Yahoo Finance Do you know how much the average house costs in your town?
Do you know how much a house costs, on average, where you live? Or the difference in value from London to Glasgow?
A recent study conducted by Good Move asked over 2,000 Brits to estimate the average property price in major cities across the UK — including their own hometown.
Research uncovered that Brits were least aware of the property prices in London, guessing them to be £160,000 less than they really are.
Most of those in the study were also unaware of how affordable houses were in cities such as Glasgow, Belfast and Nottingham, with the average person guessing the properties to be £60,000 more than they are.
Surprisingly, many of those asked weren't able to identify the cost of houses in their own hometowns. In fact, those living in Glasgow and Nottingham didn't realise properties in their cities were so cheap.
The 10 UK cities which Brits are least knowledgeable about includes...
London – average 2019 house price is £472,753
Glasgow – average 2019 house price is (£137,970
Belfast – average 2019 house price is £129,451
Nottingham – average 2019 house price is £145,479
Bristol – average 2019 house price is £278, 533
Liverpool – average 2019 house price is £136, 517
Manchester – average 2019 house price is £179,506
Edinburgh – average 2019 house price is £265,894
Newcastle – average 2019 house price is £166,662
Sheffield – average 2019 house price is £166,916
Respondents were also asked to guess how much UK house prices have changed since the EU referendum in 2016. Figures show that property prices have risen by an average growth of over £20,000, but the study found that many Brits were unaware of this.
In 14 of the 15 cities in the study, residents believe that their local house prices have increased by less than they actually have. More than 13% think house prices have decreased by £10,000.
"With so much uncertainty around Brexit, it’s perhaps unsurprising that many Brits overestimate its effect on UK house prices. While house price growth has been slowing, it appears Brexit hasn’t had the scale of impact that many believe or assume that it has," Ross Counsell, director at Good Move explains.
"Our research has highlighted that many Brits are unaware of house prices in their area too. It is a good idea to keep tabs on local property values, so you are well-informed if you ever decide to move house."
Want to see if you managed to guess correctly? Why not have a go at the quiz below...
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