The head of Britain’s biggest house builder, Taylor Wimpey, says he is 'concerned and frustrated' by the valuation of houses in the UK, warning that it is costing the company sales as cautious lenders put pressure on valuers.

Taylor Wimpey made a pretax loss of £1.9bn last year as the average value of its UK home fell by 11% and sales volumes dried up.

Speaking to The Daily Telegraph, Pete Redfern, the chief executive, said the downward pressure on house prices has been exacerbated amid the financial crisis by valuers not judging properties on their present value, but prejudging future falls.

Daily Telegraph