70pc believe home value is fair

The latest survey found that despite negative sentiment over recent times 70% of UK homeowners believe the current price of their property reflects its actual value.

Meanwhile 5% of those surveyed cite their current house price is actually above what they might expect.

The region’s most content with their current valuations were the East Midlands and the South West, with 84% and 83% of homeowners respectively feeling their current valuation to be fair.

However property owners in Scotland were less impressed with their house price value with 55% of respondents saying it was lower than they expected.

Ben Thompson, managing director of Legal & General Mortgage Club, said: “It is certainly a good sign that the majority of homeowners feel their current property value reflects a ‘fair’ price.

“Our New Normal in the Housing Market report estimated that by 2015 house prices should return to their 2007 peak levels, with the market starting to gain momentum mid-2013.

“Therefore the fact that homeowners are already more positive about the real value of their property is encouraging and perhaps illustrates the unrealistic prices we were seeing pre-2007.”

The survey also looked at the number of homeowners who intend to stay in their current property in retirement with 39% of respondents across the UK indicating that they plan to live in their current home when they leave work.

At 50% Yorkshire and Humber had the highest proportion of homeowners planning to stay in their current home.

Thompson said: “It is also interesting to see that many respondents intend to stay in their current home after retirement.

“The common view is that many people have used their property as a way of funding retirement and that by downsizing they can meet the needs of their post-working lives. It would seem that this is not the case for a large number of the people we surveyed.”