We all love to peruse the property pages in the newspaper, in estate agent windows and on Ideal Home of course. But while you may think you know what the average house price in your city is, new research reveals you could be underestimating it.
According to new research from Good Move, three-quarters of Brits could be underestimating how much their house is worth.
2,000 respondents were quizzed on the price of house prices in their city and other cities across the UK and how much they believed they have changed since the EU referendum.
The research revealed that 74 per cent of people have underestimated how much house prices have risen since 2016. In fact, a third of respondents believed that house prices had fallen in their area in that time.
Although house prices have grown slower that in previous periods since the EU referendum in June 2016, they have in fact gone up by an average of £20,000.
Residents in Edinburgh underestimated the growth of house prices the most out of all the cities asked. Respondents underestimated the average house price growth by £36,082.
Cardiff came in second place, underestimating the growth in house prices since June 2016 by £19,825.
However, in cities such as Glasgow, Belfast and Nottingham where properties sell quite cheaply residents were found to be overestimating how much house prices were.
The averarge guesses came in at £60,000 more than the average house price. Glaswegians were found the be the worst at guessing house prices in their city, overshooting the average house price by £84,000.
If you are curious you can test your knoweldge of house prices in UK cities on Good Move, how well do you know your house prices quiz.
‘With so much uncertainty around Brexit, it’s perhaps unsurprising that many Brits overeestimate its effect on UK house prices,’ says Ross Counsell, director at Good Move. ‘While house price growth has been slowing, it appears Brexit hasn’t had the scale of impact that many believe or assume that it has.’
‘Our research has highlighted that many Brits are unaware of house prices in their area too,’ he adds. ‘It is a good idea to keep tabs on local property values, so you are well-informed if you ever decide to move house.’
Have you been overestimated or underestimated the price of your house?