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05/08/09 - Market Improvement Continues

The last few months have shown a steady increase in the number of house sales. This has been confirmed by the mortgage lenders showing an increase in the volume of money lent. Add to this, the Nationwide showing a statistical increase in house prices each month and it would seem to show a steady improvement in the housing market.

The media have stopped their onslaught on the property market and one wonders when the first headline will appear stating “Return of Gazumping”.

 
There is still one barrier remaining to a complete recovery.  The Surveyor.  There is still a band of surveyors who see it as their job to get in the way.  Despite a purchaser researching the market place extensively and selecting the home of their dreams.  Up pops Mr Cautious to down value the property.
 
This usually occurs when the Bank or Building Society use a national firm of surveyors.  Not only is the inspection likely to be carried out by someone from out of the area, but I would suspect that there are instructions from Head Office to be cautious.  
 
Remember, when filling in the mortgage application, most lenders will ask for a valuation fee.  Ask who the Valuer will be.  Ask for their contact details.  Ask if you have a choice of Valuer, after all you are paying for the valuation.
 
Often it is possible to combine a more detailed survey with the valuation and in many cases you can use an independent surveyor who will look after your interests without a hidden agenda.
 
A buoyant property market is necessary for a complete recovery of the economy.  Let’s make sure the recovery continues.
 

Steve Boxall

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