All respondents were asked to value properties across 12 London boroughs; information provided for each property included location, property type and a description. In each borough we surveyed participants living within the borough, as well as those based elsewhere in the capital.
- Estimates for homes in sought-after boroughs Camden, Greenwich and Hammersmith & Fulham were relatively accurate, with values overestimated by only a small percent
- In Barnet, house prices were considerably overvalued, with local buyers estimating 41% over the asking price
- Local buyers in Westminster tended to overestimate prices by an average of 22%, while those from outside the borough were more conservative (14% above the actual value)
- Only two of the twelve boroughs surveyed, Lewisham and Newham, saw buyers underestimate property values.
Understanding property values in the current housing market is important if you are considering moving home. It will help determine the locations that are within your budget, so you can focus your search. The Government-backed London Help to Buy scheme has been designed to help make moving home more affordable for first-time buyers, as well as those looking to move up the property ladder, so a location that may have seemed outside your budget could actually be more affordable than you think.