Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
RICS Urges PM Burnham to Address Home Transaction Failures
The Royal Institution of Chartered Surveyors (RICS) has called on newly appointed prime minister Andy Burnham to address the issue of home transactions collapsing during his time in office. Burnham was officially appointed as prime minister on 20 July and is currently developing plans for reform.
RICS chief executive Justin Young stated that the organisation looks forward to working with Burnham's government to support practical reform across housing, infrastructure, and the built and natural environment. RICS highlighted that improving the process of buying and selling homes is a clear opportunity to make a practical difference, noting that transactions currently take an average of 120 days and that one in three transactions fell through as reported in June.
The professional body emphasised that buyers and sellers often face unnecessary costs, uncertainty, and stress due to these transaction failures. RICS expressed its readiness to assist the Burnham administration with homebuying and selling reforms as soon as possible.
Additionally, RICS welcomed Burnham's focus on council house building but warned that local authorities may require additional skills, resources, and professional support to deliver the necessary homes.
These developments are particularly relevant for UK letting agents and inventory clerks, as transaction delays and failures can impact property management, tenancy agreements, and the overall efficiency of the rental market.
Source: Mortgage Strategy