Shawbrook Bank has stated that physical valuations will recommence with immediate effect, following the government advice given last week and the newly defined safety procedures which allow valuers to return to work safely.
Although the specialist lender had continued to support applications during the lockdown period through their approach to desktop valuations, it can now return to supporting applications that fall outside of their AVM criteria. These include cases for HMO properties and more complex asset types, meaning they can restore some of the support and stability needed for investors in this space.
Shawbrook has outlined several new safety protocols that have been set out to ensure the safety of their customers. These include occupants vacating the property before inspection, surveyors wearing the appropriate PPE and maintaining social distancing, as well as continuing to encourage the use of desktop valuations where appropriate.
Gavin Seaholme, head of sales – property division at Shawbrook Bank, said: “This was always a really challenging point as we continued to support the market by keeping our doors open and lending and it’s fantastic news that our panel valuers are now back out there doing what they do best.
“Our AVM and desktop capabilities was a great solution and will remain in place, but clearly there were times where this was not always viable. Now with the right safety protocols in place, the resumption of physical valuation inspections brings back some much-needed stability for our brokers and their clients.”