Property Price Register and Bank Valuations?

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sadie

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Will the Property Price Register impact the way the banks get their Valuations for mortgages on houses? Previously estate agents were asked to fill in the valuations as they had local knowledge. Does anyone think this will still be the case or will the Banks do their own valuations based on PPR?
My point being (as a buyer) if the Bank does the valuation based on PPR they may come in considerably less than prices being asked currently.
Will local knowledge still be needed for things like 'oh they put 50k into that conservatory' type of thing?
I'm interested in a house that is asking 100k more than similar houses sold in the past year so I'm really trying to justify a low bid I guess (but it's not a low bid when compared with what PPR says).
I'd expect a standardisation of prices in the future but it's tough being a buyer in this stage of the game - you know the house is worth less but the seller wants more.
 
The PPR is (currently) useless for doing valuations. You can't tell the state of the house from it or even simple things like the number of rooms.
 
ryaner said:
The PPR is (currently) useless for doing valuations. You can't tell the state of the house from it or even simple things like the number of rooms.
Click to expand...

I copied the address and pasted into google, that was the only way I could see the condition of the property I was interested in looking at.

It was a property just a couple of doors away from me. I am still not the better of it. I am in worse negative equity than I initiated.
 
As far as I know, the price in the Property Price Register is based on the Stamp Duty paid. This amount is therefore AFTER the fact. The house must have been sold and the stamp duty paid in order to obtain this value. Therefore in terms of the banks valuation for a mortgage, I dont see how this information could be available during the purchase process. They would have to get their own valuation for anyone looking to borrow money to buy the house in the first place.
 
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