Homeowners in Swindon overly optimistic about property prices

Swindon homeowners are overvaluing their properties by an average of 11%, according to new research.

The study, carried out by Wiltshire-based cash home buying company Quick Move Now, compared homeowner estimates with independent local estate agent valuations. The figures given by property owners in the Swindon postal area were an average of 11% above the figures given in the official valuations.

Danny Luke, Quick Move Now’s managing director, said: “We’ve compared homeowner estimates with official independent estate agent valuations across England and Wales, with the national average coming out at an overvaluation of 8%. Swindon homeowners beat that with an average overvaluation of 11%.

“There has been much in the media over the last year about the booming property market, so it’s not surprising that people are overly optimistic about the value of their homes.

“If anyone is considering selling their house in the next few months, it’s really important that they seek guidance on an accurate property value from an estate agent with in-depth knowledge of the local market. Research shows that initially overpricing a property can lead to it taking up to twice as long to sell. It is also likely to result in achieving less for the property than if it is priced correctly when it is first put on the market.”