RICS cements guidance for new builds

RICs has issued a new guidance note concerning the valuation of new build properties. From 1 May 2009, valuers should differentiate between the new build premium – that portion of the price paid which will evaporate as soon as a newly-built property is occupied - and those value-adding factors (such as better building materials, enhanced insulation levels, or more efficient heating systems) which are intrinsic to a new property and which will remain when the home is sold.