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RICS supports new international measurement standard for domestic property (7 October 2016)

Date: 07/10/2016
Duncan Lewis, Housing Solicitors, RICS supports new international measurement standard for domestic property

The Royal Institution of Chartered Surveyors (RICS) has said that a new international measurement standard would offer “more clarity and consistency” to users of residential property services, whether they are buying, selling, renting or investing.

The International Property Measurement Standards (IPMS): Residential Buildings will provide a uniform global method to determine the size and dimension of floor space measures that can be used anywhere in the world.

Currently, the way in which residential property is measured may vary significantly from one market to the next.

As a consequence, owners, occupiers and investors in domestic property are often left confused or misinformed when it comes to the reported floor space, says RICS,

This causes substantial issues when property is listed off-plan or bought by investors – but it has also led to disputes where rental calculations and service charges have relied on erroneous measurement information.

Published by a coalition of more than 80 property organisations around the world and drafted by an independent group of 18 experts from 11 countries, IPMS: Residential Buildings is the second in a series of global open-source standards, aimed at creating a uniform approach to measuring buildings, says RICS.

Representing many hundreds of thousands of property professionals globally, the IPMS Coalition conducted a public consultation, giving property professionals everywhere a chance to comment on the “landmark” residential standard.

RICS Director Technical International Standards, Alexander Aronsohn, said:

“IPMS: Residential Buildings addresses a simple but challenging reality – how do we provide transparent and consistent measurements for domestic properties, when the methods used to perform these measurements differ across global markets?

“For many, owning a home is the most important investment they’ll make – this new standard will enable investors, estate agents, developers, consumers and other users of professional property services to make more informed decisions.

“IPMS: Residential Buildings is ultimately about protecting the investments we make as individuals, investors or industry leaders.”

RICS says that, over the coming months RICS Professionals will be encouraged to share their expertise and shape the Professional Statement to include IPMS: Residential Buildings as an update to the Code of Measuring Practice.

Duncan Lewis Housing Solicitors

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For expert legal advice on housing law, call Duncan Lewis housing solicitors on 0333 772 0409.



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