Topical Flashcards
What are the key aspects of the Renters Rights Bill?
Formerly Renters Reform Bill under previous Tory UK Government.
Abolition of S.21 no-fault eviction notice
ASTs to become AT periodic tenancies with no fixed term and no rent in advance or bidding wars
Rental tribunal for increases
Increase to S.8 notice periods
Tenants protected for 12 months, LL serve 4 months notice thereafter in accordence with S.8 grounds
What are the proposed changes to EPC regulations?
Minimum C for all privatley rented domestic units by 2030
Minimum C for all privately rented non-domestic units by 2028, increased to B by 2030
Under UK Gov ‘Warm Homes Plan’
Standard Assessment Procedure (SAP11) to be replaced by Home Energy Model (HEM) to model real energy consumption and low-carbon tech
£15k spend on improvments = non-compliance, 10 year exemption granted
Affordability expemtion reduced to £10k, based on low rents / council tac bands
Who was elected as the prime minister of Canada?
Mark Carney
What happened at the 2024 Autumn Budget?
From April 2026, it would restrict the inheritance tax relief available for agricultural and business property.
Each individual will have an allowence of £1m for APR and BPR with all value in excess charges at a 20% IHT rate (half the usual)
How will AI impact the Rural Surveying Sector?
AI can help surveyors with quality control. Artificial Intelligence can identify errors within data with less risk than manual processes. This increases the accuracy and reliability of survey results.
Early days though, so should be used with extreme caution and not for professional purposes yet.
How has the Trump Administration impacted UK and EU?
Following the first 100 days of the Trump Administration, there is a general sense of uneasiness across world economies. Due to his mercurial nature, passing policies thorugh Executive Orders as opposed to through Congress and the Senate and tariffs, global markets have dipped and $2.5t was wiped from Wall St in a day at the beginning of April.
UK exports to US face a 10% tariff, UK exports to US = 2% of GDP and US is largest importer of UK goods at 15% of total exports in 2023
Will slow economic growth but also open up new opportunities for different trade deals to be made towards the east.
What did the RICS Sustainability Report 2024 detail?
the global progress on sustainability is positive, though there
remains room for improvement, particularly in measuring embodied carbon and adopting better biodiversity practices. It confirms that occupier and investor demand for green buildings continues to rise, with Europe leading the way, partly due to regulatory drivers. On the downside, the global survey reveals that over half of respondents are not measuring embodied carbon on construction projects. The uptake of biodiversity practices remains disappointing”
What is your understanding of the RICS Sustainability Report 2024?
Demand for sustainable built assessts has increased globally
Green progress is linked to regulatory drivers, like in EU
Cost and skill are holding us back
Green buildings have a higher percieved value
More embodied carbon analysis is required in construction
Policy intervention is critical to progress
What guidance is available in relation to sustainability?
RICS Whole Life Carbon Assessment (WLCA) for the built environment
UK Net Zero Carbon Building Standard
What happened at the Harris Debate?
In 2024 the debate focussed on the theme of Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices. The debate explored the ethical implications of incorporating artificial intelligence into valuation and surveying as AI is becoming more integrated in these fields.
What is the Harris Debate?
The Harris Debate is organised annually by the RICS and provides a platform to address ethical concerns in the field of surveying and valuation. The debate honours Jonathan Harris, a former RICS president known for his contributions to professional development and education.
Are you aware of any guidance that applies to RICS Members when using Social Media?
The RICS introduced the Guidance Note ‘Use of Social Media: Guidance for Members’. The Guidance note sets out the same standards as stipulated in the RICS Rules of Conduct and reminds members that these do not change whether communicating via social media, face to face or traditional forms of media.
How do you ensure you operate inline with RICS guidance on the use of Social Media?
I am always sure to use social media in a responsible and professional manner in the same way that I communicate via face to face or other written forms of communication. I am sure to use professional and respectful language when communicating and understand the responsibility in representing the RICS. I would never make a post that is dishonest or would cause offence in any way. I realise that this could potentially undermine public confidence and trust in the profession.
Please explain your understanding of the RICS Business Plan for 2024?
Within the RICS business plan, I am aware of the following targets:-
Matrics Expansion into South Asia – The Governing Council is prioritising support for the next generation of early career professionals with Matrics networks expanded to South Asia, Greater China and Southeast Asia and Australia markets.
Sustainability Leadership – RICS aims to lead on global issues such as decarbonisation, climate resilience, biodiversity, and the circular economy. This involves strengthening carbon measurement standards, influencing policymakers, and equipping members with training and tools to address sustainability challenges.
Attracting Diverse Talent – Efforts are underway to attract a wider range of individuals into the profession. This includes modernising the assessment process, increasing support for early-career professionals, and creating grants and bursaries for underrepresented groups.
Enhancing Member Engagement – The RICS is working on improving the value and experience for its members. This includes better understanding of their needs through data insights, creating stronger connections among members and promoting their work and professionalism publicly.
Strengthening Trust – The institution plans to enhance public trust by refining its regulatory processes, ensuring transparency, and maintaining high standards for ethical and technical practices
Can you please explain your understanding of the recent RICS Fee changes?
