British property owners ‘over-value’ their homes

Many UK property owners over-estimate the value of their houses, according to a new survey, something that could result in debt management issues arising once people decide to remortgage.

A study conducted by Abbey Mortgages has revealed that on average, British homeowners price their properties at around £37,280 more than Land Registry estimations.

Commenting on this, spokesperson Nici Audhlam-Gardiner advised that borrowers “looking to remortgage or sell their homes in the near future need to make sure that the value of their home is accurate”.

People that live in the east or south-east of England are the most over-optimistic about house prices, the survey discovered.

Ms Audhlam-Gardiner advised that re-assessing to establish the true value of a home can help to avoid “problems or disappointment further down the line”.

Elsewhere, Al Elliot from the Homeowners Advice Centre has urged people having debt management problems with mortgages to contact lenders as soon as possible.

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