Homeowners continue to over-estimate value of properties
Homeowners in some parts of the country continue to over-estimate the value of their properties, partly due to the rapid house price falls and partly because of a reluctance to accept the impact of the downturn.
According to research from e.surv Chartered Surveyors, there are varying expectations on house values across the UK.
Homeowners in and around Manchester Victoria railway station seem to be the most realistic about the value of their properties, however, sellers in County Antrim are most often disappointed.
This bucks a previous trend for central Manchester where a high density of new build flats meant that the area recorded one of the highest levels of applicant over estimates.
Richard Sexton, director of business development at e.surv, said: "We have tracked the proportion of instances where the customer estimate of value turns out to be higher than the actual value recorded by the appointed chartered surveyors. Areas of frequent applicant over-estimates highlight where there is the biggest difference between expectation and reality.
"Perhaps this is due to rapid price drops or a reluctance to accept the impact of house price falls. Equally, areas where there are a much lower number of over-estimates suggest that sentiment is much closer to reality in these locations, indicating a more benign market and better local understanding of actual values."
