Sustainability Measures Could Impact On Property Value
RICS launches Sustainability and Residential Property information paper
A home’s sustainability characteristics should be considered within property valuations, according to a new information paper launched by RICS today.
The issue of sustainability is not currently viewed as important to property market value. However, this is changing and RICS is suggesting that, should a home possess sustainability features which are likely to have an impact on value, this should be reflected in a valuer’s assessment of the property.
Sustainability features can include a home’s energy efficiency rating, the materials used in its construction and other features such as an energy-efficient boiler. Although, elements such as a building’s proximity to public transport links and its ability to adapt to occupiers’ changing future needs could also be considered.
Sustainability, which covers a broad range of physical, environmental and social factors, is moving progressively higher up the coalition government’s agenda. It is likely that residential markets will become progressively sensitised to sustainability considerations. Therefore, RICS feels residential property valuers should be fully aware of the sustainability characteristics of buildings when carrying out a valuation. Also important is consideration of legislation and policy that can influence current and future value.
When gathering information, valuers may wish to refer to sustainability metrics where available, and gather specific sustainability information on the property in question. This will contribute to the growth of information and data available in the marketplace and provide a framework for the analysis of comparable properties in order to inform valuations.
Getwork Network Proves To Be A Collaborative Success Ben Elder, RICS Global Director of Valuation, said: New RICS Guidance To Assess Subsidence Insurance Claims UK Trails Europe In Property Sustainability UK Remains Ahead In Zero Carbon Emissions Tenant Satisfaction Improves While Service Charges Remain Problematic RICS Responds To Land & Society Commission Economic Gloom Impacts On Housing Market Renewable Sources Will Generate More Electricity Than Gas-powered Plants By 2015 Renewables Offer Interesting Possibilities For Electricity Europe's Largest Trial Of Low Carbon Vehicles Finds Electric Vehicles Already Satisfy Our Daily Needs
“When calculating a property’s worth, the market doesn’t always take the issue of sustainability into account, but this could also have been said for central heating way back in the 1970s when people weren’t convinced it was going to have a market impact. With the increased emphasis on green living and energy efficiency, it is highly possible that the market will need to adapt. This new information paper offers advice to our members, recommending that they are fully aware of sustainability policy and the characteristics of individual buildings when valuing property.
“Although market awareness of sustainability has risen significantly, attention is currently focused largely on a home’s energy efficiency, propensity to flood and carbon emissions. However, a property’s sustainable status can cover a range of social, environmental and economic matters that can potentially lead to changes in demand and therefore affect value.”
|
| |||
|
||||
|
| Yourguide Ltd. All rights reserved Tel: +44 (0)1747 820022 Email: info@yourguides.net Sitemap |
|
||
|