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Home-owners ‘have inflated view of their property’s value’ says Aviva

HOME-owners in Northern Ireland could be over-estimating the value of their property by around £37,000 typically, according to a survey.

Nearly one in 10 of all home-owners in the UK believes their house has increased in value since the coronavirus outbreak, insurer Aviva found.

Its survey of more than 2,300 home-owners found that, on average, people estimated the value of their home at £288,263.

This is £52,590 higher than the average UK house price in May of £235,673 as recorded by the Office for National Statistics (ONS).

In Northern Ireland, people believe their home to be worth £177,454, when in fact the average price is 26.2 per cent (or nearly £37,000 less) at £140,580.

Some recent house price reports have shown property values hitting new records as pent-up demand is released into the market and buyers take advantage of a stamp duty cut.

But economists have said that looking further

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