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So the surveyor said...

6 replies

flashbac · 12/05/2021 23:25

So the surveyor didn't give a market value for the property. Just said price agreed was 'fair' but on phone said I might struggle to get same price after stamp duty holiday ends. I probed for a market value from him and he said:

"It is not possible to value in the future but it is reasonable to say that after the stamp duty holiday ends the market will slow down from its present buoyant state - how much it will slow down and for how long nobody knows.
Valuation is not an exact science and if you asked three valuers to give their opinion on this property it is very likely that they would all come up with a different figure. Valuation is largely based on comparison with the SALES of similar properties in the area and as you know this property is a one-off and therefore there are no direct comparisons.
If you are very uneasy with the present market situation you might be better waiting until the stamp duty holiday ends and the market slows down before buying.
If you need a second opinion of the value any local Chartered Surveyor should be able to provide this.
I hope this helps."

What do we reckon? I'm a bit peeved to be honest.

OP posts:
Ambo21 · 12/05/2021 23:28

Are you not paying him to provide a market value for the property?
I thought that was what surveyors were for...apart from an actual inspection...

PickAChew · 12/05/2021 23:28

It has inflated prices. Ours has. Barely wavered on zoopla since buying it in 2017, until the past year and now the estimate is up 15% on what we paid.

mobear · 12/05/2021 23:29

I’d be peeved as well. Presumably you’ve paid him for his view? Not a general, vague, evaluation of the current market.

londonagent · 12/05/2021 23:32

I think that sounds a very fair and balanced assessment of the market. If you are buying a home you planning on staying for a good few years & it's the right place for you then go for it. If you think you might need to sell in the next year or two possibly not and if it's purely a financial investment, possibly not but otherwise just get on and enjoy your new home.

flashbac · 13/05/2021 00:02

He has provided a rebuild cost and said the price agreed was 'fair' but then on phone said I might not get back what I paid. I probed on market and he referred me to rebuild cost. I replied to say I wanted market value and got the above reply.

He also didn't look into the front loft as the hatch was sealed due to redecoration. He did look into the back one though.

Also no pic of crack in render he mentioned. I asked for a pic. He erred and then said it probably wouldn't show up in a pic. I can see the crack on street view!

I do know if I'm being unreasonable though. I've not paid yet. I really don't want to be an arse though.

OP posts:
Changingwiththetimes · 13/05/2021 00:08

It sounds like two issues: an unusual property with no comparables, and uncertainly due to current circumstances.
The latter wouldn't worry me. No one has a crystal ball - most 'experts' expected the market to crash after the effects of lockdown and people losing jobs etc. It obviously didn't. Now most experts agree a more modest increase over the next few years, but an increase nevertheless, which I agree with (I never thought the market would dip, as simple supply and demand would indicate a healthy and in some places, inflated market after months of very little activity).
For all the recessions and negative equity problems we have had in the last 25 years, the fact remains that property prices have gone up quite considerably.
As for the uniqueness of your particular house, it would be hard to put a value on that uniqueness at any time. What's important is what YOU value it at. Unless you are planning on selling it next year, I think you can be confident.

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