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RICS pondering removing valuation from HomeBuyers Report

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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