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'HPI should be capped at 5%' - RICS
Comments
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Plenty were overvaluing before things fell over.HAMISH_MCTAVISH wrote: »And any surveyor bending to such pressure and getting caught would be in breach of their professional standards and subject to disciplinary action including loss of their certification as a member of RICS.
As the purpose of the valuation is precisely to say what price the property is potentially saleable at.
Which is not to say it doesn't happen of course.
Some surveyors will undoubtably be too snivelling or weak, and desperate enough to succumb to such immoral and unprofessional behaviour from banksters.
But they'd better be damn sure not to get caught or they're out of a job, and potentially liable in the event of civil action too.0 -
Plenty were overvaluing before things fell over.
well here we have their own professional body suggesting that values should be capped at +5% a year, so seeing as their members are the ones doing the valuing, surely the natural thing would be for them to issue this as a new formal guideline to their members as to how to value property?
how else do they expect this to work? all mortgaged properties are valued prior to purchase aren't they?'Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.'
GALATIANS 6: 7 (KJV)0 -
And yet again another [STRIKE]lie[/STRIKE] urban myth told by Thruglemeir on this forum.Thrugelmir wrote: »Lenders can instruct surveyors as they think fit. As the purpose of the valuation is to secure the finance not say what price the property is potentially saleable at.
Many ways to skin a cat.
Forumonics is rife.0 -
And yet again another [STRIKE]lie[/STRIKE] urban myth told by Thruglemeir on this forum.
Forumonics is rife.
Do mortgage lenders still have their own, even at arms length, valuers. I know one institution that instructed a firm in which it had a substantial if not complete control."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
RUN_RABBIT_RUN wrote: »well here we have their own professional body suggesting that values should be capped at +5% a year, so seeing as their members are the ones doing the valuing, surely the natural thing would be for them to issue this as a new formal guideline to their members as to how to value property?
how else do they expect this to work? all mortgaged properties are valued prior to purchase aren't they?
Surveyors can only value property at market value.
Market value in the Royal Institute of Chartered Surveyors Red Book is defined as being....
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”
What the crooked, profiteering, bankster scum think the value should be, or an artificial cap of 5%, bears no relevance to the actual value.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Plenty were overvaluing before things fell over.
Not at all.
Some were, for sure, just as some now undervalue at the behest of crooked banksters.
But when prices rise, and willing/able parties wish to transact at that price, it is the duty of valuers to reflect that price no matter how large it may be.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Surveyors can only value property at market value.
Market value in the Royal Institute of Chartered Surveyors Red Book is defined as being....
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”
What the crooked, profiteering, bankster scum think the value should be, or an artificial cap of 5%, bears no relevance to the actual value.
Erm, it's what RICS think it should be, not the bankster scum as you put it.
Notice you have changed your tune on bankers though!
Carney was the best thing since sliced bread when he announced forward guidance. Now he announces he can and will use tools to dampen HPI, he's banker scum!0 -
HAMISH_MCTAVISH wrote: »Surveyors can only value property at market value.
Market value in the Royal Institute of Chartered Surveyors Red Book is defined as being....
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”
What the crooked, profiteering, bankster scum think the value should be, or an artificial cap of 5%, bears no relevance to the actual value.
Having moved several times, I have spoken to several surveyors, both acting for myself and for the lender. I once queried why without fail every valuation I have ever seen has been [in the order of] £500 less than the amount I was paying.
He lectured me on the facts of life, that the market value is what a rational buyer would pay in a free market for that particular house. "Since you are freely paying that, then that sets the value." The £500 difference was simply a backside covering exercise in case I ever noticed something he hadn't.
Another survey I had mentioned "Bark Beetle" in the roof timbers. I phoned immediately to find out the implications. He informed me "absolutely none". Bark Beetle only lives in live trees and once cut for roof timbers, it is as sound as any wood, except you can see traces of where it once lived. "But I had to say something negative to justify the cost of the survey".0 -
HAMISH_MCTAVISH wrote: »Surveyors can only value property at market value.
Market value in the Royal Institute of Chartered Surveyors Red Book is defined as being....
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”
What the crooked, profiteering, bankster scum think the value should be, or an artificial cap of 5%, bears no relevance to the actual value.
but isn't that exactly what rics are saying here hamish, that hpi year-on-year should be no more than 5%? surely their members have the greatest power to implement this by valuing according to this idea?
wouldn't that make more sense than what they are actually calling for - which is for the boe to try and regulate it by fiddling with ltv rates and salary multiples?
i know they won't actually do it, because of course they're a bunch of pale-faced, lily-livered shoegazers who like to talk a lot but aren't very big on action....'Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.'
GALATIANS 6: 7 (KJV)0 -
Graham_Devon wrote: »Erm, it's what RICS think it should be, not the bankster scum as you put it.
Notice you have changed your tune on bankers though!
Carney was the best thing since sliced bread when he announced forward guidance. Now he announces he can and will use tools to dampen HPI, he's banker scum!
fickle kind of comes with the territory here gd, you should know that better than anyone!'Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.'
GALATIANS 6: 7 (KJV)0
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