A home’s sustainability characteristics should be considered within property valuations, according to a new information paper launched by RICS.
The issue of sustainability is not currently viewed as important to property market value. However, 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.
RICS believes 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.
Ben Elder, RICS’ global director of valuation, said: “When calculating a property’s worth
