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RICS launches home condition code

The Royal Institute of Chartered Surveyors (RICS) has launched a housing survey to help potential buyers understand the conditions of properties on the market.

The HomeBuyer Report will colour-code properties according to their state of repair, with a red rating flagging up serious defects that need urgent attention, while a green one indicates no repairs are necessary.

It will also explain what repairs are required, as well as providing a valuation and details of advice a consumer should seek before exchanging contracts.

Barry Hall, chairman of RICS survey and valuation group, said: “Buying a house can be extremely stressful and confusing, and many consumers are still puzzled by what reports they need before purchasing their new home.

“A valuation is not a survey as it does not provide the information a buyer needs on the condition of the property.

“RICS is determined to simplify this process for consumers and feels that this new report is an important step in ensuring that they are better informed about the property they are purchasing.”

Individual surveyors will decide the cost of the survey, which is likely to vary according to the value of the property being bought.

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