Most commentators appeared to consider the shortage of valuers to be a short-term London-only problem which would be resolved when the summer months came to an end.
It is true that the shortage of valuers was particularly acute over the summer and in London, but this is not the whole story. In fact, there are areas all over the country where valuers are in short supply and in some places these shortages are ongoing.
Over the summer months, valuers were able to take advantage of the longer daylight hours to fit in more valuations per day, but with the nights drawing in this will no longer be possible meaning the number of valuations per valuer will be reduced.
This could mean that the shortage of valuers could continue or even worsen over the winter, depending on whether the housing market continues to improve and transaction levels rise. We have been noticing a shortage of valuers, but the wider problem is that over the course of the credit crisis many property professionals left the industry, either through retirement, moving into other areas of practice or going into another profession altogether. What is currently a shortage of valuers could become a shortage of conveyancers or brokers.
In order to address the shortages of valuers, the RICS set up an independent commission into the shortages faced by the valuation market which is currently undertaking the second phase of its call for evidence. We welcome the holistic approach taken be the commission to look into areas such as professional indemnity insurance, pathways to entry of the profession and valuation content.
Fundamentally though, it takes many years to train and qualify to become a valuer so in the short-term we need to get used to valuer shortages becoming a feature of the market, not just a seasonal problem.
Paul Broadhead is head of mortgage policy at the BSA
