Homeowners Deny Property Price Slump
A third of UK homeowners are in denial about the price of their property. Although the fall in house prices seems to be undeniable, approximately 32% of people said they thought their home was worth either the same or more than it was 12 months ago, according to property valuation site Zoopla.co.uk.
The same research shows that many homeowners are in denial about these prices, as 97.3% of UK house prices have fallen and less than 3% have seen a rise in their value.
Looking forward, many homeowners are predicting that their home will either hold its value or increase. This is despite the fact that less than 20% believe that house prices will not fall during the coming 12 months.
Zoopla chief executive, Alex Chesterman, said: “Our survey indicates quite a significant gap between perception and reality… Clearly, there is some element of denial at play here that results in people believing that they are insulated from the market troubles that affect the homes around them.”