What’s does the future hold for surveying?

Agenda Current market trends Future market trends Properties and the need for surveys What do consumers want and need?

What are the current market trends?

The economy

Property prices

Demand vs supply drives house prices

Effect of mortgage availability on transactions

Transactions are recovering

Help to Buy ‘turned the market’ - not prices

Current Trends Property market has ‘turned’ Prices have recovered in some areas to 2007 levels, but still a long way to go for most areas – Especially to keep up with 3% annual inflation Transactions are recovering – More important from the industry’s perspective Help to Buy relationship with driving up prices and evidence of a ‘housing bubble’ yet to materialise

Future market trends

Price disparity is a key issue Property prices may not keep up with inflation in the future Potential issue for those who own outright

Will transactions recover? Transaction growth may continue and return to pre 2007 levels Rental market with the real growth (LT/ST)

Understanding the future is crucial

Where is your business?

Who is moving?

The need for surveys

English Housing Survey In 2012, 4.9 million dwellings (22%) failed to meet the decent homes – PRS non-decent homes 33% – Owner occupied homes were 20% – Social rented sector had the lowest 15%

Ageing population & housing stock

Surveys are now critical to all

Easy to read reports are essential

Changes to consider Ask the question throughout the report:- ‘So what?’

Ask who is your consumer/public? First time buyers People trading up People trading down Property investors – Traders – Buy to let Tenants

How can you adapt your services, expertise and contacts to them? One person ‘on the buyer’s side’ – But, you only do one part of a house survey Why not:- – List all the things that need checking Drain, electrics, gas, – Offer to check the guarantees – Offer to have them all checked on the same day? Meet with the client to build a lifetime rapport? What can you do to liaise on the client’s behalf with legal companies and lenders?

Summary Market is recovering – May not reach previous transaction levels There is and won’t be an ‘average’ market anymore Essential to be seen as ‘local property expert’ Target marketing and expanding your services is needed – Customers should be a ‘lifetime’ relationship