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 30 September 2015 and 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.
‘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.
When the international residential measurement standard is finalised, the changes will be reflected in the RICS Code of Measuring Practice. Last month the RICS Property Measurement 1st Edition was launched 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% depending on the basis or location of the measurement used.
RICS added that 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.
