New Residential Retrofit Standard from RICS

A NEW Residential Retrofit Standard launched by the Royal Institution of Chartered Surveyors (RICS) will help its members to advise customers on retrofit options in UK homes.

Following an eight-week consultation period, the new standard was developed by a team of experts in response to a demand for high quality, residential retrofit advice.

It will support the nationwide effort to decarbonise the residential property sector.

Residential Retrofit Standard

The standard will provide consumers with advice from skilled, regulated professionals and ultimately protects the public interest by upholding high standards in a growing market.

It is the only scheme of its kind designed to support surveyors and provide assurance to both consumers and lenders.

Questions included in the RICS Residential Property Monitor in January gauged the impact of energy efficient properties on market trends. More surveyors said they are noticing increased demand for energy efficient homes – 39% up from 34% in 2023.

On the same basis, 43% stated that sellers were looking for an energy efficient home premium. Higher energy efficient homes were also holding their value in the market according to 37% of responders. Conversely 26% reported seeing buyers highlight poor energy efficiency as a reason for making a below asking price offer.

Paul Bagust, RICS Head of Property Practice, said: “As homeowners increasingly look to explore ways to retrofit their homes to improve energy performance, it is critical that advice is given by a highly qualified professional.

​“It is clear, especially from the results of the extra questions added to our monthly residential survey, that there is a market need for a standard that facilitates quality, reliability and consistency, and the RICS Retrofit Standard does just that.

“This fully comprehensive standard will be rigorously upheld by RICS and has been designed to be used and understood by a broad range of professionals in the industry. We are asking for the recommendations in the standard to be implemented by the 31^st October 2024”.

RICS is also advocating for policy reform to accelerate decarbonisation of the built environment and is spearheading a whole life approach to measuring and monitoring carbon emissions in the sector.

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