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Report Reveals Valuation 'Lottery'

Report calls for closer monitoring of property valuations

11th May 2005

A report by Which Magazine has revealed widespread disparities in the valuations estate agents make on a property.

The magazine had 14 properties valued by 56 estate agents, and found the values differed by up to 63%, with some agents overvaluing in order to attract the seller to placing the property on the market through them, while others deliberately undervalued to promise a quick sale.

The report even found cases where a high asking price was recommended at first, then quickly lowered to a more realistic level once the vendor had signed a contract.

Read More: BBC News

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