A mortgage service claims 46 per cent of buyers have had their prospective property down-valued by lenders - often forcing them out of the market.
Bankrate UK, a mortgage comparison service, questioned buyers from across the UK attempting to purchase a property in the past six months.
Forty six per cent revealed they had their prospective property down valued by their chosen mortgage lender. Of those, 50 per cent of the buyers were aged 18 to 34, and 37 per cent were 45 or over.
Homes valued between £400,000 and £500,000 were subject to the most down-valuations.
Overall 44 per cent of affected homes were down-valued £5,000 to £10,000, while just under a quarter were down-valued £10,000 to £20,000.
However, some buyers found their potential properties had been down-valued as much as £240,000.
Cottages were the property type down-valued most often - 66 per cent - followed by 48 per cent of semi-detached properties.
Buyers looking to purchase properties in Wales had the highest chance of down-valuations (63 per cent) followed by London (59 per cent) and then Yorkshire (58 per cent) and the North West (56 per cent).
Precisely a third of first time buyers were told by lenders that their chosen property was £20,000 to £30,000 less than the agreed sale price.
The survey was of 1,000 buyers in the UK carried out between October 2 and October 7, and follows a survey by the Bank of England last week which warned that mortgage lending may become stricter in the coming months as lenders are wary of wider economic problems caused by the pandemic.
Bankrate UK’s full report is here.