New generation of valuers is required

14 June 2010

There has been a spotlight shining like a laser on the restricted amount of money lenders are releasing into the market.

Concern has also been expressed about the shortage of brokers caused by consolidation, fears about the Retail Distribution Review and the challenges of attracting new blood into the industry.

But there’s also another vital link in the chain that is having problems - in the surveying and valuation industry the residential valuation population is ageing and the sector has limited appeal for the top graduates.

The glamour of commercial agency in London’s West End has always been more attractive to graduates and commercial agencies have their pick of the crop.

But the attractiveness of residential work is also challenged as fees are pressured by procurement teams treating valuations as a commodity.

So the industry has to help itself. We’ve already seen some steps with the Royal Institution of Chartered Surveyors introducing associate status that offers entry to non-graduates, to widen the access to the profession.

The lending community and the surveying industry would be wise to engage in a debate about the future of the profession. While technology has transformed the decision-making processes in lenders it can’t adequately replace detailed, professional inspections.

If the gap between reward - the fee - and risk - indemnity - widens much more it could be to the detriment of all.

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