Surveyors' update - January 2020

Market Conditions 2020: What Lies Ahead

Political uncertainty and economic concerns, both at home and abroad, coupled with the onward march of online platforms, produced a rather muted 2019 for the property sector and many of those engaged in it. 

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Parking The Bus: New RICS Guidance Notes & Adopting Them To Minimise Risk

RICS issued a number of new Guidance Notes in 2019; designed to reiterate best practice but all too often used by Claimants to evidence negligence when not followed. The importance of building the leading principles into the valuation process cannot be understated. 

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RICS Run-Off : Adequate & Appropriate is now Defined, but at what cost?

Changes introduced last year clarified RICS member obligations around run-off cover post cessation of business. Aimed at providing better access to cover, and greater protection to consumers, there is a real risk that the changes will also exacerbate the difficulties many firms face in a much hardened market. 

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Back to School: ROPA is on its way, agents get ready 

In July 2019 the Regulation of Property Agents working group, chaired by Lord Best, published its recommendations to government. Against a desire to drive up standards across the property sector, the rather unsurprising conclusion was that compulsory regulation, including recognised qualifications to secure individual licences, is now necessary and the report sets out the form which it feels such regulation should take.

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Equity Release: A Sting in The Tail?

The equity release market continues to enjoy rapid growth as an expanding range of products and low interest rates have served to entice older, asset-rich but cash-poor, homeowners to liquidate some of the equity they have amassed from long-term home ownership. But are these products brewing up a future storm for surveyors and their PI insurers? 

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Pest Control – Containing Japanese Knotweed claims

JKW claims against surveyors continue to surface in the aftermath of media hype following the Network Rail nuisance case. But is the tide about to turn as a result of academic research and, pending that, what can be done to minimise claimant expectations on exposure to PI claims? 

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