RICS launches consultation on updated cladding valuation standard
The Royal Institution of Chartered Surveyors (RICS) launched a consultation on 14 July 2025 on the second edition of its secured lending valuation standard for multi-storey, multi-occupancy residential buildings with cladding. The updated standard, intended for RICS members conducting valuations for secured lending purposes on residential blocks of flats, will reflect changes in fire safety regulations, government guidance, and leaseholder protections introduced since the first edition in 2021. It aims to provide proportionate criteria to assist valuers in determining when external wall system remediation works could materially affect a property’s value during a standard inspection. RICS is seeking views on the clarity of the updated criteria, the structure and usability of the guidance, and any technical areas requiring improvement. The consultation closes on 31 August 2025, with the final version scheduled for publication later in 2025.