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RICS consultation on a proposed new mandatory Home Survey Standard
It’s been reported recently that The Royal Institution of Chartered Surveyors (RICS) has launched an industry and public consultation on the proposals of a new mandatory Home Survey Standard.
The RICS hopes that the new statement will deliver a new best practice standard to improve the home buying and selling process and enhance consumer confidence.
The proposed changes aim to better protect buyers and sellers by ensuring they fully understand the importance and benefits of commissioning a home survey.
RICS worked with industry to create the proposed new mandatory standard and plan to make it simpler for consumers (homebuyers and sellers) to understand the different surveys on offer and what each of them checks, together with the level of service delivered by its members.
The aim is to make sure there is a level of consistency in the types of survey offered. They say that the changes have been made in response to a changing market place, updated technology and consumer needs.
This is a really helpful and positive move by the RICS, as we find that so often clients are unsure of what survey or valuation to pay for and can be driven by the cost rather than the need. Greater clarification and understanding of what they contain and how that can be of benefit, is a hugely desirable step forward.