While the value of your home might feel more important when you are looking to move house, it should be an important factor for all homeowners.
Some households take immense pride in the value of their property. Some people like to compare their value with neighbours or loved ones, others like to see progress and development in its own right.
At Stones Residential, we believe property values are crucial, but we also know there is considerable confusion amongst property values. This has been highlighted by a study undertaken by a leading property portal, which we will share with you below.
Is your home worth more than you thought?
Zoopla have carried out a Hidden Equity Survey. The study spoke to 2,000 property owners who have received a valuation by an agent in the past three years. Some of the key findings are:
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45% of respondents found their home was worth more than they thought
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The home was worth, on average, £46,305 more than expected
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25% of respondents found their home was worth less than they believed
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These respondents found their home was worth, on average, £44,313 less than they expected
Zoopla released a statement about the results, saying; “the role the agent community has to play in educating consumers, with just three in 10 homeowners having an accurate idea of the estimated value of their home.”
Does your home have hidden value you can capitalise on?
Andy Marshall, Zoopla’s Chief Commercial Officer said; “The pandemic and subsequent lockdowns have led to a once-in-a-lifetime reassessment from homeowners about how and where they want to live. This, coupled with the stamp duty holiday and the search for space, has led to a buoyant market; however, it's clear this soaring buyer demand is not currently being matched by the supply of homes being listed for sale.”
Andy continued by saying; “This is why Zoopla has launched My Home, to encourage homeowners to check the estimated value for their property and consider selling their home to unlock hidden equity, which will, in turn, stimulate the market. For those keen to progress with a sale, they can contact an estate agent directly using My Home to make contact with an agent for an expert market valuation and personalised guidance on how to best navigate this busy housing market.”
Gráinne Gilmore, head of research at Zoopla, explained: “The effects of the pandemic over the last 12 months have been felt in the housing market, with many households reassessing how and where they want to live. There is soaring buyer demand but this is not currently being matched by homes being listed for sale. Homeowners considering a move could be in pole position in their local market if they offer their property for sale, and could be set to unlock hidden equity.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
