Surveyors Warn About House Buying Delays
As the property market takes another lurch in one of its most volatile periods in history, surveyors are warning the public that a shortage of surveyors in the profession may not be able to match the impending boost to the mortgage market. There are already too few surveyors in the industry to meet demand, but this has been less of a problem in recent years when the housing market has been sluggish. However, with an expected increase in buying activity, there will soon be massive backlogs of work as demand for surveyors exceeds supply.
Since the start of the recession in 2008, the housing market has slowed down dramatically. Lots of surveyors and other people associated with the housing industry decided to leave amid thoughts that the market wouldn’t pick up anytime soon, and those who remained in the market struggled. However, with signs of market recovery on the horizon, people are now clamouring to find themselves a surveyor as quickly as possible to assist them with their house purchase, only to find that there are long waiting lists for work.
One of the main problems with having to find a surveyor to perform a survey or a valuation at short notice is that they may not be the best for the job. They may well inflate their prices to capitalise on the desperation to get the ball rolling, or they may make inaccurate calculations. When you’re looking for a surveyor, there is no substitute for experience, so if possible, it’s best to find an established surveyor to conduct your house survey.
There may be some newcomers to the industry who don’t have enough experience to give you a completely accurate valuation or survey. As the most important purchase you will make, you need to make sure you have the right person on board to give you the correct information about your new property. As the market is going to be so busy, make sure you secure yourself a good local surveyor sooner rather than later, and remember that you shouldn’t just agree to work with the first person you meet.
If you are offered a valuation based on an automatic valuation model, think long and hard about whether or not you want to proceed. While this will speed the process up and get you a figure sooner, it won’t necessarily be the most accurate, and accuracy is key when it comes to figures relating to housing. Instead, you should take the time to find a surveyor who will be able to conduct the survey comprehensively and with accuracy.
Carl Leonard is a real estate blogger with a keen interest in the current state of the markets