Few genuine shocks for property market

Andrew Rowson, partner

A response by Andrew Rowson, partner at Birmingham-based chartered surveyors Johnson Fellows on the Chancellor’s comprehensive spending review announcement.

The long awaited but feared government cuts could have severe repercussions on surveying businesses. The property market is already suffering from a lack of confidence and there are no signs of recovery due to lending restrictions by banks. Professional landlord and tenant instructions are reducing where the private sector is taking more work back in-house and the public sector will soon follow suit. The same may apply to property management where public sector pension funds may start to reduce outsourced services. Thankfully, our building consultancy department is well equipped to deal with dramatic changes in the economy as there is a good scope of work required in good and poor markets.