An increase in property down valuations, with some homes being marked down by 10% or more by surveyors, is “turning deals and lives upside down,” mortgage experts claim.

Some believe that uncertainty around the contents of the budget may be fuelling a rise in surveyors taking a cautious stance and valuing properties at less than the agreed price.

Jonathan Alvarez Herrera, at the broker Ayla Mortgages , had seen “a definite uptick” in down valuations in the mortgage market during recent months. Asked about the scale of the markdowns, he said it depended on location, “but I would say about 10% on average”. Asking prices fall as UK housing market hit by budget speculation, Rightmove says Read more

He added: “I have found the south-east and London particularly affected, but this is

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