Four in ten buyers believe local property is overpriced

Four in ten home buyers believe properties in their area are overpriced, a survey has found.

A poll by ground rent buyer Freehold Sale, asked those planning to buy in the next five years what they thought of the current market.

Of the 500 respondents, 41% said they believed local properties were overvalued.

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

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

Meanwhile, the nation’s obsession with property was investigated by estate agent Keatons and they found the interest also stretches beyond our own.

Keatons surveyed 2,000 home owners in the UK and found 36% have checked up on the value of a friend, family member’s, or neighbour’s property, using an online property valuation tool.

Regionally, those in the East Midlands were most likely to be sniffing around their neighbours’ property prices at 44% while just 24% of those in the East of England admitted to this.

A spokesman for the agent said: “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.’

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Written by: Houseladder