Surge in property surveys

Ian Lee, the director of Portsmouth chartered surveyors McAndrew Martin
Ian Lee, the director of Portsmouth chartered surveyors McAndrew Martin
Picture: Paul Jacobs (142476-229) PPP-140824-032155001

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DEMAND for residential and property-related surveys and services has surged over the past few weeks, according to Portsmouth chartered surveyors McAndrew Martin.

The business believes that the surge is related to the general election with a Conservative majority result.

McAndrew Martin covers Portsmouth, and specialises in many areas of property including legal services, boundary work, architectural design and building conservation.

Company director Ian Lee said: ‘We have registered a strong start to the year and have noticed market confidence grow since the election.

‘The demand for our surveys has continued to rise with a 40 per cent increase over the last year.

‘The need for fast turnaround times for reports has become more apparent as house buyers face increased competition for properties.

‘We should see the benefit of stamp duty and pension reforms in the longer term, particularly in the buy-to-let market.’

With the cost of living also at its lowest since 1960, property businesses and homeowners stand to benefit from the changes.

In a recent survey property analyst Hometrack placed year-on-year growth to March 2015 at 6.7 per cent, with the average price of a home in Portsmouth at £193,200.

Figures from the Office of National Statistics showed a 7.4 per cent increase in house prices for March compared with February; the cost of an average UK home is between £273,000 and £339,000 in the south east.

McAndrew Martin has reported increased activity in its building and construction services.

Mr Lee said: ‘The new figures are encouraging and we need to ensure that this growth is sustained through 2015 both in house building and commercial developments.’