MSE News: House prices 'to climb further'

chucky

Emy1501 wrote: »

just google drive by valuations I don't know what 3rd part you are referring to

i'm sorry but i don't like to read random blogs from random people on the internet... i prefer to deal in facts not urban myths or even internet rumours...

this will explain you how a drive by valuation works and what it actually means... :rolleyes:

...the increased automation of conveyancing and valuing, which slashes costs. Whereas a typical consumer will pay around £1,400 in legal bills and a further £400 for valuation, lenders pay as little as £200 for the entire package.

For example, LMS, which manages Abbey's conveyancing, says its sophisticated technology dispenses with humans and paper searches wherever possible. Information is downloaded in minutes from the Land Registry and some local authorities. Similarly, automated valuations, which can take just a fraction of a second, are carried out without a valuer going anywhere near a property and cost as little as £25.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/2809979/Fee-free-mortgages-are-no-free-lunch.html

But the CML admitted a growing number of valuations are 'automated'. This is where a computer is used to calculate the value of a home using data such as house prices from the neighbouring area, features of an individual property and the sales process. This can be carried out remotely from anywhere in the country, at a cost of as little as £20. By 2011, 55% of remortgage valuations will be carried out this way, says the CML.

http://www.thisismoney.co.uk/mortgages-and-homes/mortgages-features/article.html?in_article_id=421177&in_page_id=58

Emy1501

Really2 wrote: »

That is not a drive by, a drive by is as per the term no one going in the property.

As I said drive by are only used in cases of low LTV. I purchased in 2001 and had a valuation, and when I changed lenders in 2006 I still had a valuation (the later was a drive by as LTV was around 50%).

Your Idea are trying to make out that chartered surveyors and estate agents some how gang together to manipulate prices.

If they did why did so many mortgage valuations last year come in lower than sales price?

Jesus put words into my mouth or what? RICS say prices are going to rise because buyers out numebr sellers and will continue to do so in the near future. They would have got this info from EA's. I'm then told that I need to take Rics seriously as if I ever want to buy they do mortgage valuations. I point out these are not really worh the paper they are written on and I'm accused of the above.

I'm not trying to make out anything other than their opinion on rises in the near future are based on info given by agents and that a mortgage valuation report is a pointless report.

I have been involved in 10 sales and buys, six of these involved a valuation report and 4 a homebuyers report. The valuation report always came in at the sale price whilst the 4 homebuyers report always came in less.

StevieJ

Emy1501 wrote: »

Alot of RICS opinions are based on what estate agents tell them ie 95% of estate agents in London reporting house price rises rather than falls and the number of new buyers coming to the market etc.

Even their basis as to why prices will rise has to be based on what they have been told by agents. How else do they know there are more buyers than sellers and this will not change in the near future?

I thought the surveyors were responsible to the banks who lend the money who, some say were insisting on 20% under-valuations last year.

Emy1501

chucky wrote: »

i'm sorry but i don't like to read random blogs from random people on the internet... i prefer to deal in facts not urban myths or even internet rumours...

this will explain you how a drive by valuation works and what it actually means... :rolleyes:

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/2809979/Fee-free-mortgages-are-no-free-lunch.html



http://www.thisismoney.co.uk/mortgages-and-homes/mortgages-features/article.html?in_article_id=421177&in_page_id=58

Valuations too have become cursory. Drive-by valuations, where a surveyor does not get out of the car, are commonplace. However, even these are being replaced by cutting-edge automated valuation models, such as that developed by Hometrack, the property research company. Via its website, consumers can request a valuation, which costs just £19, on a property they are planning to buy or sell. But it also conducts valuations for lenders for just £25.

Did you forget the above from the telegraph article?

Really2

Emy1501 wrote: »

I point out these are not really worh the paper they are written on and I'm accused of the above.

I have been involved in 10 sales and buys, six of these involved a valuation report and 4 a homebuyers report. The valuation report always came in at the sale price whilst the 4 homebuyers report always came in less.

Ok get you mortgage valuations are pointless.

i am not putting words in to your mouth, surveyors may used sold prices to get a value but there are easier ways than ringing an EA. I can get the last 9 years in a few seconds.

I will ring my lender later and ask for that £400 back, they should ring the local EA instead (he would know new build valuations not a surveyor)

Cant work out the point of your last part of the quote, they are all done by chartered surveyors.

chucky

Emy1501 wrote: »

Valuations too have become cursory. Drive-by valuations, where a surveyor does not get out of the car, are commonplace. However, even these are being replaced by cutting-edge automated valuation models, such as that developed by Hometrack, the property research company. Via its website, consumers can request a valuation, which costs just £19, on a property they are planning to buy or sell. But it also conducts valuations for lenders for just £25.

is this you Emy?
you're argument is getting weaker and weaker...

StevieJ

chucky wrote: »

i think you're missing the point or your replying to something else

for this month (November) not August... there are a few peices of data that has been developing over quite a few months...

Are you saying that Thrug is quoting from the August report not the current one
If so, very sneaky.

Thrugelmir

StevieJ wrote: »

Are you saying that Thrug is quoting from the August report not the current one
If so, very sneaky.

The fundamentals haven't changed.

Even the Halifax bases its index on mortgage application values not actual completion monetary values. Something which even RICS acknowledges. :cool:

Emy1501

chucky wrote: »

is this you Emy?
you're argument is getting weaker and weaker...

Dont know who that is wrong colour and way too old. As for arguments getting weaker who is arguing with who?

All I'm trying to find out is why there is a belief that prices are going to continue rising when Buyers numbers have fallen 4 months in a row and seller are rising?

Its pretty obvious that we are not going agree regarding drive buy valuations.

baileysbattlebus

Thrugelmir wrote: »

The fundamentals haven't changed.

Even the Halifax bases its index on mortgage application values not actual completion monetary values. Something which even RICS acknowledges. :cool:

According to the Halifax the index is based on purchase price - not application values.

I think the number of applications makes up the volume of sales.

Data
The Halifax House Price Indices are derived from information on the following house characteristics:

• Purchase price.
• Location (region).
• Type of property: house, sub-classified according to whether detached, semi-detached or terraced, bungalow, flat.
• Age of the property.
• Tenure: freehold, leasehold, feudal.
• Number of rooms: habitable rooms, bedrooms, living-rooms, bathrooms.
• Number of separate toilets.
• Central heating: none, full, partial.
• Number of garages and garage spaces.
• Garden.
• Land area if greater than one acre.
• Road charge liability.

http://www.lloydsbankinggroup.com/media/word/HPI/Methodologyfromweb130809.doc