RICS launch new mandatory Home Survey Standard
RICS this week launch the new mandatory RICS Home Survey Standard, following an industry and consumer consultation held earlier this year.
The new standard will better protect buyers and sellers, with emphasis on consumers fully understanding the importance and benefits of commissioning a home survey before purchasing a property, as the process and language has undergone simplification and survey offerings are standardised.
Upon calls from surveyors and consumers for more clarity in home surveys, the new Home Survey Standard will increase consistency, transparency and competency across residential surveying in the UK. The updated standard aims to deliver not only clarity to the process, but more open communication which will greatly benefit property transactions and will make sure consumers fully understand the process, the different levels of surveys, and get the level they need.
As part of the review, RICS worked with members, stakeholders and established leaders’ forums to capture the views of lenders, consumers and other relevant sectors. Consumer research was also conducted to identify what consumers want to see in a condition survey.
The consultations concluded on the need for a professional statement – a set of mandatory requirements for all RICS members. The statement will ensure consistency in meeting the changing needs of the market whilst improving the home buying and selling process.
Published on 18th November 2019, the professional statement will become effective and mandatory for all RICS professionals in June 2020. The statement will be the sole standard for home surveys, replacing all previous guidance notes and statements for all levels of condition surveys in a complete overhaul.
The new professional statement aims to provide a clear, flexible framework within which RICS professionals can develop their own services that consumers can trust, simplifying the home survey process for all.
With both government and industry seeking ways to streamline and improve the home buying and selling process, RICS hopes to facilitate real change with the new Home Survey Standard.
Paul Bagust, RICS Global Property Standards Director, commented:
“As part of our commitment at RICS to promote and enforce the highest standards in the residential sector, we’ve worked with consumers, cross-industry stakeholders and practitioners to improve the home buying and selling process for all.
The complete overhaul of home surveys with our new Home Survey Standard will bring vital standardisation and clarity to the process, where RICS professionals can work effectively to meet the changing needs of the market.”
Kindly shared by Royal Institution of Chartered Surveyors (RICS)