RICS
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Latest property news
RICS launches PropTech insight paper
RICS has published an insight paper on tech revolution and the future of residential property, examining what PropTech means for the residential property sector...
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Latest property news
Interest rate rise fears bearing down on sales market, surveyors say
The number of home buyers has dropped for the sixth month in a row helped by jitters among buyers over a potential interest rate rise, the Royal Institution of Chartered Surveyors (RICS) has revealed. Its housing market survey for September found that the number of buyers dipped noticeably over the month with 20% more surveyors noting a fall in buyers than a rise in demand, and that London’s problems are beginning to spread out from the capital. Only Wales and the South West saw more surveyors recording an increase in sales than a decrease, with the rest of the UK remaining flat – although London and the South East lead the declines. On top of this, RICS also says the number of surveyors reporting fewer agreed sales versus a rise increased by 15%, the “softest reading since last July during the aftermath of the EU Referendum”. Stock stable While buyers continue to keep away from the market, the number of homes available for sale remain stable having declined over the past 18 months. On average stocks levels on estate agents’ books are holding up at 43.3 properties per branch. Looking forward, RICS doesn’t expect the market to pick up over…
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Features
House price indices: why we’re Living on ‘Hope Terrace’
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Lower rates of growth appear to be here to stay, but I don’t think the public or investors appreciate this major shift in property price growth fortunes; we need to be prepared for what happens when they do.”
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Latest property news
RICS calls for more females in property
We're facing the worst skills epidemic in years, says Lynn Robinson, RICS Regional Director.
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Latest property news
Political uncertainty continues to subdue sales, says RICS
The flat sales market is set to continue as the number of properties for sale per branch hits a new low, says the Royal Institution of Chartered Surveyors (RICS). According to its latest UK market report agreed sales, new buyer enquiries and new instructions have all dipped as domestic political uncertainty continues to impact the market. Some 44% of RICS members who were surveyed said this was the reason for the lack of activity in the market, while 27% said Brexit was the most important contributing factor. But London’s much more subdued market than the rest of the UK is blamed in equal measure on both Brexit and the recent Stamp Duty changes by the capital’s agents, RICS says. “Perhaps not surprisingly in the current environment, the term ‘uncertainty’ is featuring more heavily in the feedback we are receiving from professionals working in the sector,” says Simon Rubinsohn, Chief Economist at RICS (pictured, left). “This seems to be exerting itself on transaction levels which are flatlining and may continue to do so for a while particularly given ongoing challenge presented by the low level of stock on the market. Looking ahead across the UK over the medium-term, agent confidence about…
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Latest property news
RICS says supply to England’s sales market continues to “wane”
RICS has reported an ailing sales market within its latest survey of agent sentiment, which each month is carried out among its members across UK. In an unusually forthright report, the figures for March have prompted it to use strong language to describe the UK sales market, including “stagnant” and “waning interest”. RICS reveals that new buyer enquiries and sales remained flat and stock levels hit a new record low “as the number of properties coming on to the market continues to decline”, the report says. “The key theme that really runs through the whole of this survey is the lack of supply in the market,” says Simon Rubinsohn, RICS Chief Economist (picture, left) “Our key measures – average stock per surveyor – has actually hit a new low, and this explains why house prices on balance remain in modestly positive territory. For the time being it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels.” RICS says new instruction dropped during March with 13% more respondents experiencing a drop in new listings, and agents now hold 43 properties for sale on their books, on average.…
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Latest property news
As Article 50 trigger looms, RICS says a hard Brexit will damage property sector
The Royal Institution of Chartered Surveyors says a hard Brexit may lead to 176,500 EU member state construction workers being forced to leave the UK, or 8% of the total building industry workforce. As the government prepares to trigger Article 50 and steer the UK towards an exit from the European Union, RICS argues that for Brexit to succeed “it is essential to secure access to the EU Single Market or put alternative plans in place to safeguard the property and construction sector”. Research by RICS also revealed that 30% of the construction professional it surveyed believe hiring non-UK workers was important to the success of their business. “Unless access to the single market is secured or alternative plans are put in place, we won’t be able to create the infrastructure needed to enable our cities to compete on a global stage,” says Jeremy Blackburn, Head of Policy at RICS (pictured). “We have said before that this is a potential stumbling block for the Government, which is working to deliver both its Housing White Paper and Industrial Strategy.” A recent report by Mayor of London Sadiq Khan shows that a significant majority of these EU construction workers are based in…
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Features
Circle of trust
The property industry has a new, potential disrupter, nudging into its circle of trust, which could be wonderful, but, Andrea Kirkby asks, how many organisations do we really need?
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Movers & Shakers
JLL’s Scotland graduates
Four JLL graduates in Scotland have qualified as chartered surveyors with the RICS, underlining JLL’s commitment to nurturing the next generation of talented property professionals.
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Features
Property market – regional cities shine as London loses lustre
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Birmingham leads cities like Cardiff, Liverpool, and Manchester in terms of house price growth.”
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