Document downloads - Valuation
Available downloads
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Inspection valuation checklist
This is a generic checklist that can be used for commercial, office and industrial properties.
The checklist is provided as a sample only. It is the user's responsibility to check and adapt it as necessary to suit the particular instruction and prevailing circumstances. -
Agricultural Tenancies Act 1995, RICS guidance (ARCHIVED)
The guidance note was published in June 1995. It offers an interpretation of the Act and prompts consideration of other important, related matters. It also provides commentary on the practical application of the Act in relation to RICS Farm Business Tenancy Agreements.
The supplementary guidance note, which published in 1998, complements and updates the Guidance note on the 1995 Agricultural Tenancies Act and should be read in conjunction with it. It deals with subsequent developments following the introduction of the Act and responds to the wealth of useful information and practical advice received by RICS in response to the original guidance.
RICS Farm Business Tenancy Agreements have continued to evolve. The latest editions can be accessed on isurv at http://isurv.com/site/scripts/documents.aspx?categoryID=104
This document is no longer current and is available on isurv for information only. -
Asbestos
Published May 2021
Effective from 1 August 2021
Reissued October 2022
The widespread use of asbestos has implications for property professionals working in all sectors and can impact on all stages of a building’s life cycle.
This professional standard contains a comprehensive overview of the legislation and industry guidance that govern the complex subject of asbestos. It provides guidance on the dangers asbestos poses to health and businesses, and sets out best practice advice to assist property professionals in complying with the regulations and implementing an effective management plan to ensure that they do not put themselves or others at risk.
The standard is not intended to advise members specially in the undertaking of asbestos surveys. Guidance on such surveys is set out in the HSE publication HSG264 Asbestos: The survey guide.
This document was reissued in October 2022 as a professional standard. It had previously been published in May 2021 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
Auctioneers selling real estate (incorporating Common Auction Conditions)
Published: March 2018
Reissued: October 2023
This 7th edition includes the following revisions and features: now a professional standard not a guidance note, Common Auction Conditions has been incorporated at the end of the professional standard and revised guidance on guide prices following recent decisions from the Advertising Standards Authority.
This edition focuses on England and Wales.
This document was reissued in October 2023 as an RICS professional standard. It had previously been published in March 2018 as a professional statement. No material changes have been made to the document. -
Building surveys and technical due diligence of commercial property (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note was prepared to provide surveyors and clients with a source of information and guidance in respect of commercial and industrial property surveys. Such surveys may also include large residential apartment buildings.
This guidance was written to apply to England and Wales. -
Surveyors acting as advocates
Published February 2017
Effective from 1 June 2017
The professional statement sets out the core duties expected of the surveyor-advocate. It applies where you agree (whether in writing or orally) to act as a surveyor-advocate before any tribunal in England, Wales or Northern Ireland.
The guidance note offers guidance on fundamental aspects of advocacy practice. It outlines general duties and roles and offers best practice advice on, among other things, case preparation and preliminaries, evidence and documents, and hearings.
A client guide (a stand-alone electronic version of the professional statement) is also available. -
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. -
Commercial investment property: valuation methods (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This 1997 information paper intended to aid valuers' understanding of various methods and their application.
The examples used are intentionally simplified in order to introduce mathematical concepts. In practice, the methodology would need to be adopted and extended to reflect market perceptions and real-world costs. -
Contamination, the environment and sustainability: Implications for chartered surveyors and their clients (ARCHIVE)
This document has been archived and is available on isurv for information purposes only.
The challenges presented by contaminated land and environmental issues, such as the flood risk caused by climate change, and the need to live in a more sustainable way mean that the demand for best advice has never been more important. Surveyors are uniquely placed to provide this advice to clients in all property sectors.
This guidance note aims to support and guide the professional activities both of those who are already highly proficient in this area and also those who are less experienced.
This publication was reviewed and a new standard was published in 2018: 'Environmental risk and global real estate'. -
Dilapidations
Published September 2016 (E&W) and March 2015 (Scotland)
Effective from December 2016 (E&W) and March 2015 (Scotland)
Reissued December 2023
This professional standard seeks to advise members on the factors they should take into consideration when producing Schedules of Dilapidations, Quantified Demands, Responses, Scott Schedules and Diminution Valuations for reference to or use by the client, the other party to the lease, third parties and tribunals.
