RICS Seeks Member Views on Updated Cladding Valuation Standard

The Royal Institution of Chartered Surveyors (RICS), will launch an online consultation on Monday 14 July, on the second edition of its valuation standard for ‘Secured lending valuation of properties in multi-storey, multi-occupancy residential buildings with cladding’.

The updated RICS professional standard will be aimed at RICS members carrying out valuations for secured lending purposes on residential blocks of flats. It will reflect major changes in fire safety regulation, government guidance, and leaseholder protections introduced since the publication of the first edition in 2021.

The revised standard will provide clear, proportionate criteria to help valuers identify, during a standard valuation inspection, when remediation works related to external wall systems are likely to materially affect a property’s value. It is designed to support greater consistency and confidence in valuations.

Nigel Sellars, RICS Senior Specialist in Valuation and Investment, said:

“As legislation and industry understanding around building safety continue to evolve, it’s essential that valuers have up-to-date, practical guidance. This revised standard has been developed by a cross-industry Expert Working Group and seeks to provide clarity where it’s most needed. We’re encouraging all members and stakeholders to review the draft and share their insights.”

The consultation will run for six weeks. RICS is seeking feedback on the clarity of the updated criteria, the structure and usability of the guidance, and any technical areas that may need strengthening. Responses will be reviewed by the Expert Group and RICS, with the final version due for publication later in 2025.

The full consultation may be found at this link.

ENDS

About RICS

We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

Our work with others provides a foundation for confident markets, pioneers better places to live and work and is a force for positive social impact.

For more information:

Kris Hicks
Khicks@rics.org

press@rics.org