First-time Buyers

RICS commissions inquiry into surveyor gap

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The Royal Institution of Chartered Surveyors (RICS) has commissioned an independent inquiry to consider the challenges facing the UK property valuation profession and look at solutions.

The independently chaired commission will take evidence from a range of organisations working across the property sector including banks, building societies, insurers, panel managers, property valuers and their clients. RICS will also be submitting evidence to the inquiry.

RICS confirmed it will produce an independent report based on the evidence.

Peter Bolton-King, global residential director of RICS said the inquiry will consider recommendations for all parties to help address the balance of risk and reward and maintain high standards in valuation.

He said property valuations underpin both economic stability and consumer confidence.

King said the trade body has been engaging with a number of lenders, panel managers and the CML to overcome short-term issues.

“We will continue these discussions in parallel to the work of the independent commission,” he said.