New valuation fees push up the cost of land and homes
The cost of buying land and homes is set to rise significantly as the market factors in new valuation charges that have more than doubled for most asset classes.
Lands minister James Orengo introduced the new charges through an amendment to the forms and fees section of the Valuers Act, paving the way for their application in the property market beginning this month.
Valuation fees for certain classes of land or homes have increased by up to 400 per cent, piling upward pressure on sale prices.