Don’t say valuation is the boring part of the property industry, says Lucinda Sanders, the Carter Jonas Partner who turned her back on a career as a mechanical engineer (or going into the church) to become a Chartered Surveyor, specialising in residential valuations. Here she gives her take on the residential market, what has changed in the industry and what it’s like looking around posh homes for work.
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ISSUE 03 | may 2023
“Don’t listen when agents say valuation is boring.”
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Don’t say valuation is the boring part of the property industry, says Lucinda Sanders, the Carter Jonas Partner who turned her back on a career as a mechanical engineer (or going into the church) to become a Chartered Surveyor, specialising in residential valuations. Here she gives her take on the residential market, what has changed in the industry and what it’s like looking around posh homes for work.
Lucinda Sanders
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Lucinda Sanders
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the unusual and the wonderful
After a very busy couple of years as the market, in general, took off over the pandemic, especially for houses and out-of-town properties, the mini-budget in September and interest rate rises injected caution. As a result, activity notably slowed, and there have been signs that prices are coming off.
The rush to buy homes with gardens outside of London during COVID impacted the market for flats, but we have seen a recovery, with some buyers realising a country life was not for them and choosing to move back into town.
We’ll probably have another interest rate rise, but we’re nearing the top of the cycle. Coming into Spring, I think it will be a bit more positive.
We’ve also noticed that with increasing costs, demand has shifted from ‘do-er upper’ projects to ‘turnkey’ assets.
I haven’t noticed too much caution from my banking clients due to the recent problems with a number of banks, and indeed we are still getting active instructions from Credit Suisse. However, with the notable slowdown in the market, competition for new work must be a challenge for most lenders in the current market, as mortgage approval rates have decreased.
More an observation of working practice than, say, the industry as a whole, but a big change is flexible working. When I returned from maternity leave 13 years ago, I worked part-time, and there was a stigma attached to not being full-time.
That has changed, and I think most employers now appreciate that part-time working mothers (or parents) are very productive because of having to fit a full workload into set/reduced hours.
There was the same stigma with working from home, but that has changed since the pandemic. The work/life balance particularly works for those with families.
Don’t listen when agents say valuation is boring. It’s diverse, and you get to see some unusual and interesting buildings, plus you don’t have to focus on one sector.
I started working in commercial valuation and then gravitated towards residential because who wouldn’t like looking around £10m houses in central London?
We are also getting more requests for internal reviews of all the properties on a bank’s books to check the valuations they are relying on are still in the right ballpark.
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How would you describe the residential market currently?
What are the challenges for clients?
What has changed in the industry?
What advice would you give someone looking at a career in valuation?
What career advice would you give your teenage self?
When I was at school, we did a careers test which was supposed to give us ideas of what we should do for a job, and my results included going into the church or becoming a hairdresser.
I actually studied mechanical engineering as my undergraduate degree but decided it wasn’t for me, so when a friend told me about a masters in property, I thought it sounded interesting and signed up.
So, my advice would be don’t pay too much attention to careers tests and your careers advisor and don’t worry about getting it right the first time.
As a valuer, you must see all sorts, what’s the funniest or most unusual?
It’s not unusual to value a house or flat and find people still in bed. On one occasion, there were lots of people sleeping on the floor, and we had to pick our way through without standing on anyone.
I’ve also been lucky enough to see some super prime properties, including a penthouse overlooking Hyde Park with a price tag of £150m and a Grade I listed stately home within the M25 with a string of celebrity links.
Swimming pools, Turkish baths and saunas are common, but recently I valued a property with a salt room as part of the home spa set-up.
Read more:
Flexible offices
Open Storage
Options for short-term space
The niche sector worth billions
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Aerated concrete
What is it and why is it a problem
Aerated concrete
What is it and why is it a problem
“The stigma attached to not being full-time has changed, and I think most employers now appreciate that part-time working parents are very productive because of having to fit a full workload into set or reduced hours.”
Lucinda Sanders
ISSUE 03 | MAY 2023
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