The draft guide aims to provide valuers with a consistent and transparent approach to undertaking valuations for mortgage purposes on domestic residential blocks of flats.

It sets out standardised criteria to follow when conducting valuation inspections to identify buildings where remediation work to cladding for fire safety purposes may materially affect the value of the property or is likely to be required.

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It also guides valuers on how to take into account any agreed remediation funding and timelines when valuing blocks of flats.

The organisation is encouraging the industry, the government, leaseholders, homebuyer groups and the public to actively engage in the consultation to ensure all views are considered and that the approach is workable in practice.

Implementation of the guidance will be decided upon by the RICS SRB once the consultation is complete.

In a statement, RICS said the consultation would play an important part in “restoring a fully functioning market”.