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Has the RICS survey plumbed new depths of daftness?

14 April 2010
Written by rosalind renshaw

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

Comments

  • icon

    Adam: NAH! That's not what is needed - it just seems that, as the whole point of the article related to RICS language that many find incomprehensible, that you would ensure that one's own description was correct and not flawed with inconsistencies...
    (Pssst - here's the surprise bit. We really all knew what the RICS was on about anyway - we just like taking the p!$$ out of their jargon ;0) )

    • 15 April 2010 16:37 PM
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    Spelling & Grammar, or a comprehension of what produced statistics mean. I know what I'd prefer. At least we have a spell check for that, an accuracy of information checker, I presume is what's needed next for some people.

    • 15 April 2010 16:12 PM
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    Adam: The Estate Agency world is no doubt deeply indebted to your clarification of these phrases. Unfortunately, they are also p!$$!ng themselves laughing at your primary school level of spelling and grammar...

    • 15 April 2010 13:19 PM
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    If you had any level of common snese you would see quite clearly what it means:
    "the highest reading of vendor activity since May 2007 – the month before HIPs" – quite clearly means that there are the most new instructions since the hip rush in may 07. Self explanatory to any one vaguely intelligent.

    and

    "whilst the rate of house price rises slowed”.

    This means that whilst there are alot more new instructions, the rate of price increases wasn't as great.

    The rate of house price rising isn't necceserily a bad thing, if they soared too much now, less people would be able to afford them.

    No wonder estate agents have a bad reputation if half of you cant even interpret this right.

    Maybe some for of regulation or at least a standard level of entry before being a fully fledged 'negotiator' is what is needed. Common sense people, common sense.

    • 15 April 2010 12:57 PM
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    These surveyors are downvaluing everthing at the moment in London, they ask for comparables I give them sold details for a house 3 doors down identical sold last month and they down value by £30k!!!

    colleys are the worst

    • 14 April 2010 10:48 AM
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    I was listening to the radio and the report stated the housing market looked good due to the number of new proiperties on the market but then straight away thated the high prices are probably a blip and prices are likely to fall! As an agent this is confusing, so how on earth do members of the public understand what is going on? This is bad and irresponsible journalism at best

    • 14 April 2010 09:49 AM
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    I think this could all be part of the RICS agenda for global domination - they are trying to create their own language - gibberish! Either that or they have spent too long cuddling up to the present Government and found some of their nonsense rubbing off on them!

    • 14 April 2010 09:47 AM
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