Pat Davitt: Valuing property before, during and after Covid-19

Some valuers have downgraded valuations during the coronavirus lockdown. Are they correct?

The valuer’s task is to assess what’s called the “open market value” of a property

Over recent months, economists and lenders have forecast a drop in property values arising from the Covid-19 pandemic. Such predictions rely on sentiment, however, and are not evidence-based.

As the months have progressed since the onset of this virus, we’ve seen a tapering back on some of those predictions as market reality emerges, revealing no difference in property prices between pre- and post-lockdown.

The valuing of property is a science, regulated by valuation standards such ...