Over one-fifth of chief surveyors in banks and building societies have admitted they do not have enough staff to cope with the number of valuations that need processing in light of escalating volumes of mortgage applications.
A poll, conducted by outsourcing company xit2, found 79% of surveyors view the mortgage boom as an administrative nightmare, rather than enjoying increased business levels. Some 36% named valuations as the application process that takes the longest time to complete. Over two-thirds said the average valuation takes at least a week to process, with 12% saying it takes in excess of a fortnight.
Paul Duckworth, managing director of xit2, said: ‘While such a buoyant housing market is great for lenders, the valuation department is unable to share in the joys of the spoils. However, one area lenders can improve on is the valuation process.’