Dilapidations in England and Wales was reissued in December 2023 as a professional standard. It had previously been published in September 2016 as a guidance note. No material changes have been made to the document.
Dilapidations in Scotland was reissued in December 2023 as a professional standard. It had previously been published in March 2015 as a guidance note. No material changes have been made to the document. -
Fixed plant (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The term 'fixed plant' is widely used, especially in the context of accounting, taxation and rating. However, it is not easily defined and frequently means different things to different people. It is important to be clear about the distinction between plant, fixed plant, fixtures and chattels, as it has vital implications in property sales, leases, mortgages, taxation and rating. -
Reinstatement cost assessment of buildings
This publication is intended as a guide for surveyors who carry out reinstatement cost assessments of buildings.
The guidance note provides detailed recommendations on: the manner in which assessments should be approached; the nature and extent of the information to be collated;
the manner in which this information should be processed; and how the assessment should be calculated and submitted.
The 3rd edition takes effect from 1 June 2018.
Previous edition(s) are provided for information purposes only. -
Practice management guidelines (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The Practice management guidelines, 3rd edition was aimed at small to medium practices and intended to assist in the day-to-day running of the business. -
Rating appeals (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note provides an outline of the rating appeal system in England and Wales, describing the various processes involved in making a proposal to alter a rating list. It also offers best practice advice to surveyors who may be required to appear before Valuation Tribunals (VT) either on behalf of a ratepayer client or as, or on behalf of, a valuation officer (VO) when dealing with an appeal arising from a proposal to alter a rating list.
This guidance note should be applied in conjunction with the joint RICS/IRRV/RSA Rating consultancy code of practice, 4th edition, March 2017, which has been adopted as a mandatory professional statement of RICS. -
Rating consultancy code of practice
This code of practice has been jointly adopted by the Royal Institution of Chartered Surveyors (RICS), the Institute of Revenues, Rating and Valuation (IRRV) and the Rating Surveyors’ Association (RSA).
With the aim of improving consumer protection and maintaining professional standards, the code sets out the standards of practice that rating consultants must adopt in all cases where they are either seeking instructions, or are approached by a new or existing client, to provide advice in relation to non-domestic rating matters.
It has mandatory application in relation to rating consultancy work.
The fourth edition of this code of practice is effective from 1 April 2017. -
Stock condition surveys (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
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Surveyors acting as expert witnesses
Published April 2014
Effective from 2 July 2014
Reissued February 2023
Surveyors acting as expert witnesses, 4th edition, applies to surveyors when providing expert evidence, whether oral or written, before a range of courts and tribunals in the UK,
The practice statement sets out the mandatory duties of a surveyor in providing evidence, while the guidance note provides further information on good practice, including: the need for clear instructions and terms of engagement; fees; guidance on what to do in situations of conflict of interest; an outline of the written report format; clarification of the differences between the roles of expert witness and advocate; and the immunity of the expert witness.
A stand-alone electronic version of this practice statement (without the guidance note) is also available for potential use with clients in connection with the particular requirement of PS 3.3.
This document was amended in February 2023 to remove wording from PS10 and GN19 which could be read as prohibiting expert witnesses from taking instructions from solicitors who are engaged on a conditional fee, even if the expert is instructed on an unconditional fee basis. This was not the intention of RICS and has therefore been amended for clarity. -
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. -
Valuations for right to buy, right to acquire and equity sharing of social housing (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
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Valuations for financial statements under UK GAAP (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
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VIP 10 Depreciated replacement cost method of valuation for financial reporting (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly VIP 10, The depreciated replacement cost method of valuation for financial reporting, this was incorporated into the Red Book in 2011. -
Capital and rental valuation of fuel stations (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Fuel stations are among those types of property generally referred to as 'trade-related property'. They are normally bought and sold having regard to their trading potential. Guidance on the valuation of individual trade related properties in the RICS Red Book considers the criteria to be adopted by valuers when assessing the value of an individual trade-related property.
