Banks have already begun writing to brokers to tell them valuations are being booked in for mortgage applications that had stalled due to the government’s lockdown restrictions.
But mortgage experts warned it could take some time to get up to date with the pipeline of applications that require a survey.
Kevin Roberts, director, Legal & General Mortgage Club, said: “From my conversations with lenders and surveyors across the industry, we estimate that there are around 60,000 to 65,000 valuations which have been put on hold due to the Covid-19 crisis and the lockdown.
“This will be an immediate hurdle for the industry to overcome, but it’s clear that lenders and surveyors are already working together closely to address this backlog.
“Advisers will have an important role to play as the lockdown is eased, keeping their clients informed but also managing the expectations of borrowers – particularly as reopening the housing market won’t be like the flick of a light switch. However, the indication from the industry is that this backlog could take just a few weeks to be addressed.”
Metropolis Surveyors’ commercial director Chris Bramham, however, said it could take up to two months to get back to serviceable levels of survey requests.
A spokeswoman for Connells group said: “Following latest Government advice, from Monday 18 May Connells Survey & Valuation will return to carrying out physical valuations in England.
“Valuations will only take place when property inspections can be conducted safely for both valuer and customer and in a ‘Covid-19 secure’ manner.”
E.surv said its plans were still being finalised but it was “becoming more of a possibility”.
Richard Sexton, director, business development, e.surv, said: “The driving factors are still the government guidance and RICS Best practice. The industry has obtained much greater clarity in both these areas after some initial mixed messages in the last 48 hours.
“We believe we have a clear road map back to undertaking inspections, provided our own risk assessment indicates this can be done safely for all parties and of course the occupant is willing to allow the process to go ahead. In reality, we are entering a hybrid period where physical and remote valuations will need to continue side by side for some time.”
