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Brits overoptimistic about house values
Published: 21 May 2009
Some UK homeowners are over-estimating the value of their homes by as much as £35,000, according to Abbey Mortgages' research.
The research shows that on average homeowners estimate their home to be worth £190,175. This is an over-estimate of £37,280 when compared to official Land Registry house price figures, which puts today's average house price at £152,895.
Those living in the East and the South East of the country are the most optimistic about the value of their properties, with these homeowners estimating their homes to be worth £53,422 above Land Registry estimates.
Although official industry statistics show the average property value has dropped by over £30,000 since January of last year, Abbey Mortgages research suggests that homeowners across the country remain optimistic over the value of their home.
Nici Audhlam-Gardiner (pictured), Abbey director of mortgages, said: "Homeowners looking to remortgage or sell their homes in the near future need to make sure that the value of their home is accurate and has been valued by professionals to avoid problems or disappointment further down the line. As house prices continue to fall, the longer a customer delays on SVR, the more they risk that the good rates are out of reach to them due to fall in value of their home and the increase in their loan-to-value."
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