The guidance will ensure that surveyors carrying out valuations for new and self build properties follow a consistent methodology – instilling greater lender and borrower confidence and stimulating the flow of financing in the property market.
The paper has been adapted to reflect and ensure that recent market changes in buyer incentives and mortgage indemnity schemes such as the Government’s NewBuy scheme do not radically alter how valuations are carried out.
Peter Bolton King, RICS Global Residential Director, commented:
"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."
Have your say on this story using the comment section below