Quick House Sale Middlesbrough
Sell My House Quickly Middlesbrough found another interesting news article on the ramifications on a quick house sale due to the impact of the pandemic.
Full article by Mortgage Strategy
The so-called ‘down-valuing’ of properties is becoming an increasing issue in the mortgage industry, several brokers have testified, with calls for improved transparency in appeals and a review of the entire process.
The Covid-19 pandemic is said to have caused a surge in properties being valued at less than they are worth, while some say the problem is being exacerbated by a projected drop in house prices following the end of the government’s stamp duty holiday on 31 March.
In November a survey by Bankrate UK found that 46 per cent of buyers had seen their prospective new home down-valued by mortgage lenders in the preceding six months.
Down-valuations are a constant headache. When they are appealed, they are never reviewed with a view to finding a way to make them work. Instead, lenders and surveyors use their niche and antiquated criteria to provide further reasons as to why it does not work. But when we see down-valuations as low as £1,000, is it worth it?
The whole process desperately needs to be reviewed and replaced with a more market-based system. As a property is only truly ever worth what someone is prepared to pay for it, we should be looking at its merits and desirability and not solely focusing on the core detail. This issue usually comes to the fore more during harder times like these, where there is not as much clarity in the future direction of values after a tough economic event.
If you have been impacted by a down-valuation on your Middlesbrough house sale, then Sell My House Quickly Middlesbrough can offer you a fast cash house sale as well as alternative finance solutions that will meet your immediate needs. Call us today on 07495 367039 or click here and fill out the form.