House Price Boom
The latest data from the Royal Institure of Chartered Surveyors (RICS) show that the UK house price boom is showing signs of slowing down. The average price of a home in the UK rose by 10.8% in the year to September, but this was down from 12.6% in the year to August.
This slowdown is being driven by a number of factors, including rising interest rates, the cost-of-living crisis, and the uncertainty surrounding Brexit. However, some experts believe that the market may have bottomed out and that prices could start to rise again in the coming months.
The slowdown in the housing market is having a knock-on effect on the property valuation industry. Valuers are finding it more difficult to get accurate valuations, as the market is becoming more volatile. This is leading to some valuers being more cautious in their valuations, which is in turn making it more difficult for buyers and sellers to agree on a price.
Despite the challenges, the property valuation industry is still a growing sector. The global market for property valuation services is expected to reach $111.7 billion by 2026, up from $87.8 billion in 2021.
Here are some of the key trends driving the growth of the property valuation industry:
- The increasing demand for property valuation services from banks, insurance companies, and other financial institutions
- The growing use of technology in the valuation process, such as aerial imagery and 3D modelling
- The increasing demand for valuations for complex assets, such as commercial properties and land