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British homeowners are in danger of severely overestimating the value of their properties, research has found.

Results from Abbey Mortgages suggest overestimations of as much as £35,000 could be made, with many failing to take into account falling house prices.

Nici Audhlam-Gardiner, Abbey director of mortgages, said accurate valuations are needed "to avoid problems or disappointment further down the line".

The statistics show that Britons, on average, believe the value of their home equates to £190,175, marking an increase of £37,280 on official figures from the Land Registry.

It also revealed that those living in the east and south-east are most optimistic over their property’s value, with some estimates exceeding £53,000.

Londoners, on the other hand, were nearest to their actual property’s value with their estimates, followed by homeowners in Wales and the south-east.

The latest Land Registry figures show that the average house sold for £152,895 in March, indicating a 0.4 per cent decrease compared to February and 16.2 per cent reduction compared to March 2008.

Property prices now stand at levels last seen in August 2004, it also found.

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