Prices fall again
After last months slight rise, the average property prices in the UK fell prompting the media to change their predictions of a full recovery to around 2012 rather than 2010 that had been voiced a few weeks ago. The slight rise in average price during March could have been just people who had to sell and had been waiting for developments, total sales are still falling faster than ever.
With swine flu taking up the media’s attention in the last week or so hopefully the doom and gloom machine will switch its attention to exotic diseases rather than filling the finance sector with fear. Having recently dealt with mortgage lenders they appear to be going to the other extreme (from their previous free lending) and are very reticent to lend these days and not trusted their own valuers! I had a valuation done, on the property I am buying, from a top company who were on the recommended list of the mortgage lender who had made me an offer, they subsequently withdrew the offer pending another valuation. This valuation wiped £20,000 off the valuation. Is this normal? Why have a recommended list, when the lender does not trust them?
The last thing we need is to have another valuation, the expense of £300 and the hastle! Is the last thing I need. Has anyone else had this experience? Is this the way mortgage lenders work these days, do they want the most gloomy valuation of any property?