New RICS Home Survey Standard introduced

In November 2019, the RICS produced a new Professional Statement on Home Survey Standards. From June 2020 it will be compulsory to comply with the new guidance.

It’s about time too! The array of previous guidance is being replaced with one document which provides set requirements for Surveyors to comply with when providing a Survey. We regularly have clients asking us for a full structural survey, not realising firstly that it was renamed a Building Survey years ago and majorly that in most cases the lower cost HomeBuyer report is sufficient for what they need. Whilst it’s nice to be able to suggest to clients that they should pay us less as the all singing all dancing survey that they’re asking for is overkill, the new Survey types will make it far easier for clients to understand for us to explain. Rather than using terms like Condition report, HomeBuyer and Building Survey, describing them as Level 1, 2 and 3 only, will make the process far simpler for our clients and us.

Similarly, the framework within the new Professional Statement makes it much clear what is within a particular kind of Survey and what is not. Being able to reference this rather than previous convoluted documentation will make the process of choosing the appropriate level of Survey far more straightforward.

Paul Bagust, RICS Global Property Standards director, commented: “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.

Over the coming months, we’ll alter all of our documentation to comply with the new standards, well in advance of June 2020 when it becomes a requirement.

This is a great move for the Industry and one that we welcome.

Article published in November 2019