RICS launch New Home Survey Standard

The Royal Institution of Chartered Surveyors (RICS) has today, launched the new RICS Home Survey Standard, which will increase consistency, transparency, and competency across residential surveying in the UK.

The new standard aims to deliver not only increased clarity to the process but more open communication which will make sure consumers fully understand the process, the different levels of surveys and what is included in each one, and how to get the level they need.

To support the new standard, RICS will be launching new versions of the Home Survey Reports, new software and new supporting materials.

The reports have been revamped to reflect consumer feedback on the format, how the information is presented and the names of the reports to improve clarity and detail. This follows extensive consultation with members, software providers and technical working groups, to ensure that the new reports meet current market demands.

The new standard and reports will offer many benefits, including:

• the ability to highlight your findings in a way that is easily understood by your clients with the traffic light condition ratings system
• a clear report structure
• impartial assessment of a property from RICS, updated to adhere to the Home Survey Standard and ensures that maintains the benchmark for best practice
• a new design and name to make it easier for the consumer to understand

For further information about the changes, please refer to the RICS website.

How will these changes affect the HomeBuyer App?

As an affiliated software provider, CoreLogic have been working closely with RICS to ensure that our HomeBuyer App software will be updated in accordance with the latest RICS Home Survey Standards and be able to produce home survey reports in a format that is consistent and compliant with the new requirements.

Please note that CoreLogic will be announcing details of changes to the HomeBuyer App later this week. In the meantime, existing customers should continue using the App as normal and rest assured that RICS have a transitional period running until 31 August 2021. This means that until 31 August, both the old and new report formats will be acceptable.