01 May 2017
Property measurement is evolving especially as the industry and transactions become more international. A new standard that responds to this trend is now open for consultation. We’re urging RICS professionals to help shape this new standard: RICS Property Measurement 2nd Edition Professional Statement.
The consultation will run from 1 May to 31 July 2017.
View the Exposure Draft and respond to the consultation
The revised professional statement incorporates the International Property Measurement Standards (IPMS): Residential Buildings, the latest standard drafted by the IPMS Coalition, of which RICS is a member. As the first globally and independently benchmarked property measure, IPMS aims to harmonise measurement practices to enhance transparency and enable greater comparability across property markets.
As shown in recent RICS research on “Residential Property Measurement Practice”, measurements for apartments can vary by up to 27.17% and measurements for houses can vary by up to 58.21% depending on which measurement standard is used.
There is also a wide variance on residential measurement practice within countries including the UK. Measurements are carried out by various professionals, using varying approaches working, and can also vary according to the purpose of the instruction.
RICS Property Measurement 2nd Edition aims to professionalise global measurement practices across all building classes and provides mandatory requirements for all measurement instructions undertaken by RICS professionals.
These include stating the purposes and date of the measurement instruction together with the measurement standard adopted, reasons for departure from IPMS, and the signature of the RICS professional and RICS-registered firm responsible for the measurement instruction.
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