Document downloads - Residential property
Available downloads
-
Surveys of residential property (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note provides a clear, flexible framework for practitioners to develop their own services the public can trust, consistent with the quality standards expected from RICS members.
In May 2016, this guidance was updated and reissued by RICS. Changes made with immediate effect relate to:
- Liability caps: it is generally wise to include some form of limitation of liability in the contract letter, providing a cap on the amount of compensation the surveyor (or their employer) may be found liable for. This is now provided for in section 5 and Appendix A.
- Cancellation rights: members should take legal advice to ensure the Contract letter is compliant with legislation relating to a 'cooling off' period in accordance with the Consumer Contracts Regulations 2013. This is also now provided for in section 5 and Appendix A.
- Unexpired leasehold term: the assumption at 5.1.8 has been brought into line with RICS Valuation – Professional Standards UK appendix 10 with the unexpired lease term assumption adjusted from 70 years to 85 years
- The sample scope of engagement at Appendix A is not mandatory, but may help practitioners develop documentation that supports clearer client understanding. -
Code of measuring practice
Published: September 2007
Reinstated: 23 January 2018
Effective from: 23 January 2018
Code of measuring practice, 6th edition was reinstated on 23 January 2018 after publication of RICS property measurement, 2nd edition.
The 6th edition of the code became effective globally from 18 May 2015 when it was incorporated into the first professional statement, that for offices. -
RICS HomeBuyer Service
RICS HomeBuyer Report 2011 practice note Scotland was published in December 2011 and is still in effect.
Previous editions have been archived and are available on isurv for information purposes only. -
Valuation of individual new-build homes
Published December 2019
Effective from 2 December 2019
Reissued May 2023
The valuation of residential property for mortgage purposes is well understood, but the new-build sector is constantly evolving and becoming increasingly complex.
The aim of this professional standard is to assist RICS members in achieving a consistent approach to the valuation of new-build property. It is specifically for use in the UK, however, RICS members and RICS regulated firms in other countries may find the processes of valuation discussed helpful and adaptable to their local circumstances.
This document applies to all property that falls under the definition of ‘new-build’. This includes both property that has yet to be owned for the first time, and properties to be owned for the first time in a new form. It therefore covers property that is a new construction, a conversion or that results from a comprehensive renovation.
The property may take the form of one unit on a large, part-developed site, a one-off new home or a conversion of a former building. For all these types of property, the approach to the valuation will be broadly similar.
This document was reissued in May 2023 as a professional standard. It had previously been published in December 2019 as a guidance note. No material changes have been made to the document. -
Valuation of land for affordable housing
Published April 2016
Effective from 28 April 2016
This guidance note aims to assist the valuer in the approach to the valuation of land for affordable housing by focussing on the affordable housing element of a scheme. The methodology behind the valuation of land for affordable housing has much in common with a conventional valuation of development land, therefore this guidance note should be read with an understanding of the contents of VIP 12: Valuation of development land.
The focus is on the valuation of land for housing and flats but the principles are broadly adaptable for other types of affordable housing, such as special needs and sheltered housing accommodation.
This guidance note applies only in England and Wales. It was written specifically with regard to practice in England where affordable housing provision is governed through the planning system. Where it differs, the practice in Wales is noted separately. In Scotland and Northern Ireland affordable housing provision is governed through housing policy. Although provisions there may differ in detail, the valuation approach is essentially the same and this guidance note may be adapted as necessary. -
Sustainability and residential property valuation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This 1st edition information paper (IP) aimed to help valuers consider sustainability issues and their implications when undertaking valuations of residential property in the UK. -
Japanese knotweed and residential property
Published January 2022
Effective from March 2022
Reissued October 2022
This professional standard is an update to an RICS information paper published in 2012, responding to a House of Commons Science and Technology Committee published report – Japanese knotweed and the built environment – and a Department of Environment, Food and Rural Affairs (Defra) investigation into Japanese Knotweed that questioned the current approach to assessing the risk, and by extension, impact on value, of Japanese knotweed on the built environment.
The purpose of this updated document is to address both the findings and provide guidance based on market-informed industry best practice and the most recent research about a more holistic assessment of Japanese knotweed to ensure RICS members provide the best advice to users of valuation and condition reports.
This document contains a decision tree based on risk level to help valuers determine the appropriate management approach needed for Japanese knotweed. The new process still delivers a straightforward and objective categorisation of Japanese knotweed infestations because this provides the clarity that is essential for lenders, and which will continue to ensure confidence and trust among wider stakeholders.
