RICS Updates Guidance on the Valuation of New Homes and Self-Builds

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• Langue: English

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RICS Updates Guidance on the Valuation of

New Homes and Self-Builds

PR Newswire

PRESTON, England, July 11, 2012

PRESTON, England

,

July 11, 2012

/PRNewswire/ --

The Royal Institution of Chartered Surveyors (RICS) has published some

guidance on new homes and self-build projects. The "Valuation of Individual

New Build Homes Guidance" aims to increase lenders' confidence in valuations

and it has been appraised to give surveyors the information they need to

provide valuations for new and self-build properties.

Recent market feedback revealed surveyors' value new builds different to older

homes and the advice issued by RICS is intended to create a consistent

methodology to instil greater lender and borrower assurance, and stimulate

financing in the market.

The paper hopes to offer more direction than previously available and it has

taken into account changes in the market for mortgage indemnity schemes

and buyer incentives, so they do not alter how valuations are carried out. It also

addresses how stage payments for self-build projects should be factored.

Peter Bolton King, RICS Global Residential Director, said: "There have been

significant changes in the new and self build market - and a renewed range of

buyer incentives has sparked some uncertainty on if and how these should be

factored into valuations.

"This updated guidance will increase confidence amongst valuers, lenders and

borrowers in their valuations by equipping surveyors with the information they

need to carry out accurate and market consistent valuations."

The study comes at a time when Grant Shapps has announced plans for the

UK's very first self-building communities. The Housing Minister has given the

green light to seven sites across the UK that will be dedicated to self-build

homes in an effort to double the size of the self-build construction sector.

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