RICS launches consultation on new global residential measurement standard
A new global standard on measuring residential property has been today published for consultation.
RICS is encouraging the more than 100 000 chartered surveyors and property professionals from around the world to have their say on the 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.
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 on IPMS: Residential Buildings will run from today, 15 June until 30 September 2015. Property professionals are encouraged to review the standard and provide their feedback during this period. The consultation document can be found at www.ipmsc.org/consultation
Ken Creighton, chair of IPMSC board of trustees and RICS director of professional standards said: “We are now proud to launch the consultation document for IPMS: Residential Buildings. I’d like to stress the benefits of 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.”
When the international residential measurement standard is finalised, the changes will be reflected in the RICS Code of Measuring Practice. Last month, we launched the RICS Property Measurement 1st Edition which incorporates IPMS: Office Buildings and is now the new uniform method for members, globally, to measure offices.
Research has found that, because of divergent property measurement standards, office measures could vary by up to 24 per cent depending on the basis or location of the measurement used. IPMS: Office Buildings provides a uniform, transparent and consistent method to measure commercial property across the world. IPMS: Residential Buildings will have the same benefits, especially for consumers.