Surveyors provide lower valuations on new builds

Surveyors for Nationwide Building Society have decreased valuations of new-build houses. Some surveyors regularly take a minimum of 10 per cent from the asking price of new builds or they submit a market value that is below the stated purchase price. However, a spokesperson from Nationwide said that policy made sense it was ‘strange to value a new property on an as-new basis’, because when it is sold again it is not the ‘value it represents as security for the loan’.