Has the RICS survey plumbed new depths of daftness?

News Category: Industry News

The increasingly psychotic RICS housing market survey has made a new case for having to be booked into The Priory. Of course, it’s just our opinion, but …

 
Yesterday, it claimed that its surveyors recorded “the highest reading of vendor activity since May 2007 – the month before HIPs – whilst the rate of house price rises slowed”.


Nope, we don’t know what that means either. Nurse, over here! Quickly!


The usual baffling stuff follows about net balances, more surveyors rather than fewer surveyors seeing more vendors, as opposed to fewer vendors, outpacing more new buyer inquiries, rather than fewer … Oh, excuse us, we’re on our way to Switzerland.


But, if possible, worse follows. Apparently all these vendors (there are more of them, or fewer of them, depending on how you sort out the grammar) are rushing to beat the general election, because of uncertainty afterwards.

 
Oh, right. So this is the scenario where someone bursts into an estate agency and says: “Agent! There’s a general election on its way. I have no idea what this means so I’ve made a firm decision to sell my house immediately.” Rings true, doesn’t it?


Baffled journalists – who for some reason traditionally seem to think the RICS survey actually means something – lifted the press release wholesale, rather than examine the entrails carefully.


Politely, this is a missed opportunity. However, this is the same national press that never notices that Rightmove asking prices are roughly twice the actual prices achieved according to Nationwide, Halifax and the Land Registry.


But let’s not get diverted from RICS survey, which this week hit new heights in absurdity.


So, why on earth are sellers who are unsure of the market rushing to put their property up for sale? Why would political uncertainty push vendors to market their property before the dawn of a new era (or a future fair for all) on May 7?


Of course, EAT is delighted if there are more properties coming to the market and if there is a better balance between buyers and sellers.


But isn’t this something called ‘spring’?

The RICS UK Housing Market Survey


Article courtesy of Estate Agent Today Sign up for EAT newsletter