Undervaluing 'slowing down home sales'

As reported in the UK press today, property sales and remortgage deals are collapsing because some mortgage lenders and surveyors are deliberately undervaluing homes, estate agents say. It has been suggested that properties are typically being undervalued by at least 10%, said the National Association of Estate Agents. It said surveyors afraid of being sued by lenders were being overcautious.

However the Royal Institution of Chartered Surveyors have strongly denied the claim, claiming that the housing market was constantly changing and still had lots of "imperfections". Mortgage lenders, such as banks, routinely commission surveys to ensure the price agreed for a sale reflects the property's current value.

A spokesperson from the Royal Institution of Chartered Surveyors, was quoted as saying; "We are dealing with a market where there are lots of imperfections and there will be a range of valuations that the valuer will look at before they arrive at their opinion of value." He continued; "that opinion of value could well be different from another opinion of value and could fluctuate over a period of time as well."

Looking for an Estate Agents in Fareham or an Estate Agents In Southampton, then look no further than Dibben and Dibben established Estate Agents in Hampshire for over 20 years.

Driven By : SEO Service