New RICS global standard for measuring residential property underway

THE Royal Institution of Chartered Surveyors (RICS) has published its new global standard on measuring residential property for consultation.

RICS is encouraging the more than 100,000 chartered surveyors and property professionals from around the world to have their say on this landmark standard.

The International Property Measurement Standards (IPMS): Residential Buildings is the second in a series of global standards aimed at creating a uniform approach to how property is measured.
RICS says that this is another step in advancing transparency and consistency across global property markets and follows on from IPMS: Office Buildings launched in November 2014. The IPMS coalition (IPMSC), which includes RICS and 60 other professional organisations, has tasked its independent standards committee to draft the new residential property measurement standard.

The consultation will run until September 30, 2015 and property professionals are encouraged to review the standard and provide their feedback during this period.

“I’d like to stress the benefits this particular standard has for consumers. Owning a home is one of the most important investment decisions we make. IPMS: Residential Buildings is therefore critical to promoting market transparency and consistency for consumers globally,” said Ken Creighton, chair of the IPMSC Board of Trustees and RICS director of professional standards.

Officials say, “Individual feedback and insights are vitally important to ensuring we produce a standard that meets all of our high expectations. Inconsistent measurement of property is a burden on our profession and economy; with the benefit of your feedback we will produce a relevant and effective IPMS residential standard.”

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