It provides a framework within which members can advise their customers on retrofit options in homes across the UK
The Royal Institution of Chartered Surveyors (RICS) has announced the introduction of a new Residential Retrofit Standard, following an eight-week consultation period.
The initiative is designed to meet the growing demand for expert residential retrofit advice, driven by rising energy costs and the UK’s net-zero objectives. It aims to establish a framework for RICS members to offer retrofit guidance for homes across the UK, thereby aiding the national effort to reduce carbon emissions in the residential property sector.
The standard is unique in its provision of a consistent, quality-assured approach for surveyors, ensuring consumers receive advice from competent, regulated professionals. The move also seeks to safeguard the public interest by maintaining high standards in an expanding market.
Feedback from the RICS Residential Property Monitor in January, which included additional questions to assess the impact of energy efficiency on market trends, revealed insightful data.
About 39% of respondents observed an increased buyer interest in more energy-efficient homes, up from 34% in June 2023. Furthermore, 43% noted that sellers were seeking a premium for such properties, with 26% reporting that poor energy efficiency was cited by buyers as a reason for lower offers. Additionally, 37% stated that homes with higher energy efficiency were retaining their value in the current market.
The launch of the new retrofit standard, RICS said, is part of its ongoing efforts to lead in sustainability and advocate for policy reforms to speed up the decarbonisation of the built environment.
Read more: RICS begins consultation on new residential retrofit standard
“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,” said Paul Bagust (pictured), head of property practice at the Royal Institution of Chartered Surveyors.
“It is clear, especially from the results of the extra questions added to our monthly residential survey, that there is a market need for a standard that facilitates quality, reliability, and consistency, 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 October 31, 2024.”
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