Zoopla's house price index estimates the average asking price for a house in the city should be lower by a fifth
Current property asking prices in Coventry are more than 20 per cent higher than their value according to Zoopla.
The average asking price for a house in Coventry is £210,000 according to the property website. However, Zoopla's house price index estimates that the average value house in the area is actually £173,000 meaning that the current asking prices in Coventry are 21 per cent higher than expected.
In Birmingham asking prices were 19 per cent higher than average values while in Smethwick they were 18 per cent higher and in Sutton Coldfield they were 16 per cent higher.
The analysis of Zoopla's data by the Coventry Telegraph found that asking prices in Slough were the most inflated in the UK when compared to the market value estimates.
Zoopla's Z-Index calculates the estimated price of a property using a secret algorithm to sift through millions of past housing sales and current market prices.
Current asking prices may appear far larger than expected for a number of reasons and will be affected by the types and sizes of the houses currently on the market.
In order to negate these problems only places in which at least 100 houses were being sold were included in the analysis.
I'm still trying to ascertain how much a nearby flat - half the size of mine - was actually sold for. The asking price was double!
