The 2006 Loughborough Update Report
|
Extends the original study to nine years worth of cost data on 386 buildings covering 28.7m sq ft. The first look at how the UK multi-let office industry measures up to the requirements of the RICS Service Charge Code of Practice published in June 2006 and which comes into force in April 2007. Dr John R Calvert of Loughborough University, the study’s author will present the results of the 2006 Updated Loughborough Service Charge Study at Property Solutions’ seminar on service charges on 23 January 2007 at the IOD, Pall Mall, London alongside other papers covering the RICS Code of Practice and the legal position on a range of service charge issues. The 2006 Loughborough Update Report measures the industry’s achievements versus seven standards included in the RICS Code of Practice and finds that the industry is a long way from best practice.
|
|
The report includes a series of recommendations for RICS, landlords and tenants.
Additionally the report finds that service charge costs have increased again over the previous year and that inexplicable variability has also increased.
These reasons do not explain the wide variations in service charge costs, the actual costs themselves need to be investigated.
This year Loughborough has established increased median and upper quartile and determines that:
- Any service charge cost over £5.18 per sq ft should be monitored, and,
- any service charge cost over £8.01 per sq ft should be urgently investigated.
Back