10 percent

Dorchester – 15 percent

Dudley – 10 percent

Durham – 13 percent

East London – 10 percent

Exeter – 11 percent

Gloucester – nine percent

Guildford – 11 percent

Halifax – 11 percent

Harrogate – 17 percent

Harrow – six percent

Hemel Hempstead – 10 percent

Hereford – 14 percent

Huddersfield – 12 percent

Hull – 10 percent

Ilford – seven percent

Ipswich – 12 percent

Kingston upon Thames – nine percent

Lancaster – 14 percent

Leeds – 11 percent

Leicester – seven percent

Lincoln – eight percent

Liverpool – nine percent

Llandrindod Wells – 20 percent

Llandudno – 10 percent

Luton – 10 percent

Manchester – 10 percent

Milton Keynes – 12 percent

Newcastle upon Tyne – 13 percent

Newport – 12 percent

North London – 12 percent

North West London – 12 percent

Northampton – eight percent

Norwich – 10 percent

Nottingham – 10 percent

Oldham – 10 percent

Oxford – 10 percent

Peterborough – 10 percent

Plymouth – 12 percent

Portsmouth – 10 percent

Preston – 11 percent

Reading – 11 percent

Redhill – eight percent

Rochester – eight percent

Romford – six percent

Salisbury – nine percent

Sheffield – nine percent

Shrewsbury – seven percent

Slough – 13 percent

South East London – 10 percent

South West London – 11 percent

Southampton – 10 percent

Southend-on-Sea – 11 percent

Stevenage – 11 percent

Stockport – nine percent

Stoke-on-Trent – 10 percent

Sunderland – 14 percent

Sutton – 13 percent

Swansea – 11 percent

Swindon – 11 percent

Taunton – nine percent

Telford – six percent

Torquay – 10 percent

Truro – 13 percent

Tunbridge Wells – 10 percent

Twickenham – nine percent

Uxbridge – 10 percent

Warrington – 10 percent

Watford – 10 percent

West London – seven percent

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