The Royal Institution of Chartered Surveyors (RICS) has recently published a sustainability and residential property information paper for its 100,000 qualified members, which looks at the need to consider sustainability characteristics when valuing residential property.
In the paper, the RICS suggests that a home’s sustainability features should be reflected in its market value. Consequently, when assessing a property, residential property valuers will need to be fully aware of both sustainability policy and each building’s “sustainability characteristics”, such as its energy efficiency rating; the materials used in its construction; its energy-efficient features; its proximity to public transport links; and its potential to be adapted to occupiers’ changing needs in the future.
The launch of the paper indicates that sustainability is likely to become an increasingly important factor in residential property valuation.