HOW much do you think your Southampton home is worth?

Well apparently it's worth more than you imagine.

New analysis by Zoopla has found that 40% of Southampton homeowners asked as part of its Hidden Equity Survey undervalued their homes by an average of £29,261.

The survey of 2,000 UK homeowners - who sold or have had their home valued by an estate agent in the past three years, found that just 37% of homeowners in Southampton have an accurate idea of the value of their home.

Around 30% of those in the city whose home was worth more than they realised said they simply couldn’t believe what their home was worth.

In comparison, across the UK the average property was found to be worth £9,470 more than its owner realised.

On the other side of the coin, 22% of Southampton homeowners surveyed thought their home was worth more than it actually was – and some of their overestimates were found to be significant.

Those that overestimated the value of their home did so by an average of £64,199.

Gráinne Gilmore, head of research at Zoopla, said: “Property prices have long been a hot topic at dinner tables up and down the country, and this new survey makes clear that many homeowners in Southampton may be in for a nice surprise if they check the current value of their home.

“The effects of the pandemic over the last 12 months have been felt in the housing market, with many households reassessing how and where they want to live. There is soaring buyer demand but this is not currently matched by homes being listed for sale. Homeowners considering a move could be in pole position in their local market if they offer their property for sale, and could be set to unlock hidden equity.

“Homeowners keen to check up on their property's value should head to Zoopla's My Home, where they can see an estimated price for their property and check for potential hidden equity. For those keen to progress with a sale, they can contact an estate agent using My Home to get an expert market valuation and personalised guidance on how to best navigate this busy housing market.”