Document downloads - Valuation calculations
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Leasehold reform valuation in England and Wales
Published August 2015
Effective from 1 December 2015
Archived 12 March 2024
RICS is aware of current and pending government and regulatory reform of residential leasehold.
Valuers are reminded that they need to be aware of the latest market and legal position prior to undertaking work related to this area.
RICS are currently reviewing leasehold reform valuation guidance for members. The 2015 guidance has now been withdrawn.
Valuation undertaken by RICS members must continue to be undertaken in accordance with RICS Valuation – Global Standards, noting that some elements of leasehold reform valuation such as ‘Providing valuation advice expressly in preparation for, or during the course of, negotiations or litigation’ (PS1 section 5), are excepted from mandatory technical standards.
Leasehold reform valuations are specialist in nature and valuers must be appropriately qualified and competent.
RICS continues to engage with government, industry and valuation professionals on leasehold reform matters and has made a number of statements, including:
- Reforming Ground Rents in England and Wales
- Residential ground rent investment – UK valuation leaders forum commentary
Former editions are provided for information purposes only. -
User guide: reflecting uncertainty in valuations
Published June 2011
This guide is prepared for the benefit of valuers and other users of valuations to provide a general understanding of the concept of uncertainty and the methods by which uncertainty, in valuations for investment purposes, may be identified and communicated with clarity.
It is not intended to provide training in valuation techniques but rather to give valuation surveyors, and other users of valuations, a general understanding of the matters that need to be taken into account.
Uncertainty is a feature of investment in real estate regardless of geographical location. Although this guide has been written from a UK perspective, with examples based on UK investments, the fundamental principles are universal. Uncertainty as a concept does not vary and this guide can be applied to investment properties in all markets around the world. -
Comparable evidence in property valuation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Covering most types of real estate asset, this information paper discusses the use of comparable evidence in property valuation and aims to outline the principles of comparable evidence use, encourage consistency in its application worldwide, address issues of availability and the use of comparable evidence under challenging market conditions and consider the potential sources of comparable evidence.
This information paper also discusses the use of comparable evidence in different circumstances and markets, whether volatile or inactive, as well as in developing markets, where comparable evidence is often more difficult to obtain and less familiar to valuers.
Although applicable to land and buildings used for commercial, industrial, residential, agricultural and associated purposes, this publication does not cover the use of comparable evidence in the valuation of plant and equipment. Business assets or personal property are also outside the scope of this information paper, however, many of the principles described may be relevant to these types of asset. -
RICS Valuation – Global Standards 2017 (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The RICS Valuation – Global Standards 2017 took effect from 1 July 2017, the same date as the IVS 2017.
The accompanying Basis for Conclusions explains the rationale behind the more significant changes made in the final version of the Red Book 2017. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
Following the publication of the new edition of IVS, an updated Red Book takes effect from 31 January 2020 in line with the IVS. -
RICS Valuation – Global Standards
Published 30 November 2021
Effective from 31 January 2022
The new edition of Red Book Global Standards (RICS Valuation – Global Standards) takes effect on 31 January 2022, the same date as the new edition of the International Valuation Standards (IVS).
The accompanying Basis for conclusions explains the rationale behind the more significant changes made in the new edition of Red Book Global Standards. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
The main reason for issuing the update to Red Book Global Standards is to take account of the changes to the IVS, which Red Book Global Standards adopts and applies.