So we had a look, it’s a bit technical economic for us (yes, really – we sort of understand it but we understand buildings better!!). But the key bit for us is this from page 8:
Some lenders have said that difficulties in valuing
properties in present market conditions can lead to delays in
the mortgage approvals process, so that the lag between a
pickup in mortgage applications and approvals may be longer
How right they are… although we don’t value of mortgage purposes we do carry out valuations for probate and matrimonial purposes and they have proved increasingly difficult to tie down accurately.
I would say that we have increased the time by about an hour in reaching justifiable valuation figures and have also taken to obtaining broader spreads of comparables. And, just for fun, we think property prices can vary within a week or 4 and form one end of a road to another with far greater variance than was the case in a stable or rising market.
Local knowledge is, as they say, KING
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