The latest guidance on cladding by the Royal Institute of Chartered Surveyors (RICS) is having a positive impact on the property market, property experts say.
A webinar survey conducted by Countrywide Surveying Services (CSS) found that 88% of 400 respondents found the guidance helpful.
This refers to an announcement made in December that informed surveyors on how to assess property values. This depends on certain considerations, such as whether work is required, and assumes that there is a cap on the cost to the leaseholder and therefore a limited impact on the value of the property.
About 82% of respondents had heard about guidance before the CSS webinar.
Another poll conducted during the webinar found that 42% of real estate professionals said demand for apartments had recovered, while 58% didn’t notice a difference.
John Bagley, director of technology, risk and compliance at CSS, said:
“Thankfully, there have been some important developments recently. We have diversified the flow of new funds from the various avenues opened for the payment of restoration work, with the intention of re-enabling valuations and lending. All the way to the latest RICS guidance developed specifically to reflect.”
He added: “It’s great to see some positive solutions for everyone involved in this building safety nightmare, but as an industry, we hope that those affected by this issue are willing to make changes now and in the future.” We must continue to work hard to be fully aware and the impact of such properties on the market.”
Shekina is a commercial editor at Mortgage Solutions. She has over 4 years of experience in her B2B publishing market and has previously worked in industries such as accounting, pets, funerals, hospitality, retail and jewelry trading. She now reports on current events in the mortgage market and liaises with financial clients to create sponsored content. Follow her on her Twitter at @ShekinaMS.
