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TODAY'S OTHER NEWS

RICS pondering removing valuation from HomeBuyers Report

The Royal Institution of Chartered Surveyors says it is working on a revised HomeBuyer Report which will not include the ‘historic’ valuation element. 

The aim is for it to become a survey-only service to complement the Condition Report and Building Survey. 

Graham Ellis, the associate director of the residential faculty at the Royal Institution for Chartered Surveyors, has posted on the RICS website the proposal that it should become clearer that RICS Home Surveys give advice to buyers and sellers on the condition and environs of a property - but not on its value. 

“We are determined to put clear daylight between a valuation service and a survey service. As such, it now makes sense that the ‘historic’ valuation element is removed from the Homebuyer Report so that it will become a survey-only service to complement the Condition Report and Building Survey” he writes.

Ellis says the revised Homebuyer Report - without a valuation component - is being worked on and will shortly go to RICS members for comments ahead of possible implementation in the autumn. 

“In essence it will be the same as the current version but with no reference in the format and practice note to valuation matters such as the Red Book” writes Ellis.

Comments from RICS members in response to the proposal have been mixed.

Some think it a good idea but others express concern that HomeBuyer reports without a valuation may be less popular amongst purchasers who could find it confusing that they will then be charged extra for a valuation.

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    Seems to me this is just so they can charge extra for a valuation.

  • Rob  Davies

    @Hasfid Jalal - you cynical thing, you! Having said that, I do concur.

  • Richard White

    This is the process for a surveyor to assess a property value 1) Arrive at property 2) Wander about waving a tape measure with menace at the unsuspecting occupants 3) Ask the occupants what the place is worth 4) Make general noises about the market being weak regardless of evidence to the contrary 5) Sit outside in the car for a mystifyingly long period of time 5) Ring a local agent and ask them how much it's worth.

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    If the surveyor is not locally based his 'valuation' (estimated market value) could be worthless?

  • Algarve  Investor

    I take it you're not a fan of surveyors then, Richard White? :)

  • Fake Agent

    I think you're being a tad harsh, Richard. I've met good and bad surveyors, just like I've met good and bad estate agents and good and bad financial advisors. They do actually have to take qualifications to become a surveyor, so I don't think we estate agents can take the moral high ground on that front. Sometimes they can be a bit useless, but most of the time they provide a decent service.

    I'm guessing you've had only bad experiences? Or do you merely see them as unnecessary? (I appreciate your comment is probably slightly tongue-in-cheek, too).

  • Richard White

    Ohhh guys, guys do you have to take everything so literally and seriously?!? I could have trotted out the usual good and bad in all businesses, mostly good eggs, very professional, difficult job clichéd platitudes but I thought I'd gently poke fun and the noble occupation of surveying!

  • Fake Agent

    In fairness, it was thinly-veiled sarcasm. Plus, irony doesn't always translate too well on the internet - no tone of voice, no facial expressions, etc. I thought you were taking the mickey but I couldn't be sure, which is why I stepped in to defend the surveyors. I hang my head in shame.

  • Jon  Tarrey

    It wasn't obvious that you were being ironic - now, with the benefit of hindsight, yes, but at first I just thought you were laying into surveyors. You're too subtle for your own good, Richard!

    Irony, as Mr Fake points out, doesn't come across too well on internet comment sections.

    Something like 'I agree with everything you say, Richard' is obviously me being ironic, but people will take it literally if they don't know the context of our regular, good-natured disagreements.

    Anyway, where were we? Oh yes, surveyors, bunch of useless wasters, the lot of 'em!

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