VAS Audit hits £150m in record March
VAS Audit has reported its busiest ever month on record, with the company providing independent professional analysis on over £150m worth of property valuations in March.
The business, which is part of the multi-faceted valuation focused VAS Group, provided real-time auditing and assurance work totalling £60m while re-examining existing reports and loan book reviews equalling £90m for short-term and term lenders as well as valuation firms.
The previous record was £100m worth of valuations which was realised in November 2020.
VAS Audit’s services help reduce property specific lending risks and can be used by both lenders and valuation firms to double check the quality of existing reports and current property values against historical figures.
Daniel Owen-Parr, managing director of VAS Audit, said: “The demand for our services has grown exponentially over the last 12 months, with many lenders looking for a second opinion on current applications as well as examining the current value of their loan books.
“While this initial uplift can be traced back to the UK outbreak of Covid-19 and the requirement for a level of certainty, the quality, professionalism and service we provide has seen many one-off requests turn into full-time contracts.”