Home Surveys Buyers and Sellers can Trust

Home Surveys Buyers and Sellers can Trust

James Shelley welcomes the introduction of the new RICS Home Survey Standard.

With an initiative designed to offer better protection for house buyers and sellers whilst at the same time promoting trust in the UK’s home survey market, the RICS is once again leading the way.

With its new Home Survey Standard, which comes into effect in June 2020, the RICS is aiming to provide greater clarity and transparency in the marketplace. It is also looking to open up communication channels in a bid to ensure that buyers fully appreciate the value of a condition survey and understand the process, so they can be confident about choosing a survey that meets their needs.

The RICS has been thorough in its approach, consulting with members and a variety of industry stakeholders, including lenders, and conducting research to ascertain what consumers want to see in a condition survey. Only then, armed with the views of all involved, did the organisation go on to create a best practice benchmark that is designed to maintain consistent and high quality standards in residential property survey services.

In creating a professional statement, which sets out mandatory requirements for RICS members and regulated firms in the UK who deliver any level of residential property survey, the RICS is helping to ensure a consistent approach. It is one that not only meets changing market needs, but also helps to improve the buying and selling process.

Representing a complete overhaul, the new Home Survey Standard replaces all previous RICS guidance and publications and provides a single standard for condition-based residential surveys. The standard, which establishes a clear framework that sets minimum expectations, supports both industry and government efforts to streamline and enhance the process for people looking to buy or sell their home.

Importantly, it means that RICS professionals are well-equipped to develop services that consumers will recognise and trust. We’re also pleased to see that, in addition to the standard, the RICS has committed to developing supporting tools and materials for members and firms that offer condition-based survey services to clients.

Download the Vision Newsletter – January 2020