Do you think you know how much your property is worth? Would you be surprised if it was worth much more – or much less?
Many homeowners’ estimates don’t live up to reality, with nearly half of respondents (45%) to a survey1 undervaluing their property and 25% overestimating its worth. Less than 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. Taking all responses together, homeowners were shown to be underestimating the value of their properties by £9,470 on average, or £237bn collectively.
What is your home worth?
Understanding your property’s value could 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.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. You may have to pay an early repayment charge to your existing lender if you remortgage.