However, the organisations believe this will depend on each lender’s appetite for risk.

This response comes following guidance from The Royal Institution of Chartered Surveyors (RICS), which clarified which types of properties will, and will not, require additional inspections due to concerns about fire safety.

Both associations welcome the publication by RICS and anticipate that many lenders will implement this guidance.

In a joint statement, UK Finance and BSA, said: “Those buying a flat should understand that a decision made by a valuer not to require an EWS1 inspection under the new guidance is no guarantee that fire safety remediation works will not be required in the future.

“Government confirmation that it supports the guidance produced by RICS as an appropriate, risk-based and proportionate basis on which to proceed with valuation assessments, in line with the building safety Consolidated Advice Note published in January 2020 is also a welcome and necessary step for lenders.”

A HSBC UK spokesperson, added: “We welcome the new guidance and will be carefully reviewing our policy, taking into account additional guidance from RICS.”