You’ve got to admire the cheek of the Nationwide Building Society. Down valuations by lenders - where their estimate of market value is below the price agreed between seller and buyer - is really hitting housebuilders hard and Nationwide is one of the culprits. Prudence is one thing, but what the housing market needs is prunes - laxatives to get things moving again.
In the same breath the Nationwide comes out with a report called ‘what affects the value of your home?’ citing a 10 percent increase in floor space adding five percent to the value and a loft conversion up to 20 percent. Not much good thinking of how to add value Nationwide, if prefectly eligible borrowers cannot get the mortgage to buy the property in the first place.
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