What cracks me up about valuations is if there are multiple people willing to bid above the valuation and you actually need to pay 10% over to secure the house against other bidders then the valuation is probably wrong. Especially in the current climate of rapid growth in prices.
They are often based of historic prices and well funnily enough the market has risen by more than 10% this year.
The house is worth what the market says it’s worth at the end of the day.
RICS valuations take full account of comparable evidence of sales over a recent time period and also take full account of current market conditions.
just because people want to pay more does not in any way make the property worth it.
Comparable evidence is the only way of correctly valuing property in line with the RICS Red Book.
There are big issues especially in the south where people are getting into bidding wars and then paying vastly over market value for properties.
you should thank the surveyor for protecting your wallet not moan about it.