The prediction of a chronic shortfall is revealed in an xit2 survey of senior figures in the housing market including lenders, intermediaries, estate agents, surveyors and solicitors.
Should HIPs be introduced, they will create the requirement for a Home Condition Report on every property being sold. Just 3% thought that there would be enough surveyors to handle this increase.
Paul Duckworth, managing director of xit2, says: “This is a remarkable response. Our feeling was that surveying numbers were low, but these results will force the market to sit up and take notice. In an already overstretched industry, this situation could create a significant delay in the marketing of properties.
“Without enough RICS qualified surveyors, the UK may be forced to follow the trend in other countries whereby building firms offer surveying services. Builders often turn to surveying to gain a competitive advantage in quoting for remedial work. However, it is likely that lenders will lack confidence in a non-RICS individual valuing the property, which will inevitably lead to a further report being conducted creating a further delay.
“One way to mitigate this deficit is an increase in lenders using automated valuation models for low LTV loans although this will only offer a solution to a small percentage of the housing stock.”