Brits 'optimistic' over property value

Abbey Mortgages released the findings New research has revealed that Brits often over-estimate the value of their homes.Homeowners across the UK are prone to over-estimate the value of their properties, according to new figures.

Research from Abbey Mortgages has revealed that many Brits tend to believe their homes to be worth over £35,000 more than they actually are, with the average person estimating their property to be worth £190,175.

However, homeowners may need to consider adding extensions or conservatories to their properties to reach such prices, as Land Registry figures claim the average value of a home in the UK is £152,895.

Nici Audhlam-Gardiner, director of mortgages at Abbey, said the study highlighted how important it is for people to have a handle on such issues.

She added: "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."

Recent research by HSBC found that a conservatory can add over £7,000 to the price of a property. ADNFCR-2394-ID-19179347-ADNFCR

Article Added: 20/05/2009 15:51:59

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