OVERVIEW OF THE NEW RICS RESIDENTIAL RETROFIT STANDARD

OVERVIEW OF THE NEW RICS RESIDENTIAL RETROFIT STANDARD

An Overview of the New RICS Professional Standard Residential Retrofit Standard 1st edition, March 2024.

The target of net zero by 2050 remains on the Government agenda. Working towards this, various energy efficiency measures have been considered as part of retrofitting residential properties for some time now. These may include solar or photovoltaic panels, ground and air source heat pumps, insulation etc. Most have been undertaken by Housing Associations and Local Authorities as part of a roll-out of phased improvements to large numbers of properties at one time and many such schemes have followed an existing, Publically Available Specification, PAS 2035.

 The new RICS Professional Standard sets out a framework for RICS members to provide advice in respect of the provision of retrofit installations on residential property. It is the culmination of 12 months of work by an RICS appointed, expert working group and a public consultation to gauge feedback to inform the development of the Standard. 

Retrofit services provided by RICS members may include survey inspections, technical assessment, design, specification, contract administration and project evaluation/management. The new Standard sets out mandatory requirements designed to maintain consistent, high-quality service from RICS members and may benefit residential owner-occupiers seeking to commission energy improvements, where the primary purpose will be ensuring the retrofit work is appropriate for the property.

 A suite of supporting material, including training, will be available for RICS members ahead of the Standard’s implementation on 31 October 2024.

This is an emerging market and the RICS will also be considering green initiatives as part of a proposed review of the Home Survey Standard. Lenders may seek to explore other initiatives around green mortgages and associated products to facilitate owner-occupiers improving their homes in an energy efficient manner.

Connells net zero target remains 2045 and we continue to work alongside the Energy Saving Trust to pursue initiatives that support this commitment and indeed those of our clients.  As part of this, we have partnered with our sister company, Vibrant Energy Matters, who has developed various associated services through which we can offer guidance on upgrade works through to project managing and delivering improvements to properties, via their fully vetted supply chain.