Property Valuations May Have 3 Month Backlog

Property and homebuyer survey valuation backlogs could take up to 3 months to be cleared and services return to normal, surveyors have predicted.

Since lockdown according to Zoopla analysis over 370,000 transactions have been put on hold.

Surveyors say it is hard to determine how many of these properties will still need a physical valuation, as some may have already been valued, some maybe cash buyers and other may have put their purchase on hold due to the pandemic.

According to an industry source, 60,000 property transactions may need a physical valuation and backlogs could be much higher.

It could take surveyors a while before running effectively as their workforces may be smaller.

Comment

We expect the government to loosen lockdown this week and it could be the start of getting the property market back on track.  That said, we have seen some reports that the property market may not get back to normal for at least a year.