This may prove optimistic but any significant rise in the number of transactions will bring some interesting capacity issues to the fore.
Surveyors expect sales of homes in the UK to pick up in the next three months owing to support for mortgage lending. So while prices are expected to remain little changed over the same period, the number of transactions and volume of lending will increase.
Nowhere is this likely to be more apparent than in the South East. The divide between northern and southern property values will broaden over the next five years with significant differences between the north-west of between 4 and 5% and London, still the UK’s main driver with growth prospects of 8%.
This potential growth in transactions has prompted new lenders to enter the market such as the State Bank of India.
This has consequences for the surveying profession.
We have already seen this year how many firms struggled over holiday periods. There is a likely to be difficult period where the demand for services will outstrip the supply of professionals to carry these out – especially at such low fees. Many firms are already recruiting in preparation for the upswing.
In the Western world the average age of a surveyor is quite high, at over 50 in most countries. This is a problem as there are not enough new surveyors coming through quickly enough to fill up the gap that will come out of the upcoming retirements and accelerated retirements of the past recession.
There will be a tipping point when investment and changes to bring in more surveyors is accelerated to meet a growing demand. As with everything, timing will be crucial.
Robin Johnson is managing director of KFH Chartered Surveyors
