The survey of lenders, intermediaries, estate agents, surveyors and solicitors predicts a chronic shortfall with only 3% thinking there will be enough surveyors to handle the increased workload created by HIPs.
Paul Duckworth, xit2 managing director, says: “These results will force the market to sit up and take notice. In an already overstretched industry this could create significant delays in the marketing of properties.”
xit2 fears that without enough RICS-qualified surveyors the UK may be forced to follow other countries with building firms offering surveying services. Lenders could lack confidence in non-RICS valuers.
Duckworth adds: “One way to mitigate some of the deficit would be lenders using more automated valuation models for low LTV loans.”