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Majority of property professionals say updated cladding guidance has positive impact

  • 17/04/2023
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Majority of property professionals say updated cladding guidance has positive impact
The updated guidance on cladding from the Royal Institution of Chartered Surveyors (RICS) is positively impacting the property market, property professionals have said.

A webinar poll conducted by Countrywide Surveying Services (CSS) found that 88 per cent of the 400 respondents felt the guidance had helped them. 

This refers to the announcement made in December which informed surveyors on how to assess the value of a property. This depended on certain considerations such as whether works would be needed or not, and to assume that any costs placed on leaseholders will be capped and therefore have a limited impact on the property’s value. 

Some 82 per cent of respondents had heard of the guidance before the CSS webinar. 

A separate poll conducted during the webinar found that 42 per cent of property professionals saw a return in demand for flats, while 58 per cent noticed no difference. 

John Baguley, director of technical, risk and compliance at 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.” 

He added: “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.” 

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