RICS Overhaul Home Surveys To Improve Home Moving Process
This week the Royal Institution of Chartered Surveyors (RICS) launched a new Home Survey Standard to protect buyers and sellers, while providing better clarity and transparency to consumers.
The new mandatory standard followed an industry and consumer consultation that was commissioned earlier in 2019.
With surveyors and consumers calling for more clarity surrounding home surveys, the new Home Survey Standard will increase uniformity and transparency within residential surveying in UK – while facilitating improvements in home buying and selling processes.
To meet the changing needs of the market, RICS members will have to use the new standard from June 2020 onwards which aims to ‘better protect buyers and sellers, with emphasis on consumers fully understanding the importance and benefits of commissioning a home survey before buying.’
A RICS statement ahead of the launch said:
“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.”
The new survey statement will be the sole standard for home surveys, substituting all previous guidance and statements for all levels of condition surveys in a complete overhaul.
The professional body said the new standard “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.”
Paul Bagust, RICS Global Property Standards Director, commented on their obligation to the residential property sector:
“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.”
As the Government and industry are searching for ways to modernise and improve the home buying and selling process, RICS are hoping to help radically change the process for the better with the new Home Survey Standard.
As a conveyancer, do you think RICS’ new home survey standard will benefit the sector?