Hot Topics

Question 1

What are the recent changes to the RICS Global Standards UK National Supplement?

Answer 1

Changes due to the Pierra Grey Review

Come into effect 1st May 2024

For regulted purpose valuations;
- Identify responsible valuer
- Maximum contractual length of 10 years for valuers when valuing same regulated purpose
- Maximum a time sepcific responsible valuer can value the same asset is five years (unless three year break)
- Maximum term of engagment a valuer / firm can value an asset is 5 years

None of the provision apply to valuation provided exclusivly for secured lending

Question 2

What is a recent article you have read in Modus?

Answer 2

Building the Future: Race to Net Zero - Article that lead to a podcast
- Chris Skidmore, former chairman of UK Net Zero Review
- We have to reduce emissions by 68% by 2030
- Need to decarbonise our buildings
- Having a deadline gives you an impetus to work at speed
- 90% of global GDP has signed up to Net Zero in some form
- Academic and industry experts can tach us how to decarbonise by not de industrials

Question 3

Wat is the Latest Version of IPMS?

Answer 3

IPMS All Buildings
- Published January 2023
- Harmonizes the concepts and objectives into one set of standards
- RICS Property Measurement 2018 remains the guidance for measurement

Question 4

What is happening to Professional Statements?

Answer 4

Changings to Professional Standards

Question 5

Are there any new Professional Standards relating to Agency?

Answer 5

RICS has one in the works
- Property Agency, Management Principles
- Consolidates previous agency and management guidance notes

Question 6

What is RAAC? What Issues are present in the built environment at the moment?

Answer 6

Reinforced Autoclaved Aerated Concrete
- Closure of schools, theater
- Lightweight form of concrete used from 50s-90s
- Recent assessment suggest risk of collapse

Question 7

What is the Rents Reform Bill?

Answer 7

Proposes changes and reforms for Residential Lettings
- Abolition of Section 21 evictions
- Fixed Term Tenancies
- Longer notice for rent increase
- Minimum housing standards
- Wider Section 8 eviction powers
- Improved rights on pets
- New Ombudsman scheme