News analysis: Calls to review valuation system
Covid and the looming end of the stamp duty holiday are said to have caused a surge in the down-valuation of properties, and the appeals process is criticised
By Rebekah Commane 10
th February 2021 12:59 pm
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.