| Comment | Yeah the whole market seems quite dysfunctional at the moment - surveyors are returning valuations that are nowhere near sale prices. Either the whole profession is wrong, or purchasers are going to be taking a hell of a haircut once normality resumes.
Fairly sure I know the flats you're talking about and I genuinely can't see how they make sense at those prices. That battlefield flat needed £20k spent on it at least to make it habitable. Assuming it's a developer that's bought it to flip, they'd need a sale price of £160k to break even... on a one bed with shit parking? Hmm.
I'm starting to lean towards calling my search off for a while. Either we'll see a mini-"crash" where properties return to what they were valued at all along, or this premium will start to be reflected in Home Reports and thus become mortgageable. I can't see any benefit to getting involved in the frenzy.
I'm quite conflicted about the First Home Fund too. Obviously it would increase my budget, and it is tied to the HR value so that constrains it somewhat, but the last thing we need at the moment is more fuel on the fire. |
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