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Social housing sector banks look for more frequent valuations

London Appartments, Social Housing Sector Looking for Frequent Valuations

Some of the social housing sector's main banks are looking for associations to provide more regular asset valuations following the rent reduction. It is also understood that the income streams in existing use value social housing (EUV-SH) are being looked at due to the volatility caused by changes such as the Right to Buy and Pay to Stay schemes. Sector valuers agreed after the Budget that while valuations for accounts purposes will reduce on the back of the rent reduction, the value of properties for loan security using EUV-SH will not be similarly affected. Roger Lee, head of housing finance at Santander, said: 'We need to look for greater frequency on EUV-SH valuations, simply because any valuation today won't take account of the forthcoming rent reductions. Similarly a valuation in, say, April 2016 won't take account of the subsequent three further reductions. Also, who's to know what will happen post-2019?'

 

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