Some 46% of UK homes have been down valued since March 2020, according to new research from Bankrate UK.
The mortgage comparison service surveyed buyers and prospective buyers across the UK to analyse how lender uncertainty is affecting the market.
The study found that properties valued between £400,000 and £500,000 have seen the greatest devaluations, with younger purchasers hit hardest.
Half – 50% – of buyers aged 18-34 received a down valuation, in comparison to 37% of buyers aged 45 and over.
Buyers looking to purchase properties in Wales had the highest percentage of down valuations at 63%, followed by London, where 59% of properties were deemed less valuable by lenders.
In contrast, the vast majority of properties in the South West held onto their value the most, with 74% of properties holding their value through to completion.
According to the research, 44% of homes included in Bankrate UK’s study were down valued between £5,000-£10,000, while a quarter of buyers said their properties were down valued between £10,000-£20,000.
Cottages were the property type that have received the highest proportion of down valuations at 66%, followed by 48% of semi-detached properties.
| UK Region | Properties Downvalued |
|---|---|
| East of England | 39% |
| Greater London | 59% |
| East Midlands | 27% |
| West Midlands | 50% |
| North East | 43% |
| North West | 56% |
| Nothern Ireland | 50% |
| Scotland | 31% |
| South East | 44% |
| South West | 26% |
| Wales | 63% |
| Yorkshire and the Humber | 58% |
Comments (2)
Half – 50% – of buyers aged 18-34 received a down valuation, in comparison to 37% of buyers aged 45 and over.
WHAT! 50% is a half – it was never anything else. Since when have valuers known the age of people involved. What the hell is this reference about? is it suggesting property is being valued differently because the age of the proposective purchasers? I am sorry but I regard this article as nonsense or perhaps it is ageism at work?
Whoever produced these figures should work for a certain highly discredited charity said to be helping the homelss – as the stats are sufficiently obtuse.
Spelling police
*properties in title, Marc.
all the best JPS