Webinar poll shows experts are highly divided over down valuations
Around half (52%) of property professionals believe that down valuations are either ‘very or quite prevalent’ in 2022, a webinar poll conducted by property surveyor Countrywide Surveying Services (CSS) has found.
Almost a third (31%) highlighted that there was no change from before, while 14% suggested that they were ‘not very prevalent’ and 3% thought that down valuations hardly ever happen.
When asked whether they think down valuation is a myth or a fact, the audience’s response was largely mixed with 36% saying that they thought this was a fact, and 31% responding that it was a myth. In addition, 21% thought it was both myth and fact while 12% believed it to be neither.
The responses emerged at Countrywide Surveying Services’ regular webinar series with this session focusing on a panel discussion centred around down valuations.
There were 400 people actively engaged in the session, a series record, with the audience consisting of lenders, brokers, surveyors, and other property professionals.
“It was really encouraging to see this webinar attract a record audience and this shows what an emotive and highly divisive issue down valuations is,” said Matthew Cumber, managing director at Countrywide Surveying Services.
“The results also demonstrate wide ranging opinions, although it was encouraging to see that such a small percentage of respondents deemed down valuations to be ‘very prevalent’ in 2022.
“From a personal perspective, I believe that the term ‘down valuation’ is something of a misnomer in the current mortgage market. What this really means is that there is a simple difference in opinion on what a particular asset is worth, in this case, a property.”
Cumber added that the overriding point that emerged throughout the discussion is a clear need for all links in the mortgage chain to be more closely aligned and offer greater transparency in the way property professionals look and advise on property.
“This is something that we, as an industry, must identify, understand and overcome,” he said.