Pricing your property accurately, and choosing your buyer wisely are becoming all the more important with Brexit looming and lenders confidence dipping. As we saw in 2008 down-valuing now appears to have hit Nottingham and lenders are treading carefully when it comes to property valuations.

Down valuations by lenders, can mean buyers having to pay thousands of pounds extra, up front, or renegotiate their purchase price to avoid the sale collapsing.
“Reduced valuations are often due to surveyors covering their backs, but they are almost impossible to argue with the lender” comments Jonathan Detheridge from Granger & Oaks Estate Agents. “We saw this a lot in 2008, particularly from one lender who at the time offered the most favourable rates, but thankfully it didn’t last very long”

Down-valuing is problem that has been affecting other parts of the country during 2018, but with price growth in Nottingham being strong in 2017-18 it appears that lenders are now sharpening their pencils and adopting a more cautious approach.

See BBC story below from July 2018

https://www.bbc.co.uk/news/business-44202542

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