A new protocol has been put in place designed to bring to an end the blight on high-rise homes.

Valuers are currently assessing privately owned flats as being worth £0 if they are in high-rise buildings where the cladding material is unknown and/or untested.

The RICS, Building Societies Association and UK Finance have agreed the new industry-wide valuation process following the Grenfell Tower disaster.

It is designed to help people buy and sell homes, and re-mortgage apartments in buildings above six storeys. Homes in around a million such blocks could be affected.

The new External Wall Fire Review process will require a fire safety assessment to be conducted by a “suitably qualified and competent” professional.

The aim is to deliver assurance for lenders, valuers, residents, buyers and sellers.

Only one assessment will be needed for each building and this will be valid for five years.

At the same time, owners of taller buildings are being encouraged to proactively pursue independent testing of external wall materials.

But critics are questioning whether this really will happen and who will foot the bill – freehold owners, or the owners of individual apartments within blocks.

Charlie Blagbrough, BSA policy manager, said: “This new industry process is the result of substantial consultation across the housing industry and the Government.

“It takes into account the range of external wall materials that are in use on apartment buildings and will now be used industry-wide.

“Ensuring the safety and security of those selling, purchasing and living in high-rise homes remains paramount.

“However, we expect that this new process will instil confidence to enable surveyors to value, lenders to lend, and ultimately keep the high-rise property market flowing.”

John Baguley of the RICS said: “To unclog areas of the market, a qualified and experienced fire safety expert will be appointed by the building owner to provide a report on the buildings cladding, and associated wall system, as an additional part of the valuation process.

“This will ensure safety, and will also ultimately allow the high-rise property market to function properly.”