The increased level of demand for properties in the United Kingdom, particularly London, is placing a number of professionals and industries under pressure. The need to provide as many properties as possible means that there is a lot of work to be had in construction industries, but this may mean that some work is not carried out as effectively or as efficiently as hoped for. This places additional pressure on professionals such as surveyors to ensure that work is up to standard.
On the whole, this is positive news for the surveying industry, and surveyors in London in general, but there is a need to ensure that high standards are maintained. With many industry experts now referring to the housing shortage as a drought, there is a huge need to ensure that there is as much affordable housing on the market as possible.
The lack of affordable housing across the country is one of the biggest issues facing Britain today. It is believed that in close to 60% of local authority areas, there is fewer than 1 in 10 properties being made available to couples with children whose family income is regarded as being comparable to the average wage in the United Kingdom. The situation is even worse for a single person looking for a property that is comparable to the average wage.
While it can be argued that this form of analysis may be for from being the most scientific review of the UK property market, it does give an initial insight into some of the problems that people face when looking for a home.
As you would expect, the lack of affordable housing is an issue in London, with a report suggesting that there were fewer than 100 homes of an affordable nature in the English capital, for both couples with children and singles. The fact that different social groups are affected by the lack of housing is worrying as this means that there is likely to be a continuing long-term trend with respect to these issues.
Some benefits of being single while looking for a home and mortgage
One thing that is notable from mortgage lenders, and something which may have a positive impact on the individuals buying a home, is the fact that many mortgage lenders seem happy to provide individuals with a higher multiplier. This is based on the fact that it is believed that individuals will be likely to increase their income over a number of years.
Mortgage lenders are far more likely to provide an optimistic level of lending to people who show potential with respect to their long term earnings.
On the surface, the level of demand for properties shouldn’t really impact on the level of work carried out by surveyors in London but the high level of pressure placed on the property market in the capital means that there is an impact on everyone working in the industry.
There is a need for buyers and financial institutions to have a greater level of confidence and assurance in the work that is being carried out. If there is a higher level of new buildings being constructed, it should stand to reason that the buildings are of a higher standard and quality.
This will be the case for the vast majority of new homes that are built but given the high level of demand, there may be some issues and concerns with certain parts of the building work. This is where it is vital that sufficient checks of a high enough standard are in place to ensure that new builds, and any buildings that are being bought, are up to the expected standard of the value of the property.
The rise in the value of property in London owes a lot more to the level of demand for the property as opposed to being indicative of the actual value and merit of the property in itself. This is why it is even more important that a surveoyer in london like these guys are properly evaluating properties, ensuring that homes are in a good enough condition for the amount of money that is being paid.
Not everyone has been benefitted from the rise in property value and increased demand in the London property market, but there are some industries which have benefitted and played a strong role in the current property market.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 8 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.