Glenny News

New Guidance Note introduced by the RICS

Last month the Royal Institution of Chartered Surveyors (RICS) published a Guidance Note in relation to the valuation of buy-to-let residential investments and Houses in Multiple Occupation (HMO). With recommendations and guidance for RICS Registered Valuers to follow in the valuation process, this Guidance Note is intended to represent best practice and ensure consistency of advice to both lenders and clients in this specialist sector. The valuation team at Glenny will be adhering to the Guidance Note, continuing to offer valuation clients the highest standard of professional service. Paul Aylott, Glenny Partner and Head of the Valuation Services Division, said:

"There's been a major shift in the UK's housing market over the past 25 years that has seen a trend towards specialist residential investment. The Private Rented Sector (PRS) is a significant investment arena and detailed knowledge of the buy-to-let and HMO market, specifically the legislative framework, is essential when advising valuation clients. "This expansion has created challenges for valuers in which the RICS Guidance Note is set to help provide background information and guidance to ensure consistency in the assessment of residential investment properties. At Glenny we welcome the RICS Guidance Note on this subject."

For more information on the Guidance Note, click here.