Please note, this document was reissued in May 2023 as a professional standard. It was previously published in December 2019 as a guidance note. The regulatory requirements remain the same.
The valuation of residential property for mortgage purposes is well understood, but the new-build sector is constantly evolving and becoming increasingly complex.
The aim of this professional standard is to assist RICS members in achieving a consistent approach to the valuation of new-build property. It is specifically for use in the UK, however, RICS members and RICS regulated firms in other countries may find the processes of valuation discussed helpful and adaptable to their local circumstances.
This document applies to all property that falls under the definition of ‘new-build’. This includes both property that has yet to be owned for the first time, and properties to be owned for the first time in a new form. It therefore covers property that is a new construction, a conversion or that results from a comprehensive renovation.
The property may take the form of one unit on a large, part-developed site, a one-off new home or a conversion of a former building. For all these types of property, the approach to the valuation will be broadly similar.
Published date: 01 December 2019