NEW BENCHMARK FOR HOMES SURVEYS SET FOR 2021
The Royal Institution of Chartered Surveyors (RICS) is set to introduce the new Home Survey Standard from March 2021, in what is set to become the ‘best practice benchmark in promoting and enforcing the highest standards in the residential sector’.
RICS reports: “In April 2019, RICS launched an industry and consumer consultation following an extensive review of existing guidance, which identified the need for a professional statement with a set of mandatory requirements for RICS members and regulated firms”.
“The resulting RICS Home Survey Standard is a fit for purpose standard for RICS members and regulated firms and delivers to current market needs. It is designed to significantly increase consistency, transparency and competency across all residential surveying in the UK and will be the single standard for condition-based home surveys. The concise mandatory requirements establish 'benchmarks' around which firms can design and deliver services that not only meet their clients' needs but that the public can recognise and trust.”
Andrew Smith, Managing Partner at Smith and Sons commented: “The introduction of the new Home Survey Standard by RICS is an important development which gives us all a unified platform from which to work. It’s vital that we maintain a consistent approach and are able to benchmark our service delivery model against a set of industry-wide guidelines.”
The introduction of the Home Survey Standard has been delayed due to Covid-19 and moved back from December this year to March 2021.
Andrew continued: “This extension of the timeframe gives us some flexibility and time to prepare for the changes ahead. Our industry is incredibly busy lockdown with factors including the Stamp Duty holiday further encouraging and driving sales”.
“We welcome this development and will be introducing new practices form March onwards, at which point we will update our clients further.”