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22/09/2011
House Sustainability 'Could Hit Property Value'
A call is being made for sustainability to be considered before putting price tags on property in Northern Ireland.
With high transport costs and significant fuel poverty for households in Northern Ireland, the cost of running a home should be a significant consideration within its property valuation, according to the Royal Institution of Chartered Surveyors (RICS).
A new information paper from RICS says that whilst sustainability has traditionally not been considered important in a property's valuation, this is changing.
They say that should a home possess sustainability features which are likely to have an impact on value, this should be reflected in a valuer's assessment of the property.
Sustainability features can include a home's energy efficiency rating, the materials used in its construction, and other features such as an energy-efficient boiler.
Elements such as a building’s proximity to public transport links and its ability to adapt to occupiers' changing future needs should also be considered.
A broad range of physical, environmental and social factors need to be measured and is understood the sustainability, in terms of property, is moving progressively higher up the UK Government's agenda.
RICS feels residential property valuers should be fully aware of the sustainability characteristics of buildings when carrying out a valuation. Also important is consideration of legislation and policy that can influence current and future value.
RICS Northern Ireland housing spokesman, Tom McClelland, said: "When calculating a property's worth, the market doesn't always take the issue of sustainability into account, but this could also have been said for central heating way back in the 1970s when people weren't convinced it was going to have a market impact."
"With the increased emphasis on green living and energy efficiency, it is highly possible that the market will need to adapt," he added.
Market awareness of sustainability has risen significantly with attention currently focused largely on a home energy efficiency, tendency to flood and carbon emissions.
However, a property’s sustainable status can cover a range of social, environmental and economic matters that can potentially lead to changes in demand and therefore affect value.
Mr McCelland concluded: "This issue is particularly important in Northern Ireland, where fuel poverty and transport poverty are significant features."
(LB/GK)
With high transport costs and significant fuel poverty for households in Northern Ireland, the cost of running a home should be a significant consideration within its property valuation, according to the Royal Institution of Chartered Surveyors (RICS).
A new information paper from RICS says that whilst sustainability has traditionally not been considered important in a property's valuation, this is changing.
They say that should a home possess sustainability features which are likely to have an impact on value, this should be reflected in a valuer's assessment of the property.
Sustainability features can include a home's energy efficiency rating, the materials used in its construction, and other features such as an energy-efficient boiler.
Elements such as a building’s proximity to public transport links and its ability to adapt to occupiers' changing future needs should also be considered.
A broad range of physical, environmental and social factors need to be measured and is understood the sustainability, in terms of property, is moving progressively higher up the UK Government's agenda.
RICS feels residential property valuers should be fully aware of the sustainability characteristics of buildings when carrying out a valuation. Also important is consideration of legislation and policy that can influence current and future value.
RICS Northern Ireland housing spokesman, Tom McClelland, said: "When calculating a property's worth, the market doesn't always take the issue of sustainability into account, but this could also have been said for central heating way back in the 1970s when people weren't convinced it was going to have a market impact."
"With the increased emphasis on green living and energy efficiency, it is highly possible that the market will need to adapt," he added.
Market awareness of sustainability has risen significantly with attention currently focused largely on a home energy efficiency, tendency to flood and carbon emissions.
However, a property’s sustainable status can cover a range of social, environmental and economic matters that can potentially lead to changes in demand and therefore affect value.
Mr McCelland concluded: "This issue is particularly important in Northern Ireland, where fuel poverty and transport poverty are significant features."
(LB/GK)
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