Two fifths of homeowners in Bournemouth have lost touch with the true value of their home, according to Zoopla
More than half of Bournemouth homeowners undervalue house by £60k, according to Zoopla.
Bournemouth homeowners have been undervaluing their homes by an average of £61,666, according to Zoopla who have revealed the town’s ‘hidden equity’.
The latest analysis from Zoopla reveals that two fifths of homeowners in Bournemouth have lost touch with the true value of their home.
Whilst another two fifths managed to release the ‘hidden equity’ in their home to move up the property ladder.
The hidden equity survey by Zoopla looked at 2,000 homeowners who have had their home valued by an estate agent in the past three years establishes for the first time how accurate Bournemouth homeowners’ estimations of the value of their homes really are.
It found that 42 per-cent of local homeowners have an accurate idea of the estimated value of their home.
The findings from Zoopla show that over half of Bournemouth homeowners (53 percent) who had their home valued via an estate agent or sold it in the past three years said it was worth more than they thought it was – on average by £61,666.
Julian Hewlett, Sales Director at leading Bournemouth estate agency Lovett International, said: Property prices are often top of the agenda when it comes to conversations about our homes, but this survey shows that we’re perhaps not as clued up on prices as we should be.
Property in Bournemouth is booming at the moment, fuelled in part by the town’s beautiful coastal location, miles of stunning sand and a town centre boasting fantastic shops and restaurants, Hewlett said.
Hewlett said: As an estate agent, there’s nothing better than giving a homeowner the good news that their property is worth more than they expected and with demand for homes in the town outstripping supply, I’d encourage anyone in Bournemouth who’s considering their next move to have their property valued. Their dream move, and a big change in lifestyle, could be much closer than they think.
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