October 2020 Impact of COVID-19 on RICS Professionals Survey

Brexit and second lockdown impact of COVID-19

• 36% concerned about impact of Brexit of business environment for 2021
• 46% are concerned or very concerned about the impact of COVID-19 on the future
• 47% cautiously optimistic about business confidence in next 12-24 months

Our latest survey of RICS professionals on the impact of COVID-19 also sought insight on the impact of Brexit due to be in force from January 2021. Our data reveals that just over a third of respondents are concerned about the impact of Brexit on their business with 46% concerned or very concerned about the impact of COVID.

Longer term confidence is a little lower than previous months. An equal number (47%) are concerned or cautiously optimistic about the business environment for the next 12-24 months. This data was captured before the confirmed announcement of a further period of lockdown throughout November but all the signs pointed to it and have clearly affected optimism.

Data on market activity improved slightly with 47% reporting decreased workload compared to 63% in September. Those with colleagues potentially facing redundancy as the government furlough scheme draws to an end remains static at around 23%. Only 3% surveyed reported no effects from the impact of COVID-19.

It remains a mixed picture for views on the importance of Building Back Better putting greater emphasis on sustainable development and Environment, Social Governance (ESG). Only 15% believe sustainability to be very important, 18% view it as important and 30% don’t see it as a priority.

Through this regular monthly COVID-19 survey of the profession we seek to gain insight into the experience of chartered surveyors from different sectors of the industry across the UK and to provide support in areas of concern.

In October feedback was received about concerns over surveying safety, access to PPE and frontline staff requiring extra time to undertake inspections.

Guidance for the profession has been issued on many aspects of restarting operations after lockdown in respect to social distancing and surveying safely. Specific guidance and support is also available for Small Businesses during this challenging time.

Our government advocacy has been more important than ever during the pandemic to ensure that we influence on matters of strategic significance to the UK economy. Our meetings with Ministers and senior officials continue. Our priority is to support the profession with RICS placing an emphasis on housing supply, town centre and high street renewal and sustainable infrastructure. We are influencing the Government’s Build Back Better by advocating regenerating our infrastructure to offer sustainable recovery from the pandemic and development of greener more vibrant communities for the longer term.

Further information on our ongoing government advocacy activity can be found here