TOPICAL RICS ISSUES Flashcards
Bank of England Base Rate ?
As of 7th November 4.75%
What is the current rate of inflation?
As of November it is 2.3%
When was the Autumn Budget ?
30th October
What are the proposed changes to the RICS Red Book Global 2021?
1) New Valuation Review recommendations (new content on modelling, methods and risk).
2) New practices and standards covering automation and AI.
3) Integration of the new IVS published in Jan 2024 (which include a revised structure and increased focus on ESG).
Will be published late 2024
Effective 31st Jan 2025
What is the current position on IPMS and Measurement ?
1) IPMS standards have now been replaced by IPMS All Buildings 2023.
2) However the RICS Property Measurement guidance has not been updated to take this into account. RICS Property Measurement is currently being updated.
3) In the meantime RICS members and firms should adopt measurement basis from IPMS: All Buildings or RICS Code ofMeasuring Practice.
4) Current position is to measure retail and industrial using Code of Measuring Practice for Retail and Industrial.
What are new plans for planning?
The proposals for the reform of the National Planning Policy Framework were published in July 2024.
The proposals include the return of mandatory housing targets for local planningauthorities as the Government sets a target of 370,000 new homes per year.
The proposals also strengthen the brownfield first approach. Where land is to bereleased, the emphasis will be on sustainable locations, with priority given topreviously developed land, followed by “grey belt” and green belt last.
Grey belt is defined as land which was previously developed and other parcels and /or areas of green belt that make a limited contribution to green belt.
