A fifth of Bristol homeowners undervalue their homes

Homeowners across the city have started to unlock their ‘hidden equity’ and subsequently moved to a better property.

Yet still, there are many that have lost touch with the value of their home.

Newly released figures show that a fifth of Bristol homeowners undervalue their home by an average of £29,285.

According to a Zoopla Hidden Equity Survey analysis, in the last three years more than 20 per cent of local homeowners said their property was undervalued by almost £30,000.

While 50 per cent believed the estimated value of their home was accurate.

But does your home have ‘hidden equity’ and could it be worth much more?

Guy Lilley, Director at leading Bristol estate agency Goodman and Lilley, said: “Homeowners are perhaps not as clued up on prices as they could be.

“As an estate agent, there’s nothing better than giving a homeowner the good news that their property is worth more than they expected and with demand for homes in the city outstripping supply, I’d encourage anyone in Bristol who’s considering their next move to have their property valued.”

Gráinne Gilmore, Head of Research at Zoopla, said: “Because of the impact of the pandemic, many households are re-evaluating how they want to live and this has had an impact on the local housing market.

She said house price growth in Bristol is around 3.8 per cent and buyer demand has sored.

“Bristol homeowners could be in for a lovely surprise if they have their property valued,” she added.

To see how much your home could be worth according to Zoopla, or homes you might want to buy in the future , click here.

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