RICS seeks membership views on updated cladding valuation standard

The updated RICS professional standard will be aimed at RICS members carrying out valuations for secured lending purposes on residential blocks of flats. It will reflect major changes in fire safety regulation, Government guidance and leaseholder protections introduced since the publication of the first edition back in 2021.

The revised standard will provide clear and proportionate criteria to help valuers identify, during a standard valuation inspection, when remediation works related to external wall systems are likely to materially affect a property’s value. It’s purpose-designed to support greater consistency and confidence in valuations.

Nigel Sellars, senior specialist in valuation and investment at the RICS, said: “As legislation and industry understanding around building safety continue to evolve, it’s essential that valuers have up-to-date and practical guidance. This revised standard has been developed by a cross-industry Expert Working Group and seeks to provide clarity where it’s most needed. We’re encouraging all members and stakeholders to review the draft and share their insights.”

The consultation is running for six weeks. The RICS is seeking feedback on the clarity of the updated criteria, the structure and usability of the guidance and any technical areas that may need strengthening.

Responses will be reviewed by the Expert Working Group and the RICS, with the final version due for publication later on in 2025.

*Access the RICS consultation document in full online