It relates to a wide range of trade-related property, including fuel stations. The terms defined in that guidance are used in this information paper, which deals with its application to the valuation of fuel stations, including those that are allied to convenience stores or are part of more complex properties such as motorway service areas, where it is assumed that trading will continue. It has been written specifically with regard to the law and practice in England, Wales and Scotland. -
Capital and rental valuation of hotels in the UK (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Previously referred to as Valuation Information Paper (VIP) 06, the 2nd edition information paper focuses on a specific group of trade related property, namely hotels. Although it is not intended to be fully comprehensive, it considers the general approach to be adopted for the capital and rental valuation of hotels in the UK, commenting on the different valuation methodologies and the practical approach to the assembly and interpretation of relevant information for this purpose. -
Valuation of rural property
Published July 2019
Effective from 1 July 2019
Reissued October 2022
This professional standard applies to rural property in the UK only. For the purposes of this guidance, rural property means commercial farms and farmland, all forms of rural landed estates and residential property in the countryside with land attached.
This professional standard is primarily intended to remind registered valuers of matters that should be considered when completing a valuation of rural property. It is not intended as a substitute for training and experience or a short cut to meeting the requirements of the various applicable RICS professional standards. It may also be of use to clients in understanding the work and role of the rural property valuer and assist in arriving at properly agreed instructions.
The client base for rural property valuations can include:
• farmers
• landowners (private and public)
• estates
• lenders and other institutional clients
• developers
• investors
Some will have intimate knowledge of the industry and others less so. While the requirements of RICS Valuation – Global Standards (RICS Red Book Global Standards) will need to be met in every case, valuers will need to consider the individual requirements of each client carefully, both in terms of settling instructions and the level of detail and advice they include in their reports.
This document was reissued in October 2022 as a professional standard. It had previously been published in July 2019 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
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. -
VIP 08 The analysis of commercial lease transactions (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly VIP 8, The analysis of commercial lease transactions, this was incorporated into the Red Book in 2011. -
VIP 09 Land and buildings apportionments for lease classification under international financial reporting (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly VIP 9, Land and buildings apportionments for lease classification under International Financial Reporting, this was incorporated into the Red Book in 2011. -
VIP 12: Valuation of development land (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This information paper discusses the approach to the valuation of property where the proposed development is of a cleared, or greenfield site, or the site is to be redeveloped by removing all, or substantially all, of the existing buildings and constructing new buildings. It does not apply to redevelopment based on a refurbishment of existing buildings, with limited demolition. -
Strategic public sector property asset management
Published 6 September 2021
Effective from 6 September 2021
Reissued October 2022
The way we view buildings has changed. The social context of real estate has changed. The challenges facing those working in the built environment have never been greater, and the public-sector estate is critical in this change. While cost is still crucial, it is no longer the only strategic consideration in building operations: cost and experience must be aligned. Value is the objective and data is key.
This RICS document is intended for those engaged in strategic property asset management in the public sector around the world. It considers the changing nature of the role that real estate plays as well as the expectations about it, and it indicates how an organisation should use data to support organisational objectives and inform the strategic asset management.
There will be no going back to historic practices for public-sector real estate. It will be up to our profession to shape its recovery, effect positive change, keep it relevant and demonstrate the value it provides. This RICS document will support our work in doing so.
This document was reissued in October 2022 as practice information. The regulatory requirements remain the same and no material changes have been made to the document. -
Common auction conditions for real estate auctions
Published: March 2018
This document has been produced by RICS to set consistent practice across the industry.
Where the auctioneer is a member of RICS and uses the Common Auction Conditions, the auctioneer must also comply with the current RICS standards and guidance for Auctioneers selling real estate. An auctioneer who is not a member of RICS is not bound by this guidance.
You may use the Common Auction Conditions freely, but if you do you must:
Rely on your own legal advice as to their suitability for your use
Agree that the Royal Institution of Chartered Surveyors and those who advised it have no liability to you or anyone who relies on the Conditions
Reproduce the Common Auction Conditions in full or show clearly where you have made changes to them
Acknowledge that they are reproduced with the consent of RICS
State that you have used the Common Auction Conditions (4th edition) -
Form and structure of mineral option and lease (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note is now out of date and held on isurv for information purposes only. It was aimed at professionals in the field of negotiations for rights to minerals and also touches on leases of void space. It is generally biased to those working for the landowner, however, it can also inform the tenant and its professional advisers. The guidance note serves to remind us of what the basic building blocks of a mineral lease comprise. It also reminds us that there is no such thing as a standard mineral lease. Hence each case should be considered on its individual merits. -
Auctioneers proposing to sell plant and machinery at public auction in England Wales and Scotland (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This RICS guidance note provides best-practice advice for chartered surveyors conducting public auctions of plant and machinery.
