A recent survey carried out by Zoopla has revealed that approximately 51% of UK homeowners are currently living in properties that do not meet their needs.
This comes as Zoopla also announced that there is an estimated £237bn worth of ‘hidden equity’ in the UK property market. Of the homeowners surveyed, 45% underestimated the value of their property by an average of £46,305.
Space and location are two of the biggest factors contributing to homeowners becoming dissatisfied with their current properties. A quarter of people surveyed stated that they are not living in their ideal area.
Extended periods of home working have altered what homeowners and buyers are looking for in properties, with approximately 23% of individuals surveyed now requiring dedicated office space.
From the percentage of homeowners who undervalued their property, 9% underestimated their home by over £100,000. Zoopla has estimated from their data that there are currently 1 million properties in the UK with at least six figures of hidden equity.
With 50% of homeowners currently living in unsuitable properties and the billions of hidden equity in the market, there is a massive opportunity for anyone considering selling their home. An up to date valuation by a local expert is the only way of knowing the true, current market value of your home, so book an appointment with Redbrik today.
In May, we registered an average of 11 buyers for every property instructed with Redbrik, showing a huge demand for moving. If you’re interested in knowing how much your home is worth, call our team on 01246 563 060 or click here for an instant online property valuation.