"Properties suffer ‘down valuations’ as banks fear house price falls
Lenders refuse to offer mortgages large enough to cover the agreed sales price
Banks and surveyors are “down valuing” as many as half of homes in some parts of the country amid fears sharp house price falls are on the horizon.
Home buyers have been left scrambling for cash as lenders have refused to grant mortgages big enough to cover the agreed sales price. Experts said banks were concerned the cost of living crisis would cause the end of the post-pandemic property boom.
Anthony Harris, of Continuum, a financial advice firm which manages over £1.53bn in mortgages and other assets, said: “I am seeing more than 50pc of purchase applications being down valued at present.”
This level is likely to rise further, he added. "Sellers are asking high prices and there always seems to be more than two buyers who are prepared to enter a bit of a bidding war, pushing up prices further. But the lenders’ surveyors are not supporting the prices agreed.""
https://www.telegraph.co.uk/property...e-price-falls/
Property always go up, no?
Lenders refuse to offer mortgages large enough to cover the agreed sales price
Banks and surveyors are “down valuing” as many as half of homes in some parts of the country amid fears sharp house price falls are on the horizon.
Home buyers have been left scrambling for cash as lenders have refused to grant mortgages big enough to cover the agreed sales price. Experts said banks were concerned the cost of living crisis would cause the end of the post-pandemic property boom.
Anthony Harris, of Continuum, a financial advice firm which manages over £1.53bn in mortgages and other assets, said: “I am seeing more than 50pc of purchase applications being down valued at present.”
This level is likely to rise further, he added. "Sellers are asking high prices and there always seems to be more than two buyers who are prepared to enter a bit of a bidding war, pushing up prices further. But the lenders’ surveyors are not supporting the prices agreed.""
https://www.telegraph.co.uk/property...e-price-falls/
Property always go up, no?
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