This document was reissued in October 2022 as a professional standard. It had previously been published in February 2022 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
Section 5 offer notice
Section 5 requires the landlord to serve an offer notice on the qualifying tenants of the flats contained in the property. Each offer notice must comply with the requirements set out in the subsection of Section 5 that relates to the particular proposed disposal:
Section 5A: a proposed contract to create or transfer an estate or interest in land (not applicable to the grant of an option or right of pre-emption);
Section 5B: a proposed sale at a public auction to be held in England and Wales;
Section 5C: a proposed grant of an option or right of pre-emption;
Section 5D: a proposed disposal not made in pursuance of a contract, option or right of pre-emption.
Where the disposal is wholly or partly non-monetary, the requirements of Section 5E must be complied with.
These document templates are provided as samples only. It is the user's responsibility to check and adapt them as necessary to suit the particular instruction and prevailing circumstances. -
A review of the practical uses of real property options (RICS)
Published April 2005
Real property options are among the earliest modelled real options, with now six primary practical uses: planning, investment timing, leasing, operations, funding and industry strategy. -
Transport accessibility and land value: a case study of Tyne and Wear (RICS)
Published June 2007
This study is concerned with the relationship between transport accessibility and increases in land value, motivated by a desire to inform the land value capture debate. Focusing on residential land, here land value is examined through the form of house prices, using the Tyne and Wear Region of the UK as a case study. -
Valuation of land for affordable housing Scotland
Published January 2013
In Scotland, a valuation of land for affordable housing can be required for several reasons, including: advice for loan security, acquisition, sale, evaluation of options, planning purposes, compulsory purchase, taxation and development appraisal for grant purposes.
This guidance note aims to inform the valuer’s approach to the valuation of land for sites in Scotland where there is a requirement to provide affordable housing or where the provider of affordable housing is seeking grant finance from the Scottish government. -
Valuing residential property purpose built for renting
Published July 2018
Effective from October 2018
Reissued May 2023
This professional standard gives guidance on the general approach to valuation that should be adopted for the build-to-rent part of the residential investment sector and recognises that – reflecting market practice – the principal basis should be an income-driven one.
The standard addresses the following:
- form of tenancy
- valuation considerations
- valuation approach
- assessment of gross income
- assessment of operating expenditure
- net income capitalisation
- benchmarking
- aggregate break-up value and
- cash flow analysis.
This document was reissued in May 2023 as a professional standard. It had previously been published in July 2018 as a guidance note. No material changes have been made to the document. -
Flooding: issues of concern to RICS surveyors and valuers (Residential property) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This information paper describes the nature of the current flood risk problem, the consequences of that risk and how a residential practitioner may take these into consideration when providing residential survey and valuation services. -
Valuation of buy-to-let and HMO properties
Published October 2022
Effective from 1 December 2022
There has been a major shift in the UK housing market that has led to an increased bias to private renting, both out of choice and out of need. These changes have their roots in tenure-neutral housing policies that have been adopted since the 1980s, the impact of which has been amplified by the general undersupply of homes and the affordability challenge faced by homebuyers.
Based on the English Housing Survey 2020 to 2021, 4.4 million households now call the private rented sector home. Growth has slowed since 2018 as regulatory and taxation changes have taken effect, although appetite for investment in the private rented sector remains strong given favourable returns compared with other investment opportunities.
A shift towards a higher proportion of professional landlords has also been seen over this period. The creation of buy-to-let has helped to shape a private rented sector that is fit for purpose and provides choice, value, and flexibility for tenants. Demand from tenants continues to be high and is expected to increase. The expansion of buy-to-let has created significant challenges for valuers in this market.
The purpose of this updated professional standard is to provide sufficient background information and guidance to ensure consistency in the assessment of residential investment properties to include:
- single residential units
- houses in multiple occupation and
- multi-unit blocks.
This document provides best practice and advice for members and end users. -
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. -
Blockchain: an emerging opportunity for surveyors?
Published: February 2020
Every so often a revolutionary digital break-through emerges. The most recent being a technology allowing a decentralised, reliable and verifiable record of transactions, which is maintained across multiple computers using peer-to-peer networking and cryptography – blockchain.
This insight paper provides a balanced view of the outlook for blockchain, its application to the real estate, built and natural environment and construction industries, and what it could mean for RICS professionals and RICS-regulated firms looking to stay at the forefront of innovation.