We got our mortgage offer today and on the valuation it says "The properties location close to public sector housing may deter some purchasers and affect marketability. This is reflected in the mortgage valuation." We are pushing ahead fast with this sale and hope to complete in june. I hadnt noticed anything apart from a block of flats around the corner which i assumed were privately owned. The area is nice - a small village in surrey. How concerned should i be?
It's never been an issue for me in London but there's very few places that aren't pretty near to council housing. Not sure about villages in Surrey - I'd imagine that it is just what the valuer said - that the value might be slightly lower than a house in a 'naicer' area because of snob value.
What are you worried about? Is the valuation in line with what you're paying?
Yes it is the same amount as we are paying. Just concerned as it is stated under the marketability section so may make it hard to sell in the future. We are planning on staying for at least the next 10 years but we will obviously want to sell one day
Ring up the surveyor and ask what they meant - they're usually pretty accessible if you can find out who did it?
And anyhow, like you said, you didnt particularly clock or worry about the public sector housing when you put your offer in - chances are the next buyers wont either. Some will, some won't. I wouldnt worry about it - perhaps a particularly snooty person did your mortgage valuation survey!
If you are worrying though, try visiting the place in the evening when 'yoofs' might be gathering near said public sector housing and see if its a problem....chances are it isnt at all & it'll put your mind at rest.