It deals with the preparations for, and conduct of, the auction, including acceptance and agreement of instructions; pre-auction work; the auction itself; post-auction procedures; complaints handling and disputes resolution; and legal responsibilities. -
Selling personal property at auction (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The emergence of personal property/art and antiques as an important and valued asset has brought substantial attention to auction houses. Today, sales records are continually being broken at our auctions. It is not unusual for works of art, antiques, jewellery or collectibles to realise multi-millions of dollars on a daily basis at auction. This immense international market is also one of the most unregulated areas of commerce existing today. This guidance note intends to enhance and secure public trust, a primary directive for RICS and one of its core values.
Topics covered include:
- before the sale
- pre-auction
- the sale
- after the sale
- post-auction
- property governed by special statutes
- conditions of business
- statutes
- cataloguing practice
- legal responsibilities -
Arbitration directions
Sample template of an order for directions for rent review arbitration.
It is helpful if, prior to a preliminary arbitration meeting, the third party sends to both parties suggested draft directions. This will allow the parties to be better prepared for discussions at the preliminary meeting and will give them the opportunity to have agreed as much as possible between themselves before the meeting. -
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. -
Rural valuation checklist
The same valuation principles apply to agricultural land and buildings as to any other property asset. Valuation requires an analysis of the subject and in particular the qualities of the subject property. Agricultural and rural properties have a wide divergence, of type, character and overlap into other markets such as residential housing, commercial business, etc.
This checklist provides a list of things to consider when valuing such assets.
This checklist is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
Sustainability and the RICS property lifecycle (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The chartered surveying profession has long had a role and reputation as being the custodian of the built and natural environment. With a body of knowledge and expertise built up over many years, RICS members are at the core of decision-making on the built and natural environment.
RICS recognises that sustainability should be considered throughout the property lifecycle. The interrelationships of the five phases in the property lifecycle - greenfield and estate management, planning and procurement, new construction, occupation and use (including refurbishment and alterations), demolition and remediation - are critical to achieving sustainability for the property profession.
This document details how sustainability can be embedded into the RICS property lifecycle and provides a resource for engaging our members in sustainability in promoting a positive contribution to our pursuit of sustainable land, property and construction.
This guidance note primarily examines the sustainability interventions and opportunities property professionals can put forward during the design and construction of a building project.
It also forms a starting point for further guidance aimed at the RICS property lifecycle stages. -
Boundaries: procedures for boundary identification, demarcation and dispute resolution
Published February 2021
Effective from 1 May 2021
Reissued October 2022
Disputes about boundaries, and related neighbour disputes, are never far from the news and have been increasing steadily during the COVID-19 period in England and Wales. Boundary disputes can be costly, traumatic and time-consuming for all concerned; they can end up in expensive legal cases, leave a lingering mistrust and ill-feeling between neighbours, result in delayed development and additional costs, and cause confusion between professionals. They never fail to light up the letter pages of the tabloids, and the constituency postbags of MPs.
It is critical that RICS members, and other professionals working within this sector, are up to date with the latest best practice advice and guidance. This new 4th edition encompasses all that was best from the seminal 3rd edition, with a new emphasis on mediation, and has been reformatted and edited to include several new and expanded sections.
This document was reissued in October 2022 as a professional standard. It had previously been published in February 2021 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
Development management
Published: August 2009
This guidance note is primarily aimed at project management surveyors and has two purposes:
(1) to set out the main phases of the development management process and the main activities included in each phase; and
(2) to provide specific guidance on the following issues that will impact upon the development process: development appraisal; planning application processes; development finance; and procurement. -
Sustainability and ESG in commercial property valuation and strategic advice
Published December 2021
Effective from 31 January 2022
This global professional standard provides a practical framework for delivering on sustainability and ESG investigation, and reporting requirements in professional valuation advice.
Please note, this was reissued in October 2022 as a professional standard. It was previously published as a guidance note. The regulatory requirements remain the same.
Practical and globally relevant principles for the delivery of the sustainability and ESG requirements in the Red Book Global Standards.
- Good practice advice supporting everyday commercial valuation practice and its interface with ESG and sustainability.
- Alignment of ESG and sustainability considerations with the core mechanics of valuation (purpose, basis, approach).
