Royal Institute of Chartered Surveyors July 2011 Housing Market Survey – Not What We’re Seeing

The monthly Royal Institute of Chartered Surveyors (RICS) Survey has just come out and makes for fairly gloomy reading.  However, what it is saying is not what we are seeing in the parts of Scotland we operate in so please note the comments later in this piece after the coverage of what the RICS survey says.

What is the RICS Saying?

  • The UK housing market faced a stalemate during June, as demand failed to pick up and supply of new property fell back;
  • Demand for property showed little change in June;
  • New instructions, which had been stronger in April and May, fell back to a net balance of +1 per cent (from +14 per cent) in June, indicating that sellers are now holding off from putting their properties on the market. This was in part attributed to uncertainty over the economy and a ‘wait and see’ attitude from potential vendors;
  • Surveyors note that properties are still selling, but only if priced realistically;
  • House prices at a national level continued to slip during June, with 27 per cent more surveyors reporting price falls rather than rises – the negative net balance was little different from the previous month’s reading (-28 per cent).

What Are We Seeing in Scotland?

It should be noted that MOV8 Real Estate operates predominantly on the east coast of Scotland, although we do market some properties through the central belt of Scotland too.  June ended up being our second-busiest month of the year in terms of new instructions AND sales.  Only March of 2011 shaded ahead in terms of new instructions.  So our experience of the market isn’t quite what the RICS is suggesting.  Prices do seem stable, but that’s not necessarily a bad thing.  Buyer and seller demand also seems stable.

The RICS survey covers estate agents who are also surveyors and members of the Royal Institute of Chartered Surveyors.  It’s a good indication of what’s going on in certain areas, but it certainly doesn’t provide a very accurate representation of what is happening in Scotland where far fewer estate agents, proportionately, are RICS members.


One response to “Royal Institute of Chartered Surveyors July 2011 Housing Market Survey – Not What We’re Seeing”

  1. Michael avatar

    I agree with many of the points on this blog but as a Chartered biulding surveyor could be seen to be supporting this with a vested self interest. I would suggest that dampness diagnosis is a core biulding surveying skill and therefore approaching a qualified biulding surveyor is a good start in order to get impartial professional advice. I am conscious that there are many other suitably experienced non-building surveyors out there who can provide the same level of skills in this field and this is illustrated by the healthy debates that take place on the Dampness’ forum on LinkedIn. The bottom line is there’s no such thing as a free lunch’ if you get a free’ survey expect to pay for it indirectly through remedial repairs. Therefore paying for the advice initially is likely to give you the overall cheapest option with the best chance of actually working.

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