According to 86 per cent of the survey respondents, consumers should be given a choice between AVMs, standard lender valuations, Homebuyer reports and full structural surveys. In addition, a further 69 per cent of brokers thought it was unfair to charge a premium price for the use of AVMs.
Iain Williamson, head of key accounts at BM Solutions, said: “We realise that offering a choice of valuation allows brokers to best meet the needs of their individual clients. The results show that intermediaries clearly believe that borrowers should be offered a choice of valuation.”
Sonny Joannou, IFA at Anand Associates, commented: “I would normally recommend a Homebuyers Survey for my clients or in some instances a structural survey, therefore I believe it is important lenders provide the option. What many clients do not understand is that a standard valuation is conducted for the lenders benefit and that there is no come back for the lender should a problem with the property a rise.
However, many borrowers do still rely on lender valuations and should have a choice of whether a valuer visits their property or an AVM is used. There will in instances be discrepancies between these valuations, but AVMs do have there place in the market and although nobody is visiting your property, borrowers are paying for speed of service and a quicker lending decision.”
