Surveyors for Nationwide Building Society have been pushing down their valuations of new-build houses, according to the Financial Times.
Some valuers have interpreted the lender’s home valuation policies to mean that 'a minimum' of 10% should be deducted from the asking price in the case of new houses, according to the memo.
More have taken it that 'all new-build instructions should have a market value submitted that is below the stated purchase price'.
House builders report that increasing numbers of lenders’ valuations are coming in below the price agreed by the homebuyer and they say Nationwide’s strict lending guidelines risk curtailing the tentative revival in the UK housing market.
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