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Warning over house prices plunge Surveyors tone down survey fears
(1 day later)
House prices could plunge in the run up to the launch of the single survey this year, a property expert has warned. Surveyors in Scotland have toned down their comments about a "flood" of houses going on sale in the run-up to the introduction of single surveys.
Janey Milligan, chairman of the Royal Institution of Chartered Surveyors, predicted a surge of properties for sale in the summer and autumn. The Royal Institution of Chartered Surveyors predicted that homeowners would rush to sell before the change comes into effect in December.
From 1 December, 2008, sellers in Scotland will have to pay for a Home Report, containing a survey, which will be made available to all buyers. However, Scottish chairman Janey Milligan admitted no-one could predict what would happen to house values.
Mrs Milligan said the new system could cause major changes in the market. Earlier, she had warned of a glut in the market and a fall in house prices.
From December, every home on the market will need to provide a home report for potential purchasers, paid for by the seller. From 1 December, sellers in Scotland will have to pay for a home report, containing a survey, which will be made available to all buyers.
People seem very wary of the single survey because it is new and may cost sellers money so they will naturally want to avoid change and sell their homes before December Janey MilliganRICS Scotland 'Some change'
It will contain a single survey showing the condition of the property and a valuation, carried out by a chartered surveyor who is a member of RICS Scotland. Mrs Milligan had predicted that the new system could cause major changes in the market, bringing a possible surge in properties for sale in the summer and autumn.
The other elements of the survey are an energy report showing how "green" the property is, and a property questionnaire - completed by the owner and detailing things like parking, disabled access and whether there is cable TV. However, speaking on BBC Radio's Good Morning Scotland programme, Ms Milligan said: "We are not saying that they will absolutely plunge, and bring a rush of houses for sale.
"People seem very wary of the single survey because it is new and may cost sellers money so they will naturally want to avoid change and sell their homes before December," Mrs Milligan said. "What we are saying is there is likely to be some change in the market, with some sellers perhaps being afraid of the changes that are coming into force on 1 December and electing to put their house on the market slightly earlier."
"This means a flood of properties on the market in the summer and autumn, pushing prices down as buyers have more flats and houses to choose from. Currently, buyers commission their own survey for every property in which they are interested.
"Scotland has been enjoying steady price increases over the last few months, outperforming London and the rest of the UK.
"But the single survey's introduction could change all that."
Sellers who market their home for sale before 1 December will not need to commission a home report even if it is still for sale after that date, as long as it has been for sale continuously.
Currently, buyers commission their own survey for every property they are interested in.
This can prove expensive if they do not secure their first choice home and have to look at a number of properties.This can prove expensive if they do not secure their first choice home and have to look at a number of properties.
The home report will contain a single survey showing the condition of the property and a valuation, carried out by a chartered surveyor who is a member of RICS Scotland.
Sellers who market their home for sale before 1 December will not need to commission a report even if it is still for sale after that date, as long as it has been for sale continuously.