Has Brexit reduced our property value?

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May i start by reminding all interested parties that a property is only worth what one is willing to pay, (evidenced through historic sales data). 

Residential Property Valuation isn’t an exact science and Lenders general acknowledge this by allowing a variance of up to 5% of the agreed Purchase Price, (PP).
Therefore, if the vendor’s property was £300,000 a lender appointed valuer might be willing to round up his/her valuation, if it was no less than £285,000. (It would have helped if we knew what percentage £15K was of the agreed Purchase Price.) 

Shortly after Brexit a number of Valuers ceased ‘rounding up’ and or devalued property to allow for an anticipated drop off in property values. However, about a month or so after polling day many of the major primary lenders issued guidance notes requesting that comparable evidence used to ascertain property values avoid speculative comments regards Brexit.

I am not convinced a third valuation would help resolve matters, (particularly if the difference between the first and second is within 5% of PP) so i would recommend the following actions:-

1. The Purchaser request a copy of the comparable property evidence produced by the Lender’s Valuer.
2. Issue this to the Home Buyer Report surveyor, asking if he/she is willing to review and revise his/her valuation.

Jason Marrett
Skysurvuk

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Jason Marrett

Skysurvuk

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