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

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1 Page
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

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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.
With the Government urging mortgage lenders to back the self-build revolution,
look no further than
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