How Much Is Your Home Worth?

Proposed changes to inheritance tax could allow more parents to pass their home onto their children tax-free.

In an emergency budget on Wednesday, chancellor George Osborne is expected to scrap the tax for all homes upto the value of £1m. Homeowners are being urged to have their property revalued to find out if the change will affect them. The government says the move will be funded by changes to pension tax credits, which will only affect people earning more than £150,000 per year.

Around 30-percent of homes in the UK are thought to be undervalued. Scott Caruthers from NFU Mutual says:

"If you don’t know how much your home is worth, then there’s a real danger that you and your family could lose out. Around three in every ten homes are undervalued by their owners, leaving families at risk of underinsurance and an unexpected tax bill.

A large share of today’s million pound homes sold in the last 15 years are in London and South East England*, but there are concentrations of expensive homes across the rest of the UK, including many areas of Scotland."