Homeowners in England and Wales are overestimating the value of their property by an average of 16%, according to new figures.

Data from Quick Move Now compares homeowner estimates with formal estate agent valuations and is broken down by both region and property type. Overall, homeowners overvalue in every single category.

Regional breakdown

Property type breakdown

Danny Luke, Quick Move Now's managing director, says: “The property market has been quite uncertain over the last few years, so it's little surprise that homeowners are misaligned with professional estate agent valuations. The level of difference may shock some people, however.

“According to Zoopla, the average UK property price currently sits at £268,400. Overestimating by 16% would have homeowners estimating the value to sit at £311,344 – an overpricing of over £40,000.

“This shows the importance of making the most of your estate agent's local property market knowledge when putting together a pricing strategy for the sale of your property.

“Recent figures suggest that property values are sensitive, with a higher number of available properties putting downward pressure on pricing. Nationally, price growth has slowed to below 2%. Regionally, there are reports that some areas are experiencing falling property prices.

“Pricing your property correctly from the start will also have a big impact on how long it takes to sell. With figures suggesting properties currently take an average of nearly 7 months to sell, you don't want your property overpriced and stuck on the market.”