Today, The Royal Institute of Chartered Surveyors (RICS) has launched a consultation involving both property professionals and consumers which will run until the 28th July 2019.
Changes will become mandatory for surveyors
This consultation is intended to review the existing home survey and propose changes that will improve the standard of surveys available to homebuyers. If accepted and implemented, these new standards will become mandatory for all property surveyors.
Homebuyers need better clarity when choosing a survey
Data available indicates over the past 10 years, 75 per cent of buyers who bought a home had a survey, of these 21 per cent are uncertain about which type of survey report they had carried out.
The need to educate homebuyers is one of the main drivers for this consultation. The RICS realise that there needs to be greater clarification about the various surveys available and why and how they differ from mortgage lenders valuations.
Changes proposed within the consultation process are to include surveyors being responsible for explaining the detail of the product and levels of service and how they differ to consumers, so that they feel informed to make the appropriate survey choice.
One, two three levels for surveys
There is also a proposal to change the naming of surveys to a number based system – with levels one to three for each category.
RICS global property director, Paul Bagust, said: “As part of our commitment to promote and enforce the highest standards in the residential sector, we are now leading an extensive public consultation to deliver a standard which ensures transparency, consistent competence and high level of service as expected from RICS professionals.
“Attaining the highest professional and ethical standards is vital to provide consumers assurance that work undertaken by home surveyors meets these standards.”
https://consultations.rics.org/consult.ti/HSS_consultation/consultationHome
