Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.

RICS Calls on Burnham to Address Homebuying Delays and Fall-Throughs

The Royal Institution of Chartered Surveyors (RICS) has pledged to work with Prime Minister Andy Burnham’s government to support reforms to the homebuying and selling process. RICS chief executive Justin Young stated that improving the housing market should be an early priority for the new government.

According to the latest RICS UK Residential Survey, the average property transaction currently takes 120 days, and around one in three sales fell through in June. Young highlighted that buyers and sellers often face unnecessary costs, uncertainty, and stress due to these delays and failed transactions.

RICS has expressed its willingness to support the government in implementing reforms aimed at making the process of buying and selling homes more straightforward. Young also welcomed the Prime Minister’s commitment to expanding council housebuilding, noting that successful delivery would depend on local authorities having the necessary skills, resources, and professional support.

Additionally, Young emphasised the importance of attracting both domestic and international investment to meet housing and infrastructure goals. He stated that creating a business environment that promotes investor confidence should go hand-in-hand with regulatory and planning reform.

These issues are particularly relevant for UK letting agents and inventory clerks, as delays and fall-throughs in property transactions can impact rental market activity and the management of property inventories.