The RICS has announced a 3.5% increase in professional subscription fees for 2025, marking the first adjustment in five years. The decision was made to address rising operational costs and inflation, which RICS had been absorbing. A new subscription framework has also been introduced to create a fairer and more regionally equitable system, taking into account member grades, benefits, and local economic conditions. For example, UK-based professional members will pay £558, while fellows will pay £681. The framework is designed to reflect affordability, with fees varying internationally based on local market conditions and exchange rates. In some regions, like parts of Africa, fees have decreased to enhance affordability. Members under two years and those pursuing qualifications will see tiered rates depending on their status.
Please explain your understanding of the recent updates to RICS Professional Indemnity Insurance Cover around Fire Safety?
During 2019 fire safety insurance cover was removed from the professional indemnity insurance market following the Grenfell Disaster. This followed an increase in insurance claims with insurers applying blanket fire safety exclusions. Many surveying firms were unable to obtain fire safety cover leaving them exposed on previously completed instructions and non protected for future work. During 2020/21 the RICS worked with insurers to restrict blanket fire safety exclusions. The RICS agreed with insurers in May 2021 that fire safety exclusions could be used however these would not apply to work on properties with four or fewer storeys above ground level. This is contained in the agreement that all insurers sign if they want to participate in the RICS insurance market. Cover for completion of EWS1 forms remains excluded from RICS’ policy wording. There is limited protection for professionals completing EWS1 assessments on a case-by-case basis at insurers’ commercial discretion.
Please explain your understanding of the RICS Inclusive Employer Quality Mark?
The RICS is launching a scheme known as the Inclusive Employer Quality Mark. This is designed to improve diversity and inclusion within the property and construction sector. The scheme requires employers to pledge their commitment to adopting and continually improving against the following six principles:
Leadership and Vision.
Recruitment.
Staff development.
Staff retention.
Staff engagement.
Continuous improvement.
Participating firms will be required to assess their performance against the criteria on a bi-annual basis. RICS will use the assessment information to document the outcomes and trends for the profession as a whole. Participating firms are able to use the branding of, ‘Signatory to the RICS Inclusive Employer Quality Mark’.
What is the RICS doing to improve Diversity & Inclusion?
The RICS has setup ‘Diversity & Inclusion leadership’ which is a knowledge hub allowing the RICS to share ideas on how and why diversity & inclusion is so important to the RICS. This has included initiatives such as:
International Women’s Days celebrating the achievement of Women in our profession.
Pride 2023: LGBTQ+ equality pledge focusing on the importance of LGBTQ+ representation in the profession.
The McGregor-Smith Review – aiming to develop black and ethnic minority talent within the profession.
Please explain your understanding of how the RICS define Professional Standards vs. Practice Information?
Following the Birchard Review and its recommendations the RICS have introduced two new definitions for Professional guidance which are now split into Professional Standards and Practice Information. These supersede the former definitions including Professional Statements, Guidance Notes and Codes of Practice.
Professional Standards – set out requirements or expectations for RICS members and regulated firms with a focus on baseline expectations for competence and ethical behavior. They contain mandatory requirements that surveyors must follow, where the word ‘must’ is used with best practice that surveyors should follow, where the word ‘should’ is used.
Practice Information – set out supporting guidance to advise surveyors in delivering specific services or working in specific areas of practice. The guidance is not mandatory and does not provide explicit recommendations. Practice Information can refer to processes, toolkits, checklists, insights, research and technical information or advice.
What impact will the Labour government election have on the Property & Construction Industries?
Election of the Labour government may have the following impacts:-
House Building Targets – Labour has pledged to build 1.5 million homes over the next parliamentary term, reinstating mandatory housing targets and updating the National Planning Policy Framework (NPPF).
Infrastructure Projects – Significant funding is planned for public infrastructure, including transportation networks, renewable energy projects, and urban development. This will create opportunities for large scale construction projects, likely driving economic growth and job creation.
Sustainability Focus – Labour has committed to embedding green practices across the industry, with policies focusing on eco-friendly materials, retrofitting existing buildings for energy efficiency, and integrating biodiversity in urban planning. This could lead to increased demand for sustainable construction practices through regulations such as MEES.
Skills Development – Labour plans to address the construction sector’s skill shortages through youth training initiatives and improved working conditions, such as banning zero-hour contracts. This could create a more skilled and stable workforce but will require significant investment to meet labour demands.
What impact will the 2024 US Election results have on the Property & Construction Industries?
The US Election Results may have the following impact:-
Currency fluctuations – The value of the US dollar often fluctuates sharply during and after an election. These shifts directly affect the exchange rate between the dollar and the pound, which in turn impacts the attractiveness of UK property to overseas investors. A weaker pound against the dollar could mean heightened interest from the US and other international buyers, particularly in prime markets like London driving higher property prices.
Impact on Interest Rates – The US election influences the Federal Reserve’s economic policies, which in turn affect global financial markets. Changes in US monetary policy could lead to adjustments by the Bank of England. For UK property, interest rates are crucial as a rise could dampen demand by making mortgages more expensive. Conversely, if rates stay low, the market could remain buoyant, with borrowing costs staying affordable for longer.
Supply Chains and Construction – Changes in US trade policy or tariffs could ripple through the global economy affecting the cost of materials like steel and timber. Higher costs for builders could slow the pace of new developments or push prices higher for buyers in England.
Tech Development & Remote Working – If the election results encourage further growth in the tech sector & remote working, it could bolster demand for homes in England’s regional cities, which have become increasingly popular with remote workers seeking affordability and a better work-life balance
