Property prices have fluctuated massively over the last few months due to Government initiatives and the continued uncertainty surrounding the coro
Property prices have fluctuated massively over the last few months due to Government initiatives and the continued uncertainty surrounding the coronavirus pandemic. However, what has remained clear is that the property market is in the centre of a boom as buyers’ demands remain driven towards more space and rural locations. Although house prices have remained extremely buoyant over the last few months, the future remains uncertain.
Ray Harriot, founder and CEO of Reliable Property Group, is urging buyers to get a back-dated valuation to at least pre-March 2020 to highlight the cost of buying a home in an inflated market.
Reliable Property Group was founded in early 2018 and covers everything from surveying to conveyancing and mortgages.
The group’s ethos is “reliable by name, reliable by nature” which has seen them garner an impressive relationship base.
Mr Harriot said due to more people moving house, there is currently more demand than supply which has led to a spike in prices.
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“Meanwhile, shortage of supply has long been a problem in the UK housing market, especially in popular areas.
“Consequently, this means that only a very slight increase in demand can cause a proportionally significant rise in house prices.”
To make sure buyers are purchasing a property at the right price, Mr Harriot is urging buyers to get a back-dated valuation.
He said: “One of the things we always say to our clients is because we are in unprecedented times, that’s reflected across the board in prices.
He explained that if a buyer bought a property in 2018 for £250,000, then in 2019 the property was worth £265,000 and now it’s worth £300,000, that tells you there has been a “big jump” in the property market.
He continued: “This is the balance where while the Government are doing what they can to support the economy and the property market, we’re saying to clients that by having a back-dated valuation that enables you to see if you are paying a premium on that property.
“That back-dated valuation will enable you to see if you’re paying the right price.”
Backdated property valuations are also known as retrospective or historical valuations.
These valuations can determine how much a home cost months or even many years earlier.