September 2020 Impact of COVID-19 on RICS Professionals Survey

Market activity remains static, confidence largely positive

• 63% continue to experience reduced workload since the start of lockdown
• 23% had colleagues experience redundancy
• 63% are concerned or very concerned about the impact of COVID-19 on the future
• 54% cautiously optimistic about business confidence in next 12-24 months

Our September survey of RICS professionals on the impact of COVID-19 reveals static market activity since the start of lockdown with 54% feeling cautiously optimistic about the future. A majority are working remotely and up to a quarter have colleagues potentially facing redundancy as the government furlough scheme draws to an end. Professionals surveyed across the UK reported market challenges with just over half seeing a decline in cash flow, 63% reporting decreased workload and none reporting no effects from the impact of COVID-19.

New ways of working are being developed as a response to changes brought about by the pandemic. Half of practices are delivering new innovations including:

• Desk top valuations
• Equipping their people with PPE
• Video conferencing with clients
• Investment in Microsoft Teams technology
• Instigating a remote working policy

The challenging business environment is significantly impacting the profession with 36%  feeling very concerned and 27% concerned by the business impact of the pandemic.

Longer-term confidence levels are more positive. with around 4.5% reporting feeling very high levels of confidence for the next 12-24 months.  A majority (54%) report feeling cautiously optimistic  with only 13% reporting a very low level of confidence for the next two years.

It’s a mixed picture of views on the importance of Building Back Better putting greater emphasis on sustainable development and Environment, Social Governance (ESG). Less than a quarter believe sustainability to be very important, 18% viewing it as important and 41% seeing it as not 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.

Guidance for the profession has been issued on many aspects of restarting operations after lockdown. Specific guidance and support is available for Small Businesses during this challenging time.

In September support was specifically requested for APC candidates and the next generation studying at university as well as influence with government to support the sector, the rebuilding of the UK economies and investment in infrastructure.

Supporting the next generation is extremely important and a priority for RICS. During the pandemic we have held virtual meetings with our partner universities to ensure students feel supported in their studies and our Future Talent team is providing induction programmes for surveying apprentices at colleges and universities across the country. The new Design, Surveying and planning T-Level qualification that launched this Autumn has been very popular. A DfE spokesperson said that initial target numbers had been exceeded and RICS is delivering an engagement programme for T-Level course providers to support the quality of teaching and to provide guidance on pathways into RICS.

For candidates working towards their RICS qualification we have a dedicated APC support team offering access to a series of free webinars covering all aspects of the qualification process and personal guidance from one of our candidate support co-ordinators.

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 with a focus not just on Westminster but on the whole of the UK, with an active programme of engagement with the administrations in Edinburgh, Belfast and Cardiff. In all three nations we are influencing the reimagining of our sectors in the post COVID-19 world. 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  Build Back Better by advocating a Renew, Repurpose, Regenerate strategy renewing the UK’s housing stock, repurposing of the high street and 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.