Rightmove: Be realistic about your property value

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Rightmove: Be realistic about your property value

Thu 6th Nov 2008

Homeowners hoping to sell need to be "more realistic" about the actual value of their homes, it has been claimed.

Miles Shipside, commercial director for property information provider Rightmove, acknowledged that it is difficult to adjust to the facts of the current mortgage market when property prices have been rising for 15 years.

He said that homeowners frequently believe their properties to be worth more and to be more desirable than other unsold ones on the market.

"Should repossessions increase to coincide with unfortunately increased unemployment then it will probably hit home to people that they have got to be a lot more realistic than they are being now," he warned.

According to the Zoopla! survey for October 2008, 97.3 per cent of UK homes have decreased in value over the past year, with just 2.7 per cent having risen.

While 19 per cent expect house prices overall to remain the same or increase, 38 per cent think that the value of their own home will do so.

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