Single survey warning on house prices

HOUSE prices may plunge this year in the run-up to the launch of the single survey, a property expert warned today.

Janey Milligan, chairman of the Royal Institution of Chartered Surveyors (RICS Scotland), predicted a surge of properties for sale in the summer and autumn, as home owners raced to sell up before the single survey comes.

From 1 December, 2008, sellers will have to pay for a home report, containing a survey, which will be made available to all buyers.

"People seem very wary of the single survey because it is new and may cost sellers money, so they will naturally want to avoid change and sell their homes before December," Ms Milligan said.

"This means a flood of properties on the market in summer and autumn, pushing prices down as buyers have more flats and houses to choose from.

"Scotland has been enjoying steady price increases over the past few months, outperforming London and the rest of the UK. But the single survey's introduction could change that."

The home reports will contain a single survey showing the condition of the property and a valuation, carried out by a chartered surveyor who is a member of RICS Scotland.

They will also include an energy report showing how "green" the property is and a property questionnaire listing details such as parking, disabled access and whether there is cable TV.