This week the RICS has launched their new Home Survey Standard. It follows a consumer and industry-led consultation earlier in the year and aims to protect buyers and sellers better. There is an emphasis on the consumers being able to fully understand the benefits of commissioning their own Home Survey before committing to purchasing the property. The process and language used has been made simpler and the surveys more standardised.
Surveyors and consumers have been asking for more clarity with home surveys, so the new Home Survey Standard will hopefully increase the transparency, consistency and competency of residential surveys. The new system will offer more communication which will help customers understand the process further and get what they need from the different levels of surveying.
RICS worked alongside members and industry leaders to capture the opinions of consumers and lenders to get the most relevant and constructive feedback. Consumer research also played a key role in finding out how to improve the consumer experience. A professional statement was issued in November to provided consistency across the UK market to improve the property buying and selling processes.
The statement will become mandatory by June 2020, and will be the sole standard for all UK home surveys, replacing all previous statements. It aims to help simplify the home survey process for all consumers, especially First Time buyers, who often need the most help to understand the home buying process.
“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.” Paul Bagust, RICS Global Property Standards Director.
Read more about What First Time Buyers need to know.
What is the difference between a Valuation and Property Survey?
Contact Richard with any further questions you have about Property Surveying in Cornwall.