Home Survey Standard launched to improve home buying and selling process

A Home Survey Standard has been launched by Royal Insititution of Chartered Surveyors (RICS) this week, designed to protect home buyers and sellers in Yorkshire and Humber.

A home survey provides a thorough report of a home’s condition, highlighting any faults or urgent defects that may affect its value, but consumers often confuse a survey with a mortgage valuation – carried out in the interest of the lender – and can be unclear about the different survey levels themselves.

To help clear up confusion, the RICS Home Survey Standard will help standardise best practice and simplify survey offerings, enabling buyers to better understand and identify what type/level of home survey they need.

This will enable them to make an informed decision on their next steps, should their home survey reveal any hidden costly repairs. These steps may include negotiating a reduction in the asking price, or even withdrawing their offer if the seller refuses to lower the price or pay for the repairs.

And the Home Survey Standard will help deliver clarity and more open communication around the buying and selling process – which should benefit property transactions – and ensure consistency and transparency in the process.

RICS said it worked with members, stakeholders and established leaders’ forums to capture the views of lenders, consumers and other relevant sectors in an industry and consumer consultation to develop the Home Survey Standard. Consumer research was also conducted to identify what consumers want to see in a condition survey.

The consensus reached from the consultation highlighted a need for a professional statement – a set of mandatory requirements for all RICS regulated agents – to help ensure consistency in meeting the changing needs of the market, whilst improving and simplifying the home buying and selling process.

RICS said the new Home Survey Standard will become effective and mandatory for RICS professionals in June 2020.

Paul Bagust, RICS global property standards director, said: “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.”

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