Almost eight in every 10 homeowners do not know how much their property is worth, Zoopla says.

A huge 78% estimate wrongly what they could get for their home, with 64% undervaluing the price (see regional differences table below)..

Zoopla research shows the majority of homeowners who undervalued their property did so by between £10,000-£30,000 .

Massive

However, more than a third (35%) actually under-estimated their home by £100,000 or more and nearly a fifth (18%) did so by a massive quarter of a million.

Those who have owned their home for 30 years-plus are more likely to have an accurate idea of its value (31%), compared to the wider average of 22%.

Unhappy

For others, their home’s valuation has left them unhappy, with 13% saying their estate agent’s valuation was less than they hoped, on average by nearly £47,000.

Amongst those whose home was worth less than they thought and went on to sell, nearly three in 10 (28 per cent) said they had disagreements with the estate agent on the asking price.

Of those sellers, just 16% achieved their asking price. Instead, 74% accepted a lower offer, or reduced the asking price to make a sale.

Those who go against estate agents’ guidance rarely get what they hope for.”

Daniel Copley, Consumer Expert at Zoopla, says: “While for most it is good news and their home is worth more than anticipated, a significant number have not realised that the house price boom has slowed down and they are overvaluing their property.

“This can lead to issues agreeing on an asking price with estate agents. But as the data shows, those who go against estate agents’ guidance rarely get what they hope for, highlighting that going with their guidance is the best way to get a reasonably quick offer and secure a sale.”

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