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Property Professionals Applaud RICS' Latest Cladding Guidance

Property Professionals Applaud RICS' Latest Cladding Guidance

A recent survey conducted during a webinar hosted by Countrywide Surveying Services revealed that an overwhelming 88% of property professionals believe that the Royal Institution of Chartered Surveyors (RICS) has positively impacted the industry with its latest guidance on cladding. The guidance, issued in December 2022, is intended to bring clarity and confidence to the mortgage market.

As reported by Property Industry Eye, the survey, which engaged over 400 participants, including lenders, brokers, surveyors, and other property professionals, shed light on the industry's perception of RICS' guidance and its effects. It's noteworthy that 82% of respondents were already familiar with the guidance before the webinar, indicating a high level of awareness within the industry.

The webinar, which focused on RICS' guidance and its implications for valuing and lending for flats affected by potentially defective cladding, brought together key industry figures, including Ben Elder, Global Director of Valuation at RICS, and representatives from the Department for Levelling Up, Housing & Communities, and Lloyds Banking Group.

In addition to the positive reception of RICS' guidance, the survey also provided insights into the housing market. According to the responses, 42% of property professionals have noticed a market returning for flats, while 58% reported no significant change in this sector of the housing market.

John Baguley, Director of Technical, Risk, and Compliance at Countrywide Surveying Services, expressed the importance of addressing the cladding issue in the housing and mortgage markets, which has caused concerns for homeowners for several years. He highlighted recent developments, including funding avenues for remediation works and the new RICS guidance, designed to reflect these funding streams and facilitate valuing and lending for affected properties.

Baguley stressed the need for continued efforts within the industry to ensure that all parties affected by the cladding issue are well-informed about current and future changes and their impact on the market for such properties. The industry's commitment to addressing this complex issue remains crucial to providing support and solutions for homeowners and property professionals alike.


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