Wednesday, May 06, 2009
Valuers pricing property more realistically whatever next!
Estate Agent Today: Valuers 'chasing house prices downwards' claim
Apparently valuers are not pricing at the same levels as Estate Agents isn't that just awful! Maybe they have not been listing to the endless ramping. Maybe they understand that in every crash things return to the levels they were pre-crash, that is 3x's loan to income etc.. Maybe they have heard that lending might "dry up" "evaporate" with councils etc removing investments from banks / building socieities due to Moodys downgrades on the basis that "the assumption now is 40% falls". I can't remember anyone saying that valuers were pricing unrealistically when property value trebled in 3 short years from 1.2trillion to 4 trillion, can you ?
Posted by sybil13 @ 07:59 AM (452 views) Add Comment
7 Comments
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1. nomad said...
Interesting that all five comments go against the article. I enjoyed this one:
"Thats right, my 2 bed terrace in West Yorkshire is worth at least 300k and increasing in value by 2% a month, but some stupid valuer said it was worth 80k. What planet are these people on?"
2. p. doff said...
"Thats right, my 2 bed terrace in West Yorkshire is worth at least 300k and increasing in value by 2% a month, but some stupid valuer said it was worth 80k. What planet are these people on?"
I think there might have been just a hint of sarcasm.
3. nomad said...
Really?
4. Jake said...
sybil13 - can you explain this in more detail please?
"property value trebled in 3 short years from 1.2trillion to 4 trillion"
(I thought the value of our housing stock tripled over 10 years, not 3 years).
5. it_is_going_with_a_bang said...
It is the valuers job to sum up the risk for the lender primarily and nothing else.
It is about time people realized and accepted it instead of trying to pin blame on them.
.
6. mander said...
Peter Redfern, of Britain’s biggest house builder Taylor Wimpey, told the Daily Telegraph that he was “concerned and frustrated” that valuers are not judging homes on their current value, but instead are pre-judging future falls.
House builders paid for overvalued land and now are concerned and frustrated. Bad investment is called.
7. wiltshire said...
Well Mr Redfern should note that potential buyers are "concerned and frustrated" that he is trying to sell them houses that aren't worth as much as he claims they are worth, and are due to become worth even less.