Yesterday’s Government announcement had an immediate impact on mortgage valuers with many electing to cancel appointments for the foreseeable future.
For the majority of mainstream lenders this doesn’t have a great impact with the majority using desk based research and auto valuation models and employ risk based modelling to assess whether they need to instruct a physical valuation or not. As an example when you ask for a Decision In Principle with Nationwide they will confirm whether an AVM will be used or a physical valuation will be required. Lenders are looking to work with customers who wish to purchase a property and understand that it may take longer to value the house if a physical inspection is required.
Lenders in the Buy to Let space are in a slightly different place with the majority of purchases needing a physical valuation to validate the property and its rental yield. So in the short term, borrowers may experience delays in the buy to let purchase market.