- A glossary of globally relevant sustainability and ESG terms and an appendix referencing world-leading rating, benchmarking and performance frameworks and tools.
The updated guidance is part of a suite of professional standards for sustainable practices across the built and natural environment. For example, ICMS 3, for the comparison of cost and carbon in construction. And the Responsible Business Framework, which enables clients to build and communicate a responsible business strategy mitigating negative environmental and social impact.
It is an update to the guidance issued in 2013 and is intended for valuing commercial property. It will be reviewed and updated periodically – reflecting pending developments in International Valuation Standards and the wider investment and regulatory framework globally. -
Valuation of trees for amenity and related non-timber uses (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note is designed to assist the valuer in dealing with some of the issues that arise when dealing with the presence of trees as part of a property or as separate entities. -
What is the impact of flooding on property values? (RICS)
Published June 2009
This research indicates that flooding has only a temporary impact on property values, and after three years prices had returned to their normal market level. While flood events in low risk areas had no impact on property prices, being designated at high risk of flooding also has had no effect on property values in areas with no flood events. -
Valuation and Sale Price Report 2009 (RICS)
Published October 2009
The 2009 report of the annual comparison of valuations against sale prices of commercial property in France Germany, the Netherlands and UK, carried out by Investment Property Databank. -
Integrating automated valuation models with valuation services to meet the needs of UK borrowers, lenders and valuers (RICS)
Published January 2010
This report, by Mary Lou Downie and Gill Robson of Northumbria University, with funding from the RICS Education Trust, explores attitudes towards the use of automated valuation models. -
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. -
Option pricing theory to value development land (RICS)
Published May 2010
This report examines the potential for using option pricing models as a method for the valuation of land with development potential. It draws on recent advances in real estate applications of option pricing theory, and carries out a series of empirical tests using residential house sale and land sale data for Perth, Western Australia for the period 1995-2008. -
Valuation of woodlands and forests
Published March 2023
Effective from 1 June 2023
Valuation of woodlands and forests (2nd edition) empowers professionals undertaking valuations of these assets to consider the evolving array of complex factors that can impact their value. This professional standard outlines the bases of value that can be utilised depending on the purpose of the valuation. It also allows our professionals to maintain and enhance their specialist knowledge and ensure they are best placed to deliver on client demand to understand the value of woodland and forestry assets.
An updated version of this standard was published in May 2023. The updated version applies to Ireland with full endorsement from the Society of Chartered Surveyors Ireland (SCSI).
This professional standard is applicable to the UK and Ireland and is effective from 1 June 2023. -
Discounted cash flow for commercial property investments (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note featured as part of the RICS Valuation Standards (the 'Red Book'), 7th edition, 2011. From 2012 this was removed from the Red Book and maintained as a standalone guidance note. -
Valuation of medical centres and surgery premises
Published September 2010
Effective from 1 October 2010
RICS is aware that the market, practice and regulatory landscape surrounding medical premises is likely to have changed since the publication of this guidance in 2010. We are currently in the process of reviewing it (please email standards@rics.org if you would like to get involved with this). Valuers are reminded that they need to be aware of the latest market, regulatory and legal position prior to undertaking work related to this area and should always undertake valuation work in accordance with the overarching RICS Valuation - Global Standards and Rules of Conduct.
Valuation of medical centres and surgery premises, 2nd edition, is concerned with the valuation of surgery premises, including all medical centres and surgeries occupied by doctors and other similar practitioners for medical or health services.
This guidance note was written with regard to the position in England. The valuation approach is essentially the same in Wales, and Scotland, but where there are differences they are noted.
Note that this guidance note was formerly known as VIP 04 The Valuation of Surgery Premises Used for Medical or Health Services in the UK. -
Insurance for commercial property managers (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note was designed to outline best practice for property professionals dealing with insurances for commercial property owners.
Since this guidance was published, the former FSA has become two separate regulatory authorities, the FCA and the PRA. -
RICS HomeBuyer Report 2010 ARCHIVED
The RICS HomeBuyer Report 2010 (HBR) practice note took effect on 1 January 2011, replacing the RICS HomeBuyer Report 2009 practice note.
The HBR 2010 is delivered under copyright licence from RICS. The RICS Home Surveys licence scheme is open to members of the RICS with the necessary qualifications and experience.
