What do the public really know about property?

Londoners vastly underestimate how long it takes to sell a property in the capital, research suggests.

A survey has revealed that 67% of people living in London believe the average time it takes for a London property to go under offer was 32 days or less, when the correct answer is almost double that at 60 days.

Only 27% guessed correctly.

The results were garnered from a property quiz compiled by London agent Portico.

The questionnaire also found that one in four Londoners don’t know the current Bank of England base rate, but respondents fared better when it came to guessing property prices, with 80% able to identify which property out of four options was currently on the market for £300,000 or less.

Hallf were able to answer how much Stamp Duty would be due on a £500,000 additional property, and 77% were aware of the minimum deposit needed for a London Help to Buy equity loan.

The quiz had been set up to offer the winner, picked out of those who achieved 80% or more, to have the chance to sell their property for free and win a £100 John Lewis voucher.

Fiona Patterson, marketing director of Portico, said: “With so many recent tax and legislation changes, as well as new Government schemes, the quiz was a great way of testing and providing Londoners with key information on buying and selling property in the capital.”

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