Shortage of valuers hits "red book" house sales in the South West
A shortage of valuers is holding up so-called “Red Book” house sales across the South West, according to a leading estate agent.
House sales involving divorcing couples or those selling a property after someone has died require a valuation for tax purposes to be carried out by registered valuers, of which there is a growing shortage in the UK.
Chartered surveyor Andrew Simmonds, a director of Backwell-based Parker’s Estate Agents, has now qualified as a RICS (Royal Institution of Chartered Surveyors) Registered Valuer in an attempt to help reverse the trend and speed up the process for affected house sales in the region.
He said: “A formal valuation for tax purposes or to support legal proceedings must be carried out by an RICS Registered Valuer, acting in line with ‘Red Book’ standards. It is very different to a valuation when someone is simply putting their home on the market as it has to meet exacting legal standards.
“In recent years we have seen many of the traditional valuers retire and it has had the knock-on effect of lengthening the amount of time it takes to sell houses that are subject to probate or divorce proceedings. It is vital to have a legal independent, watertight valuation of a property in legal situations.
“I’m now able to offer law firms, in-house lawyers and accountants such a service for use in company accounts, probate and other legal purposes. These are based on stringent international standards and have recognised accuracy.
“With uncertainty in the wider economic environment, Red Book valuations are more vital than ever. The housing market is still booming around Bristol with estate agents valuing properties based on very local criteria.
“This is absolutely fine for the simple task of selling your home as the market reaction will soon let you know if a property is over or under valued. But when accurate figures are needed that will stand up to scrutiny in public accounts or legal proceedings, the Red Book process is vital.”