NB: Since 30 April 2011 it has been mandatory for every surveyor producing the RICS HomeBuyer Report (HBR) to be registered with the RICS Valuer Registration Scheme. -
RICS Condition Report 2010 ARCHIVED
The RICS Condition Report offered a concise overview of the condition of a property, complementing a mortgage valuation. The report provided a brief description of the construction and condition of a property, highlighting any major risks and legal issues.
The RICS Condition Report does not include a market valuation, reinstatement cost, or repairs or maintenance advice.
To deliver the report, members must join the RICS Condition Report copyright licence scheme. -
Valuation of water as a separate resource (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This information paper discusses how financial value can be attributed to water, so individuals, investors, banks and governments can appraise and understand the resource. -
Real estate agency and brokerage
This professional statement applies to all RICS members involved with the sale, letting, leasing and management of real estate, whatever the form of tenure by which it is held or occupied.
It outlines the principles that shape the culture of fairness and transparency that underpin all activities undertaken by real estate agents within whichever country they practice. Topics covered include:
- Ethics
- Securing instructions
- Acting for the seller: marketing the property
- Acting for the seller: agreeing the sale or lease
- Acting for the buyer
- Ending the instruction
- Safety and security
- Agency management -
Expert witness terms of engagement template
This template is adapted from the practice statement and guidance note, Surveyors acting as expert witnesses. Its sample terms are not intended to be mandatory or prescriptive, and may be adapted as required. It is recognised that a variety of circumstances will prevail in the range of assignments surveyors may undertake and that clauses may not be appropriate in every circumstance. For example, where a client appoints a surveyor directly, without using an appointer, the terms would need to be amended accordingly. Other or additional terms of engagement may also be indicated, for example, by a protocol established under the CPR or in guides that supplement the CPR in certain courts.
Disclaimer: Users of this document are responsible for forming their own view as to whether this document and its contents are suitable for use in any particular circumstances. The supply of this document does not constitute legal or other professional advice, nor does it constitute any opinion or recommendation as to how any person should conduct its business or whether any person should or should not enter into any form of contract. Users should, if appropriate, consult their professional advisers as to any such matter. No warranty, express or implied, is given in respect of this document and neither RICS nor the authors shall be liable for any loss or damage of any kind arising directly or indirectly from the use or misuse of this document or from any reliance on it by any person, except to the extent that exclusion of such liability is prohibited by law. -
Managing organisational change (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
These papers are aimed at surveyors who are assisting clients with organisational change or are re-organising their own professional practice. -
RICS Valuation standards, 7th edition (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The 7th edition of the RICS Valuation standards, effective 2 May 2011 marked its issue for the first time in Global, UK and India volumes, and incorporated a number of changes and updates to enhance its clarity and ease of use. These included adopting the term 'valuation standards' rather than 'practice statements' in relation to the key requirements, which continued to be mandatory for members, since the emphasis throughout was on the delivery of valuations to clear and consistent standards.
The standards in VS 1.1 and VS 1.2 were revised to make a clearer distinction between mandatory standards (i.e. the compliance and ethical requirements of VS 1) and those that are not mandatory, if the purpose of the valuation falls within any of the specified exceptions (that is, VS 2 to VS 6). Although differently expressed there was no intention to change the application of principles specified in the 6th edition.
There was some renumbering and reordering of guidance notes as well as updating of them, with a new GN on the depreciated replacement cost method of valuation for financial reporting, upgraded from 'valuation information paper' status. The intention was to ensure that the Red Book global standards aligned and complied with International Valuation Standards (IVS). Further information about IVS evolution was included in the Introduction.
For the current edition of Red Book see www.isurv.com/redbook -
An overview and comparison of dispute resolution processes in the UK (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
There are many different dispute resolution processes in the UK, the idea being that all of them strive to meet these aims in different ways. However, 'one size does not fit all', and selecting the wrong process can result in the opposite outcome; an unacceptable result in the longest possible time, with the greatest possible expense and maximum stress on the participants. The purpose of this paper is therefore to give an accurate, non-legalistic and user-friendly overview of the main dispute resolution processes available to the property, land and built environment sectors in the UK. This should assist users in selecting the most suitable dispute resolution process for their particular dispute. -
Confirmation of rental evidence: valuation checklist
This valuation checklist is applicable for industrial/warehousing property, offices and retail property. It may be useful to use this checklist in conjunction with the Property information checklist (construction, accommodation and use)at http://isurv.com/site/scripts/download_info.aspx?downloadID=1367
This checklist is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
Contamination and environmental information: valuation checklist
This valuation checklist is for recording information about contamination and other environmental issues.
