THE Royal Institution of Chartered Surveyors (RICS) has launched a new Residential Retrofit Standard to meet demand for ‘high quality’ advice on the topic.
The standard has been developed by a team of experts and will provide a framework within which RICS members can advise customers on retrofit options in homes across the UK.
The standard aims to ensure that consumers receive advice from skilled, regulated professionals. It is intended to be applied and understood across the residential sector and is said to be the only one of its kind designed to support surveyors and provide assurance to both consumers and lenders.
A series of extra questions were included in the RICS Residential Property Monitor in January to gauge the impact of energy efficient properties on market trends. When respondents were asked if they had seen greater interest from buyers in homes that are more energy efficient, 39% said they had noticed an increase in demand, which is an increase on the 34% when this question was asked in June 2023.
Furthermore, 43% stated that sellers were looking to attach a premium to homes that are more energy efficient, while 26% reported seeing buyers highlight poor energy efficiency as a reason for making an offer below asking price. 37% revealed that higher energy efficient homes were holding their value in the current market.
Paul Bagust, RICS head of property practice, commented, “As homeowners increasingly look to explore ways to retrofit their homes to improve energy performance, it is critical that advice is given by a highly qualified professional. It is clear, especially from the results of the extra questions added to our monthly residential survey, that shows how the importance of energy efficient homes is increasing, that there is a market need for a standard that facilitates quality, reliability and consistency and provides a foundation for professional indemnity, and the RICS Retrofit Standard does just that.
“This fully comprehensive standard will be rigorously upheld by RICS and has been designed to be used and understood by a broad range of professionals in the industry. We are asking for the recommendations in the standard to be implemented by the 31st October 2024.”
