NEWSbeat


PROFESSIONAL BODIES RICS first Associate graduates


RICS has announced the first six people to qualify as Associate members in the residential property management sector. Launched in June, the


residential property management qualification represents the first time that those operating in the field have had the chance to join RICS. Members of the Institute of Residential Property Management (MIRPM) can gain direct entry to RICS’ Associate level and the first to qualify are Alison Mooney, Tim Josh, Robert Dean, Rittu Pannu, Sara Izzard and Sarah Hammond. The new residential property management pathway has seen a record number of applications being received, resulting in the highest


MARKET COMMENT The housing supply conundrum


Marcus Whewell, CEO of The Guild of Professional Estate Agents, reports that according to a


new study published on 30th August*, the National Housing Federation (NHF) finds that “the chronic under-supply of homes” risked locking an entire generation out of the housing market in England, predicting further falls in home ownership rates “to just 68 per cent over the next decade” and even higher rents. Yet, writes Marcus, according to


Rightmove, we are faced with over 1.3 million homes for sale in the UK, and over 70 per cent of properties that were marketed at the start of the year remain unsold. So what is really going on? It is true that the construction of


new builds are at about half the levels of three years ago – and it is likely that a different mix of housing stock will be required as people’s life expectancies increase and with more single households. The government has responded to this by making thousands more


8 OCTOBER 2011 PROPERTYdrum


acres of public land available for building and is investing £4.5bn in lower-cost homes via the affordable homes programme. Yet some developers are now focusing on more expensive properties as one and two bedroom flats remain unsold in city centres, so something is ‘out of kilter’. In reality, there are


simultaneous problems on both the demand and supply side. Given the difficulties of raising deposits and obtaining mortgages, developers worry that they won’t be able to sell new homes because potential buyers will not be able to raise the finance. The dilemma is therefore how to escape this damaging cycle, of restricted supply leading to high prices, which then leads to curtailed demand, resulting in unwillingness to build. The rate of home ownership in England according to the Oxford Economics Report* was over 72 per cent in 2001, but this has fallen steadily to its current rate of 67 per cent and is expected to reduce further as house prices start to rise once again. Rents are also expected to increase by up to 20


per cent over the next 5 years, so young people undoubtedly face an uncertain time in the property market. Yet we must be careful not to


‘pigeon-hole’ everyone into the image of a ‘frustrated buyer’; many young people are actively choosing to rent as it affords them more flexibility in employment, they enjoy the social aspects of sharing a property, or can simply call the landlords whenever something goes wrong. On the continent, home ownership is far from the norm and maybe our obsession with being owner- occupiers has helped contribute to the current malaise.


In summary, the UK will need both a thriving purchase and rentals market given future demographics and the key to that is almost certainly confidence – so the passport to success is for more transactions, more stability, intelligent strategies, and higher standards across the industry.


*Oxford Economics Report on the NHF website at, www.housing.org. uk/news/housing_market_crisis_ as_home.aspx


number of people qualifying first out of all AssocRICS specialisms. David Dalby, RICS


Residential Professional Group Director, commented, “The new residential property management Associate qualification is a huge step forward for the sector. It represents an opportunity for those operating in the field of block management to demonstrate their professionalism, in a largely unregulated sector of the industry. It will also provide a first step for those with aspirations of becoming a Chartered Surveyor.” Robert Dean AssocRICS,


Commercial Manager, Braemer Estates, Cheshire, said, “I was motivated to seek the new Associate qualification, as it represented a significant milestone towards the ‘gold standard’ of chartered status.


I was pleased that Associate recognises an alternative route to RICS membership, this fits our organisation well, as we have a number of individuals who are keen to progress their career but not through the traditional routes. I have been using my designation on letters and emails and I am signing my name with pride.” Ritu Pannu AssocRICS, Senior Property Manager, Arkleygate Property Management, Hertfordshire, commented, “I work closely with other professionals and it quickly became clear that to advance further as a fully rounded property manager, I needed to become professionally qualified. “Achieving the AssocRICS qualification shows my clients and others that my experience, qualifications and professionalism have been recognised.”


AUCTIONS


Insurance as the hammer drops


A new agreement enables buyers to put property that has been purchased at


auction ‘on risk’ immediately. The commercial property


insurance broker Cadogan Keelan Westall has recently joined forces with Network Auctions to offer buyers access to cost effective, best of breed insurance cover within minutes of the hammer falling. As part of this first-of-a-kind


arrangement, Cadogan Keelan Westall representatives will attend auctions held at Network Auctions’ National Auction Room in Hatfield, Hertfordshire, where they will be able to advise buyers on all aspects of their insurance requirements and help to ensure that their properties are adequately protected from day one. Network Auctions’ Director


Toby Limbrick comments, “Buyers don’t always realise that it is their responsibility to insure property from exchange of contracts. As a binding contract happens at auction on the fall of the hammer, it is important to be able to put a property ‘on risk’ immediately.” He continues, “By working


with Cadogan Keelan Westall, Network Auctions is able to offer buyers access to a facility, in the auction room, that allows a property to go ‘on risk’ within minutes of the hammer falling and the sale being made.” Darren Coldspring, Business


Development Manager at Cadogan Keelan Westall says, “Joining forces with Network Auctions will help establish Cadogan Keelan Westall in a previously untapped market. As the only property insurance broker attending the events, it creates a potentially huge new business opportunity for us. We look forward to a long and mutually beneficial relationship between our two businesses.”


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