In the valuation sector, the use of the term ‘down-valuation’ can be a contentious one. This blog post written by former mortgage professional James Chidgey explains how a recent report said that "an estimated 390,285 UK homes had been down-valued by surveyors from those sold in the 12 months to April 2021". This number makes up 43% of all UK house sales found in the data reviewed, so it is not an insignificant number. The term 'valuation' can be misused by those who incorrectly refer to the asking price as the valuation and James Chidgey provides us with an interesting insight into the issue, read more here.
If you found this story of interest, you may also find our article on down valuations written by Chris Rispin FRICS useful: https://resources.sava.co.uk/kb/articles/down-valuations