40% of Homebuyers Believe Local Property is Overpriced

40% of Homebuyers Believe Local Property is Overpriced

Around 40% of homebuyers believe that properties in their local area are overpriced, according to a new survey.

A poll by ground rent buyer Freehold Sale asked those planning to buy a home in the next five years what they thought of the current housing market in their local area.

Of the 500 respondents, about four in ten (41%) said they believed local properties were overpriced.

This was highest amongst homebuyers in London, at 57%, followed by the South East, at 54%, and the South West, at 52%.

Almost half (48%) of homebuyers predicted that house prices will rise by up to 10% over the next 12 months. A quarter believe that property values will increase by 0-5%, while 23% say they will grow by 6-10%.

Meanwhile, estate agent Keatons has highlighted the country’s obsession with property, predominantly, the price of it.

The agent surveyed 2,000 homeowners in the UK, finding that 36% have checked up on the value of a friend’s, family member’s or neighbour’s home using an online property valuation tool.

Regionally, those in the East Midlands were most likely to be intrigued by the price of a friend’s property, at 44%, while just 24% of homeowners in the East of England admitted to sniffing around.

A spokesperson for Keatons believes: “It’s a very British thing to be preoccupied with property and prices.

“An Englishman’s home is his castle after all! It’s important to keep an eye on values, though. That way, you know when the right time to move or improve might be.”

Do you love all things property? If you’re interested in house prices across the country and think you can pick out homes that are overpriced, take Keatons’ property values quiz to test your knowledge of the UK housing market: https://www.keatons.com/keatons-property-quiz

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