"The system you describe has a huge loophole because lenders hold all the cards and could easily collude on the sly with appraisers to drive prices up at the ex

"The system you describe has a huge loophole because lenders hold all the cards and could easily collude on the sly with appraisers to drive prices up at the expense of the individual." That happens here in the US. Appraisers I've talked to have been pressured to raise the value of the property, so the transaction will happen. The seller wants to sell it for X. The buyer wants to buy it for X. The two agents and the bank want the house sold for anything at all. Buyers and sellers should choose and pay for their own appraisal, even if the bank requires the buyer to pay for an appraisal for the bank.