A recent webinar poll conducted by Countrywide Surveying Services (CSS), a leading provider of valuation panel management services, revealed that 88% of property professionals believe the latest Royal Institution of Chartered Surveyors (RICS) guidance on cladding has had a positive impact.
Only 12% responded negatively to the question, while 82% of respondents had heard of the guidance prior to the webinar, and 18% reported having no previous knowledge.
The updated guidance for the valuation of multi-storey buildings was issued by RICS in December 2022, aiming to bring clarity and confidence to the mortgage market.
A further poll during the webinar indicated that 42% of property professionals have noticed a returning market for flats, with 58% reporting no difference in this area of the housing market.
Over 400 people participated in CSS’s latest webinar, which focused on the RICS guidance and its impact on lending and valuing flats affected by potentially defective cladding.
The audience included lenders, brokers, surveyors, and other property professionals, with a panel featuring representatives from RICS, Connells Survey and Valuation, the Department for Levelling Up, Housing & Communities, and Lloyds Banking Group.
John Baguley, director of technical, risk and compliance at Countrywide Surveying Services, 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.”
