The Royal Institution of Chartered Surveyors (RICS) has called on Prime Minister Andy Burnham to make improvements to the homebuying and selling process an early priority for his new government. Responding to Mr Burnham's recent appointment, RICS Chief Executive Justin Young stated that the current system leads to unnecessary costs, uncertainty, and stress for both buyers and sellers, with transactions taking too long and too many failing to complete.
According to the latest RICS UK Residential Survey, the average property transaction currently takes approximately 120 days to complete. Compounding this, around one in three property sales fell through during June, highlighting a significant issue within the market that causes considerable frustration and financial strain for those involved.
Mr Young emphasised that improving the efficiency and reliability of property transactions presents a clear opportunity for the Prime Minister to deliver tangible benefits to the public. RICS has pledged its support to the government in implementing reforms aimed at streamlining the homebuying and selling journey, making it more straightforward for individuals.
Beyond transaction reforms, RICS also welcomed Prime Minister Burnham's commitment to expanding council housebuilding. However, Mr Young cautioned that the success of such initiatives would hinge on local authorities being equipped with the necessary skills, resources, and professional backing to bring new homes to fruition. He underscored the importance of securing both domestic and international investment to meet broader housing and infrastructure ambitions.
To foster this investment, Mr Young highlighted the need for a business environment that instils confidence. He argued that regulatory and planning reforms, coupled with clarity for investors, are crucial drivers not only for housebuilding but across the entire built environment sector. This approach, he suggested, would ultimately lead to greater results and progress.