The housing market has seen double digit percentage increases over the last eighteen months, mainly driven by the fall-out of the COVID-19 pandemic where buyers, particularly in built up cities, switched focus to needing extra bedrooms to support a working from home environment, as well as private outside space.
This growth was exacerbated with the Stamp duty (SDLT) holiday, which ran from 2020 to June and September 2021, and the limited housing stock coming onto the market which, essentially, failed to meet the demand.
With recent world events causing an increase to cost of living and the Bank of England increasing the base rate to 2.25% it remains to be seen how much longer growth is sustainable. There is also news of mortgage providers removing lending products.
The housing market can rise and fall due to a number of reasons. However a crucial factor, that will always remain, is the access to finance. As such, we are seeing an increase of clients wanting market valuations along with their survey, in order to have an independent registered valuer review the property to confirm if the amount agreed is reasonable and accurate.
If you want further information of whether a market valuation is required for the home you are buying, please don’t hesitate to contact our friendly office staff who will be more than happy to help and advise where appropriate.