A new survey has revealed that nearly two thirds of Scots are unaware of their home’s current value despite it being their most valuable asset.
According to a new survey commissioned by Zoopla, more than half (57%) don’t know the square footage of their home, even though indoor space has assumed a new level of importance during the pandemic, while half of homeowners have lost track of how much equity is in their property, cutting themselves off from the opportunity to move home or upsize
The survey of 2,000 Brits comes as a wave of demand for more space is unleashed in the wake of the pandemic and three successive lockdowns over the past eleven months.
Nearly two thirds (62%) of Scottish homeowners are unsure how much their current home is worth, despite property values and housing market trends being amongst the most hotly debated topics across the length and breadth of the country.
But a property’s value doesn’t exist in isolation; its level of equity is important, too. The survey highlighted that 50% of homeowners in Scotland are unsure of how much equity is in their property, despite this being a key enabler to moving home.
When it comes to mortgages, knowledge levels are mixed. More than a third (39%) of respondents in Scotland do not know their current mortgage rate. With a host of competitive rates available, it’s worth homeowners keeping an active eye on the market and when the best mortgage rates arise.
The findings also show that more than half (57%) of Scots admit to not knowing the total square footage of their home. While Covid-19 brought with it a once-in-a-lifetime reassessment of how our homes meet our needs and how space is used, the significance of a home’s square footage is yet to resonate with a high proportion of households.
Tom Parker, consumer spokesperson at Zoopla, says: ‘Whether buying a new home or assessing the value of a current property, homeowners should think about the space in their home and how it can be utilised, as opposed to the total number of rooms, as this will be a greater determinant of value.
‘The property market has gone from strength to strength over the last year, and now is a good time for homeowners who are considering moving to pastures new to weigh up their options. At the very least, they should get their property finances in order, as this will support a home move in the near term or further into the future.’
For more information on how to maximise your existing space at home or see if it’s time for you to move check out the ‘Space Out’ hub on Zoopla , which aims to keep homeowners informed on all things space-related.