"The property market has been quite uncertain over the last few years, so it's little surprise that homeowners are misaligned with professional estate agent valuations. The level of difference may shock some people, however"
- Danny Luke - Quick Move Now
Homeowners across England and Wales are overvaluing their properties by an average of 16%, according to figures from Quick Move Now, which compared owner estimates with formal valuations carried out by estate agents.
The data reveals a consistent trend of overestimation across all regions, though the degree of discrepancy varies. In the North East, homeowners overvalue their properties by as much as 24%, the highest regional difference recorded. The North West follows closely with an average overvaluation of 19%, while both Yorkshire and the Humber and the East Midlands see homeowners overestimating by 18%. Similarly, the South West and the East of England each show a 17% average overvaluation.
Homeowners in the South East align more closely with valuations but still overestimate by 16%, matching the national average. In Wales, the figure is slightly lower at 15%. Greater London and the West Midlands record smaller discrepancies at 14% and 11% respectively, with the West Midlands showing the smallest gap between perception and market value.
The tendency to overvalue is not limited to geography. Differences also emerge across property types. Flats show the largest overvaluation, with homeowners estimating their worth to be 21% higher than agent valuations. Terraced houses and bungalows are similarly overvalued, both at 18%. End-of-terrace and semi-detached properties are each overestimated by 14%, while detached houses, though still affected, show the smallest gap at 13%.
“The property market has been quite uncertain over the last few years, so it's little surprise that homeowners are misaligned with professional estate agent valuations,” said Danny Luke, managing director at Quick Move Now. “The level of difference may shock some people, however.”
“According to Zoopla, the average UK property price currently sits at £268,400. Overestimating by 16% would have homeowners estimating the value to sit at £311,344 – an overpricing of over £40,000,” he said. “This shows the importance of making the most of your estate agent's local property market knowledge when putting together a pricing strategy for the sale of your property.”
“Recent figures suggest that property values are sensitive, with a higher number of available properties putting downward pressure on pricing,” Luke commented. “Nationally, price growth has slowed to below 2%. Regionally, there are reports that some areas are experiencing falling property prices.”
He concluded, “Pricing your property correctly from the start will also have a big impact on how long it takes to sell,” he said. “With figures suggesting properties currently take an average of nearly 7 months to sell, you don't want your property overpriced and stuck on the market.”
