'Reality check' as lenders downvalue agreed price

Homebuyers are facing the realities of offering much higher than the asking price for properties as people bid to secure a house and lenders then "downvalue" the agreed price. This article from the Telegraph describes how house price growth has hit an 18-year high.

Martin Stewart at mortgage broker London Money, said: “I think we will start seeing more downvaluations because there is a thing called gravity. We have crossed the Rubicon between sellers’ expectations and the realistic valuations of the lender.”
Read more here.