Down valuation is on the rise and involves lenders valuing your future home at a significantly lower price, when in actuality it is worth thousands more. It counts for 1 in 5 property sales compared to 2 years ago, when this was just 1 in 20. It leaves buyers having to find thousands of pounds or face losing their property.
This rise is the highest it has been since the UK’s financial crash in 2008. Emoov’s chief exec, Russell Quirk said he believed the problem is due to surveyors underestimating the value to “cover their backs” when dealing with the … Read more