Property market analysis by London lettings and estate agent Benham and Reeves has estimated that almost 400,000 UK transactions have seen down valuations in the past year.
Across the UK, an estimated 390,285 homes have been down valued by surveyors working on behalf of mortgage lenders.
The South East saw the most transactions affected by down valuations. Of the 137,107 homes sold in the last 12 months, an estimated 60,327 are thought to have been down valued.
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