As a homeowner there are several things that need to be remembered following the purchase of the property e.g how old it is, what major repairs have been done or what you paid for it. Unfortunately as our time living in the same home progresses, these tidbits of information become less and less important to us until we forget them all together. For the most part this is completely reasonable and is unlikely to have any further knock on effects, unless you’re challenged to an impromptu homeowners trivia. However, there are some details which are very relevant and need to be first hand knowledge.
Being all about property we were curious as to how much the British public actually knows about their homes. In this instance we decided to pose the question; “Could you tell us what your home is worth in the current market?”. We surveyed 1000 UK homeowners via Facebook and our emailing list to discover who knows their property and who doesn’t. The results were interesting to say the least.
From the chart above you can see that less than half of the group were confident that they were aware of the current price of their home. With the rest of the poll, having no idea at all or uncertain.
We predicted that the intellectual ego of some of these homeowners would be a factor and some would be fibbers. To counteract this, we asked all those who selected “yes” to give an estimate of their property’s worth and fill in a few details about their home. After the information had been collated we ran each homeowner’s property through the Zoopla instant property valuation to see how close to a professional estimate they were. By no means do we believe that the Zoopla tool is the most accurate estimation, it was simply the most reliable for the amount of results that needed to be processed. We allowed each homeowner prediction leighway of £10,000 either side of the Zoopla estimate, after such amount their answer would be considered incorrect and entered into our new results.
Over 100 of the allegedly informed homeowners missed the mark on their property estimate by £50,000 or more, and none of the previous 422 “Yes” candidates were able to successfully predict their home’s value within the £10,000 threshold.
Slightly disappointed by these results, we decided to pose one more question to our group of surveyees. This time it would not be property related, but simple pop culture trivia. We assumed that if these interviewees were not up to date on a figure as important as their house price, they’d be unaware of something as trivial as the number of Kardashian sisters. That’s right, we asked the same 1000 homeowners “How many Kardashian sisters are there?”. We excluded Kendall and Kylie as they’re not technically Kardashian’s, making the correct answer 3. Let’s see how they did.
A whopping 826 of 1000 people correctly confirmed that there are indeed three Kardashian sisters. To clarify, this was not a multiple choice question, the entire group were asked to provide a number from their own accord. However, from these results there will still assumed negative answers – those who have just guessed and by chance answered correctly -, we’ve got that covered too. For all those who answered correctly, we then asked them to name each of the three sisters, as there would be no room for guessing.
As the graph above shows, the majority of the homeowners were able to correctly name three out of three of the Kardashian sisters.
If these results are compared with initial home price results, what can we take away? Of our surveyed 1000 UK homeowners most were not aware of the price of their home, and of those who claimed to be aware, none were able to give an accurate estimate. Conversely, over 80% of the candidates were able to identify the number of Kardashian sisters, with the better part of the 80% able to correctly name all three of the identified sisters.