Interview With a RICS home Surveyor (UK)

Please visit a job interview with Charles Dixon - a RICS surveyor with more than 26 experience in the market. Charles provides some in-depth information of great importance and relevance to United kingdom property traders together with a meaning of what 'value' means today present day valuation techniques research tips their own ideas around the property market regulating the home industry plus much more:

1) Are you able to explain a little regarding your background?

I've labored within the property world since graduation from Reading through College in 1976 initially within the South Midlands and East Anglia, as well as the last 26 years within the The West including Cornwall, Devon, Somerset and Dorset.

2) What's your meaning of 'value' in the present United kingdom property market?

This is actually the non-technical answer: the United kingdom property marketplace is a largely open and free market comprised of 1000's of person transactions produced by people and organisations with wide-varying objectives. A totally free flow of knowledge on the market is important in telling the choices behind individuals transactions. The web has dramatically changed the supply of knowledge on transactions and it has managed to get available to everybody whereas before only people in the market had similarly info. It has enabled a lot more individuals to join the home possessing community. Value is exactly what one individual pays to a different for any property and, if value isn't to become altered, both sides should be knowledgeable and acting within an arms length relationship.

3) Will it be fair to state that many surveyors take a conservative take on its valuation of property because of the uncertainty from the market?

Surveyors base their assessment of worth not just on comparable proof of similar transactions but additionally on their own assessment of market sentiment from everyone, the level of qualities available and being exchanged not to mention many exterior factors that bear around the people undertaking a house transaction - for instance: the overall condition from the economy, rates of interest, taxation guidelines etc. If surveyors take a conservative view, this will reflect a conservative approach that parties take in actual discussions and transactions and reflecting the uncertainty from the market which they form part.

4) Nearly all traders reading through this are house purchasers Body difficulty which has emerged consequently from the low market activity is the opportunity to obtain comparable offered data. Do you know the best steps that may be carried out out of your perspective?

Data on property transactions can be obtained through many free websites and thru the Land Registry. Statistics on trends can also be found free of the Department for Towns and Municipality and indices on house cost actions from Halifax Bank and Countrywide Building Society. You will find also subscription websites giving additional data which further understanding about local marketplaces (for example 'Hometrack'). Agents are usually prepared to assist with info on transactions within their area as long as they are contacted respectfully and they're not restricted from giving info on a transaction by discretion. The present scenario is significantly better for individual traders than ever and with time chances are it will improve further using the further growth and development of the web. However, if you will find so couple of transactions once we are presently going through, it is not easy find comparable evidence. This can be a difficulty for professional Valuers around everyone. It requires deals to become completed to establish the marketplace. During these conditions traders might be taking greater risks his or her choices are less knowledgeable. Property transactions haven't been risk-free also it might be that, following a lengthy duration of an increasing market before recession, many people grew to become too complacent and assumed their property transactions couldn't fail.