The Daily Telegraph – Wednesday, 16th February 2022 – https://www.telegraph.co.uk/property/house-prices/what-to-do-house-down-valued-wrong-valuation-2022-mortgage/
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Lenders tend to give up to 85% of the property value,providing it’s been listed correctly by the Estate Agent.
Under valuing tends to occur when the property is question has been over valued in the 1st place.
Home owners tend to think their property is worth more than it’s in the 1st place.
Unfortunately some Estate Agents tend to over value the property just to get the Listing.
This then causes a lower valuation from the lenders & the property end up being reduced in price.
This can be avoided if the correct valuation is put on the property in the 1st place!!
In a normal market this is very true. However, due to lack of properties coming to market and huge demand in some areas like West Wales since the first Covid lock down, the majority of properties, certainly in the most desirable areas, are selling for way over asking price which is where the problem arises. It’s all very well saying they are over valued but the reality is that if you want to buy a house in those areas you have to pay it as there are bidding wars for most properties.