Copy article

Disturbing downvals

ended 25. June 2026

A broker on Newspage says he has experienced some “ludicrous” downvals recently. Are you seeing the same, i.e. are downvals on the rise generally or becoming more extreme when they do occur? If so, why do you think they're happening? Also, any examples, send them across (anonymised, of course). And what are the problems caused by downvals? Any thoughts, insights, whizz them over. This story will be written first thing so deadline is 22:00.

7 responses from the Newspage community

Copy all

Star Quote
Copy

Editor
Jamie Elvin
Director at Strive Mortgages
We’ve had some incredibly big down valuations in the last couple of weeks — not just the usual marginal trims, but reductions of £200k, £300k and even £400k in some cases. In percentage terms, some have been 10%, 20% and even 30% of the property value. I’ve seen periods of down valuations before, but not really to this scale, and in a lot of these cases I don’t think the wider market justifies the size of the reduction. It feels like some surveyors are taking an extremely defensive position, particularly where there’s any perceived uncertainty, and the result is valuations that are materially below what the evidence on the ground would suggest. The knock-on effect is obvious — deals fall apart, chains come under pressure, buyers have to find larger deposits or renegotiate, and brokers end up spending huge amounts of time trying to challenge valuations or salvage cases that were otherwise perfectly workable.
Copy

Editor
Jack Tutton
Director at SJ Mortgages
Whilst down-valuations have always been a challenge, they appear to be becoming more common, alongside an increase in questionable £0 valuations. I recently handled a case where a surveyor initially issued a £0 valuation, claiming the property's EPC rating was outside policy despite it holding an acceptable D rating listed on the Government register. They then raised concerns about an alleged age restriction on the title, which was disproven by the title register. Even after these issues were addressed, the surveyor attempted to withhold a valuation due to a pub being located over 250 metres away. Following several challenges, the lender reviewed and overturned the decision, allowing the mortgage to proceed to offer. In my view, market uncertainty is leading some surveyors to adopt an increasingly cautious approach when assessing property values.
Copy

Editor
Justin Moy
Managing Director at EHF Mortgages
I do think 'down valuations' are often just high expectations of the owner, especially in Equity Release cases, where the valuation is essential to determine the interest rate and the amount that can be borrowed. We recently had a case where I thought the property would be worth around £475k, but the client was adamant it was nearer £600k and wanted to proceed on that basis. Once the valuation came back via the lender, the actual value was deemed to be £470k - so is that a ludicrous down valuation of £130k? No, it is just that the borrower's expectations were not aligned with their local market, however much we tried to coach the applicant upfront in this example. There will be some examples of surveyor error and misinterpretation, but I do believe a high proportion of downvals will be due to high expectations and a falling market.
Copy

Editor
Evren Ergin
Founder And Developer at ValuQ
Unpopular view: the down-valuation is often the only honest number in the entire transaction.

Look at who sets the others. The estate agent values high to win the instruction. The seller wants the highest figure they can get. The buyer talks it up to themselves to justify the stretch. The only person in the chain with no incentive to inflate is the surveyor, and we call their number the "disturbing" one.

A ludicrous downval is usually a delayed bill for a ludicrous up-valuation months earlier. Asking prices have drifted up while sold prices flatlined, and more than half of sellers only complete after a price cut, so the gap was always going to surface somewhere. It just surfaces at the survey, after everyone has spent money.

Yes, they break deals, around one in eight fall-throughs are lending-related. But the answer is not to attack the one honest valuer in the room. It is to stop agreeing prices a real comparable cannot support.
Copy

Editor
Chris Barry
Director at Thomas Legal
We’ve experienced a number of zero valuations and 50% valuations. This is partially problematic because Valuers are deciding if properties are mortgageable based on their potential to attract future rental income.
Copy

Editor
Tracey Dixon
Buy-to-Let Mortgage Specialist & Owner at Pure Mortgage and Protection
Down valuations do appear to be becoming more common, particularly where surveyors are taking a cautious view of local market conditions or future saleability. The most frustrating cases are where there is strong comparable evidence to support the agreed purchase price, yet the valuation still comes back significantly lower.

The consequences can be substantial. Buyers may need to find a larger deposit, renegotiate the purchase price or, in some cases, see the transaction fall through. For buy-to-let investors, a lower valuation can also reduce the amount they can borrow, affecting the viability of the investment.

Lenders understandably need to manage risk, but greater consistency in valuations would help reduce uncertainty and unnecessary delays for buyers, sellers and everyone involved in the chain.
Copy

Daniel Meadows
Director at Summit Financial Solutions
I can’t fully agree with the suggestion that “ludicrous” down valuations are becoming the norm without more context. It would be important to understand whether these cases relate to purchases or remortgages, as the dynamics can differ significantly.
There’s no doubt that surveyors are currently taking a more cautious approach, but given the broader economic climate and a property market that isn’t exactly thriving, that’s to be expected rather than surprising.
On the purchase side, there’s a clear need for estate agents to remain realistic about local market ceilings. Overinflated asking prices ultimately set expectations that cannot be met at valuation. Surveyors are often working consistently within the same postcode areas, so there’s an opportunity here greater collaboration between surveyors, agents and brokers, perhaps via regular localised webinars, could help align expectations and reduce friction in the process.
For remortgages, brokers already have access to research tools