RICS: £8500 residential property valuers across the UK can meet demand
The Royal Institution of Chartered Surveyors has hit back against claims that the current residential property valuation delays of up to five weeks are being caused by insufficient numbers of valuers.
They insist there are 8500 residential valuers registered in the UK and the reasons for the valuation backlogs go much deeper than a shortage of surveyors.
A statement on the RICS website says: "A great number of valuers have been subject to unsubstantiated negligence claims from lenders, an insignificant number of which actually go to court. These have forced many insurers to greatly increase premiums for Professional Indemnity Insurance (compulsory for all valuers).
"In tandem with this, the amount valuers are paid per valuation by the company panels concerned has reduced to such an extent in recent years that the expenditure involved in carrying out a job often outweighs the reward and the risks which are forced onto the valuer."
June 27, 2013
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