House prices may be on the rise, but a significant number of sellers have expressed dissatisfaction with their estate agent’s valuation.
A Zoopla survey of 1,005 people who sold or had a property valued in the past three years found that 13% felt their property was valued lower than expected—by an average of £46,866.
Several factors contributed to this misalignment. 50% of sellers assumed house prices had risen more than they actually had, while 25% overestimated the impact of home improvements. Additionally, 13% found that their property type was less in demand than anticipated.
For 70% of those who overvalued their home, the financial impact was significant—many had to stretch their budgets to afford their next property. Meanwhile, 14% had to adjust retirement plans or cut back on spending due to a lower-than-expected sale price.
Among sellers who believed their home was worth more than the estate agent suggested, 30% insisted on listing at their own valuation. However, just 16% achieved their asking price, while 74% had to either accept a lower offer or reduce their price to secure a sale. As a result, these properties took 60% longer to sell (45 days vs. 28 days), and 11% didn’t sell at all.
On a positive note, the study found that while 80% of homeowners are unsure of their property’s true value, 64% actually undervalue their home.
Daniel Copley, consumer expert at Zoopla, emphasized the importance of realistic pricing:
“For most people, their home is their biggest asset, and they rely on its value for future plans. However, many overestimate its worth, leading to delays and financial strain. The data shows that those who go against their estate agent’s guidance rarely achieve their expectations. A well-informed valuation is key to securing a smooth and timely sale.”
