| Comment | Home report valuations in areas like those you mention are nonsense
Say I am a surveyor being asked to value a flat in a west end street.
The last 3 comparable properties in the area sold for 100k.
So, you would expect the valuation to be 100k or even a little bit more dependent on condition of the property / rising market.
But the surveyor will give a home report value of £80k, not £100k.
Why?
Maybe to protect the lender. Because if it does crash they will have an added layer of protection.
Also, estate agent asking prices are taking the pee as well. But I won't get into that conversation lol |
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