The Royal Institution of Chartered Surveyors (RICS) has launched a consultation on new draft guidance to help lenders value blocks of flats requiring cladding remediation work in the aftermath of the Grenfell Tower fire.

Loss of confidence in the fire safety of such homes has adversely affected a number of leaseholders, with many unable to sell due to the lack of mortgage finance.

More than five years on from the tragic west London fire, there are in the region of 10,000 properties in the UK that still require cladding remediation.

RICS aims to provide guidance that will help address the issue by enabling valuers to take a consistent and transparent approach in undertaking mortgage valuations and take agreed cladding remediation funding and timelines in consideration when valuing blocks of flat.

The advice was compiled by a working group comprised of valuers, lending bodies, conveyancers, fire engineers with input from housing department officials.

RICS has put the draft out for consultation, where industry, leaseholder and homebuyer groups will offer their views, after which the RICS Standards & Regulation board will decide on its implementation.

Earlier this year, RICS updated its External Wall Systems form (EWS1) to reflect a more “proportionate” approach to fire safety checks and enable more property transactions to take place. But the body predicts that reliance on EWS1 will reduce as the government’s Fire Safety Act is implemented, with risk assessments falling in line with the normal FRA process.