Index Royal Institution of Chartered Surveyors – RICS (Kthe Royal Organization of Chartered surveyors)
The index shows that the evaluators think about the real estate market in their region.
The index covers a calendar month. Questionnaire for survey of appraisers sent in the second week of the month and return at the end of the month.
Approximately 450-500 appraisers receive a questionnaire containing 10 questions relating to changes in the price of residential property sales and interest for the previous three months and expectations of the evaluators themselves: what will happen in the property market in England and Wales over the next year. Also, the questions concerned information about the number of houses sold and how many objects are on sale now.
The index covers the territory of England and Wales. Information is collected from 10 geographical regions.
The index exists since January 1978. and takes into account seasonal price fluctuations.
The source data comes from Land registry. They are weighted on the basis of long term averages. Data from the Land Cadastre, constituting 10 % of all sales and the responses received from appraisers to the Royal organization of chartered surveyors weighed and the obtained data form a “net balance” .
The index does not reflect the opinion of the appraisers regarding the rise or fall of property prices in England and Wales, and the index relates the share of growth forecasts and the proportion forecasting a fall. So, if 10 percent of appraisers predict a rise in property prices, and 20 percent predicting a fall in prices, the index shows a 10% chance of dropping.
The figures also show how much real estate is for sale currently, how many potential buyers available in the real estate market and for the specialist, the index can give a good idea of what the situation on the real estate market in the UK currently, and what are the prospects for price movements in the market.
Skepticism about the index is based on the fact that it reflects the mood of the evaluators, that is, the formation index, a large proportion of emotions present in the real estate market in the UK.
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