Accurate valuations in a turbulent market

Housing Market Dynamics: The growing importance of independent valuations

The UK housing market has experienced unprecedented changes in recent years, driven by various factors including the COVID-19 pandemic, government interventions, and global economic shifts. As property professionals, we at Landview are dedicated to helping our clients navigate these complex market conditions.

Recent market trends:

1. Pandemic-Driven Shifts:

   • Double-digit percentage increases over 18 months
   • Increased demand for larger homes with extra bedrooms
   • Growing preference for properties with private outdoor spaces

2. Government Interventions:

   • Stamp Duty Land Tax (SDLT) holiday (2020 to September 2021)
   • Stimulated market activity and price growth

3. Supply and Demand Imbalance:

   • Limited housing stock failing to meet increased buyer demand
   • Resulting in competitive bidding and price escalation

Current economic factors:

1. Rising Cost of Living:

   • Impacting buyer affordability and market sentiment

2. Bank of England Base Rate Increases:

   • Current rate at 2.25% (as of our last update)
   • Affecting mortgage affordability and availability

3. Mortgage Market Volatility:

   • Some lenders removing or adjusting lending products
   • Potential impact on buyer financing options

The crucial role of finance in the housing market

While various factors influence property prices, access to finance remains a cornerstone of market stability and growth. Key considerations include:

1. Mortgage availability and terms
2. Interest rates and their impact on affordability
3. Lender risk assessments and criteria

The growing importance of independent valuations

In light of market volatility and economic uncertainty, we've observed an increasing trend:

• More clients requesting market valuations alongside their property surveys
• Seeking confirmation that agreed purchase prices are reasonable and accurate

Benefits of independent valuations:

1. Objective Assessment: Unbiased evaluation by a registered valuer
2. Risk Mitigation: Helps prevent overpaying in a volatile market
3. Negotiation Tool: Provides leverage if the valuation differs from the asking price
4. Mortgage Security: Assists in securing financing by validating the property's value
5. Future Planning: Offers insights into potential resale value and market position

Our valuation services

At Landview, we offer:

1. RICS Registered Valuers: Ensuring adherence to strict professional standards
2. Comprehensive Reports: Detailed analysis of the property and local market conditions
3. Up-to-date Market Knowledge: Leveraging our extensive database and local expertise
4. Combined Survey and Valuation Packages: Offering cost-effective solutions for our clients

When to consider a market valuation:

• Purchasing in areas with rapidly changing property values
• Buying unique or non-standard properties
• When the agreed price seems unusually high or low
• If you're stretching your budget and want reassurance
• For investment properties or buy-to-let purchases

In these uncertain times, an independent market valuation can provide crucial peace of mind and financial security. As the housing market continues to evolve, staying informed and seeking professional advice is more important than ever.

Unsure whether you need a market valuation for your property purchase? Our friendly office staff are here to help. Contact us today for expert advice tailored to your specific circumstances. Don't leave your property investment to chance – let our experienced team guide you through the process.