People in the UK Tend to Overestimate the Value of Their Property

The survey covered about 2,000 home owners, who estimated their houses at £190,175 in average. However, the real possible price for the properties is only £152,895. Land Registry, the organization that conducted the survey, says that these figures are based on real selling prices, rather than asking prices; therefore, these results are the most accurate. Obviously, people ask for a much higher price (almost 25 per cent) than they finally achieve in the eventual sale. The biggest inadequacy between asking prices and sale prices was registered in the East and South East, where home owners overestimated their houses by more than 30 per cent. Specialists suggest that home owners who are willing to remortgage or to sell their houses estimate their property accurately, using professional services. It can help to avoid problems or disappointment in the future. The most recent data on house prices provided by Halifax indicates an almost 17.7 per cent decrease in prices during the last year.