New Build Valuation Problems

Cannon_Fodder

Perhaps the difference is that Halifax are subject to quiet pressure from their majority shareholder, to support the house-building industry?

switched_off

I put money on the Halifax val coming in higher, it has to. Countrywide are instructed to use second hand comparibles which means that your lovely new apartment could be compared to something nowhere near as nice but shares the same number of bedrooms and square footage.

Halifax's main shareholder is Lloyds who does not like New Build. In fact, if you look at the Halifax's arrears book, 80% of it originates from new build. The LBG will change this or sell it in 2010.

However, Halifax are the majority shareholder of one of the country's major new homes builders... Crest Nicholson. The only valuer for Halifax is Colleys, and guess who owns Colleys? Yes the Halifax...