As buyers search for more value, the property market has softened. At times like this, sellers can find themselves at the mercy of surveyors once a sale has been agreed.
The BBC reported recently that there has been an increase in down-valuations in the marketplace and there are a number of reasons that can cause this. Sitting on the board of NAEA Propertymark, I have access to feedback from members across the UK. Quite often properties that have been down-valued are a result of out-of-town surveyors not knowing the local property market. Some might also be over cautious of the softening market.
See what I had to say to the BBC in response to the rise in down-valuations in the video below
After what has seemed like a Mexican stand-off for much of the last year between buyers and sellers, I can report that most sales agreed during this period have been done at a price buyers deem to be fair value, so the need for a down-valuation is highly unlikely.
These are Hudsons’ top-tips to make sure this doesn’t happen to you:
Sales markets often have quieter times so when you are in a period like this you need a different set of rules to help you through it. Hudsons has over 100 years of combined expert knowledge, so whatever your dilemma might be, we will have a solution.
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