Majority of home owners think home valued correctly

70% of UK homeowners believe the current price of their property reflects its actual value.

The Legal & General quarterly Mortgage Mood survey found that 5% of those surveyed believe their current house price is actually above what they might expect.

These survey looks at the attitude of British homeowners and first-time buyers on a range of mortgage related issues.

84% of those surveyed in the East Midlands and 83% in the South West were content with their current valuations were.

However, property owners in Scotland were less happy, with 55% of respondents saying it was lower than they expected.

Ben Thompson, MD Legal & General Mortgage Club said: "It is certainly a good sign that the majority of homeowners feel their current property value reflects a ‘fair’ price.

"Our New Normal in the Housing Market report estimated that by 2015 house prices should return to their 2007 peak levels, with the market starting to gain momentum mid-2013.

“Therefore the fact that homeowners are already more positive about the real value of their property is encouraging and perhaps illustrates the unrealistic prices we were seeing pre-2007."

Homeowners were also asked if they intend to stay in their current property in retirement. 39% of respondents across the UK indicating that they do plan to continue living in their current home when they leave work.

Mr Thompson added: "It is also interesting to see that many respondents intend to stay in their current home after retirement.

“The common view is that many people have used their property as a way of funding retirement and that by downsizing they can meet the needs of their post-working lives.

"It would seem that this is not the case for a large number of the people we surveyed."

Today's Conveyancer