Topical subjects Flashcards
UK Sanctions
Wider sanctions have been issued in light of the Ukraine conflict and continue to be updated. These impose serious and extensive restrictions on dealing with people who are listed.
You are not allowed to receive payments from or make fund available to those on the list
Rating
Revaluation provided new ratable value list from 01/04/2023 based on valuation date 01/04/2021.
The revaluation happens every 5 years and the purpose is to ensure RVs take into account market updates
Minimum Energy Efficiency standards 2015
all commerical buildings with existing leases now require a minimum EPC of E from 01/04/2023
EPC bandings
A = 92+
B = 81-91
C = 69-80
D = 55-68
F = 39-54
E = 21-38
G = 1-20
What is Biodiversity Net Gain
It is a way to contribute to the recovery of nature while developing land. Ensuring habitat for wildlife is in a better state than before. For example if woodland is removed then this will need to be replaced somewhere else.
Under the Environment Act 2021 all new building projects will have to improve the biodiversity of the development site by a minimum of 10% in November 2023
Landlord and tenant Act 1954 update
28/03/2023 the law commission announced it intends to review part 2 of the act. Details have not yet been published but expected to cover topics such as security of tenure, interim rents and the process of servicing notices. Consultation paper to be issued in Dec 23
The RICS Bichard Review
Published in June 2022 it made 36 recommendations in 7 key areas relating to purpose and governance structure providing advice on values , culture and strategy
The RICS Bichard Review examples of recommendations implemented
Governing council are implementing a composition council to reflect geographical location and disciplines of members. This included Jonathon Milner, Gordon Johnston and Michael Peer.
Management structure has changed to 2 boards, Standards and regs board and management board.
Diversity, Equity and Inclusion and sustainability panel chairs have been recruited to lead the priority issues as part of the new governance structure.
A package of support to promote and drive member engagement, experience, and value. Initiatives include free CPD, networking events, working with matrics and an improved customer experience
Measurement IPMS - all buildings
published in Jan 23. This supercedes all previously published IPMS standards for individual asset classes. applicable to all types of building no matter of their use or occupation
A new version of RICS Property Measurement guidance is expected which will take this into account.
Bank of England
base rate increased to 4.25% from 23/03/2023
Rate of inflation is 10.4%
Construction costs are still increasing. Market estimates are around 20% in construction costs over the last 2 years
