Homeowners appear increasingly confused as to how much their property is actually worth, a new survey has revealed.
Research by Your Move suggests the value of property could be being underestimated by more than £10,000 by those that live in it.
The average homeowner has owned their house for just over nine years, and believes in that time their property has increased in value by 72%.
If this was the increase which had occurred, the average rise in the value of a home would be £92,176 over the nine years between March 2002 and March 2011.
However, real house price figures show that the average house price has actually risen in value by £102,890 over the same period, a full £10,000 more than homeowners think.
"If you take a long-term view of the property market, it's easy to see what a good investment bricks and mortar has been in the last decade," said Gareth Samples, managing director of the estate agent.
"Despite the downward pressure exerted by the recession and the drought in mortgage finance, prices have almost doubled in the last decade, although it seems people don't necessarily realise how much their property is worth.
"The average homeowner may be sitting on an asset worth £10,000 more than they think, which demonstrates just how good an investment property was at the beginning of this century."
In terms of the future, more than three quarters of homeowners expect house prices to rise over the next five years.
However, the extent of the anticipated growth has tempered somewhat over the past year.
Property values are currently expected to rise by an average of 6.9% over the next five years, down from a predicted 10.6% a year ago.
If prices change as homeowners expect, they will increase by an average of £15,360 by 2016.
Find the best mortgage rate - Compare best selling mortgages
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.