Property owners living in the Manchester postal area are vastly overoptimistic about the value of their homes, according to new research.

The study by Quick Move Now found that homeowners in the area overestimate the value of their property by an average of ten percent.

Danny Luke, Quick Move Now’s managing director, said: “We compared homeowner valuations with independent estate agent valuations and found that homeowners all acrossEngland and Wales tended to overvalue homes. Nationally, properties were overvalued by an average of eight percent. This figure rose to 20 percent in Llandrindod Wells and fell to six percent in Harrow, Romford and Telford.

“When it comes to the reasons why homeowners are overvaluing their properties, I would suggest is has a lot to do with the recent media coverage about the market boom. Since the stamp duty holiday, we’ve been inundated with news about exponential price growth. Now that the market is cooling, homeowners seem to still have high expectations about what is achievable.

“The best way to get an accurate idea of how much your property might be worth is to get independent valuations from a number of local estate agents. Local estate agents, with their extensive knowledge of the market in your area, will be best placed to give you an accurate, up to date, figure. If you’re looking for a fast house sale, it’s crucial that you price your property correctly from the start. Research suggests that initially overpricing your property can result in it taking twice as long to sell. In the current market, unsold properties become stale very quickly. The first two weeks of marketing are your best opportunity to attract offers, so it’s important that you price your property attractively and market it proactively in those early days.”