RICS cladding guidance is ‘helping the property market’

Property professionals have given their backing to new guidance on cladding.

A webinar poll by Countrywide Surveying Services (CSS) has revealed that almost nine out of 10 property professionals believe that the latest Royal Institution of Chartered Surveyors (RICS) guidance on cladding has had a positive impact in terms of valuations and lending.

When asked if the latest RICS cladding guidance has helped, an overwhelming majority of 88% suggested that it has, with only 12% responding negatively. 

RICS issued the updated guidance for the valuation of multi-storey buildings in December 2022, which it said would bring clarity and confidence to the mortgage market.

A further poll taken during the webinar found that 42% of property professionals have noticed a market returning for flats, while 58% reporting that they had seen no difference in this area of the housing market. 

John Baguley, director of technical, risk and compliance for CSS, said: “The cladding issue has been prominent across the housing and mortgage markets for a number of years now, causing emotional and financial concern for all too many homeowners.

“Thankfully, several key developments have happened recently. From different avenues opening up to pay for remediation works, through to the latest RICS guidance which has been specifically developed to reflect the new funding streams with the intention of allowing valuing and lending to happen again.

“While it’s great to see some positive solutions emerge for everyone connected to this building safety nightmare, we - as an industry - need to continue pushing hard to ensure that anyone affected by this issue is fully aware of any current and future changes and the impact on the market for such properties.”