For further information see the RICS guidance note Contamination, the environment and sustainability: Implications for chartered surveyors and their clients at http://isurv.com/site/scripts/download_info.aspx?downloadID=144 where there are more specific property observation checklists contained in appendices A to C.
It may be useful to use this checklist in conjunction with the checklist for Sustainability considerations at http://isurv.com/site/scripts/download_info.aspx?downloadID=1368
This checklist is provided as a sample only. It is the user's responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
Planning enquiries: valuation checklist
This checklist is for recording information related to planning enquiries.
This checklist is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
Property information (construction, accommodation and use): valuation checklist
This checklist is designed for general use and will need adaptation where, for example, trade-related or specialised property is under consideration.
It may be useful to use this checklist in conjunction with the checklist for Confirmation of rental evidence at http://isurv.com/site/scripts/download_info.aspx?downloadID=1364
This checklist is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
Sustainability considerations: valuation checklist
See also RICS VIP 13 Sustainability and commercial property valuation at http://isurv.com/site/scripts/download_info.aspx?downloadID=474
It may be useful to use this checklist in conjunction with the checklist for Contamination and environmental information at http://isurv.com/site/scripts/download_info.aspx?downloadID=1365
This checklist is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
Tenure and tenancy: valuation checklist
This checklist is suitable for retail, industrial and warehousing properties.
This checklist is provided as a sample only. It is the user’s responsibility to check and adapt this as necessary to suit the particular instruction and prevailing circumstances. -
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. -
Surveying safely
Published November 2018
Effective from February 2019
Reissued July 2023
Appropriate management of health and safety is a requirement for all RICS-regulated firms and RICS members, including property-related businesses. The requirement for such management has been put in place in many countries across the globe and across industry sectors and governmental organisations in order to protect individuals from harm.
This professional standard sets out basic, good practice principles for the management of health and safety for RICS-regulated firms and RICS members. It sets out principles for those engaged in the built environment as property professionals and includes health and safety responsibilities:
• at a corporate level (whether the RICS-regulated firm is large or small) and
• at the level of the individual RICS member.
It covers property-related businesses and identifies the moral, ethical and practical issues that confront RICS-regulated firms and RICS members everywhere, in all the work that they undertake.
This document came into effect on 1 February 2019.
This document was reissued in July 2023 as a professional standard. It had previously been published in November 2018 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
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. -
Executiewaarde en gedwongen verkoopwaarde (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note - Executiewaarde (execution value), foreclosure values and forced sales in the Netherlands - is presented in Dutch and English. -
FRVS 1 Evaluations pour les OPCI
This valuation standard - FRVS 1 Valuations for OPCIs - is presented in French and English.
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Conflicts of interest for members acting as dispute resolvers (UK)
Published November 2020
Effective from 1 February 2021
Reissued October 2022
This professional standard covers the appointment of surveyors as arbitrators, independent experts, mediators, adjudicators, and other dispute resolvers.
Surveyors may be appointed as dispute resolvers either by private agreement between the parties in dispute, or via RICS or other formal appointing parties, such as the Law Society or the Chartered Institute of Arbitrators (CIArb).
The aim of this second edition professional standard is to provide advice on dealing with possible conflicts of interest for surveyors who are appointed to resolve disputes. It also helps all parties involved in a dispute to understand the main principles and considerations, and to be aware of when an involvement may develop into a conflict of interest.
This document was reissued in October 2022 as a professional standard. It had previously been published in November 2020 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
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. -
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. -
Ethics in UK real estate practices (RICS)
Published July 2010
This research investigates professional ethics in small and large surveying practices. -
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. -
International approaches to the valuation of land and property affected by contamination (RICS)
Published August 2003
This research paper will enable practitioners to understand some of the implications involved in the valuation of contaminated land and to compare British research and practice with the situation in the United States. -
Investor rationality: evidence from UK capitalization rates (RICS)
Published April 2005
Recent analyses have suggested the irrationality of Australian and US office property investors in that they have failed to raise capitalisation rates sufficiently at rental cyclical peaks to account for the obvious mean reversion in real rents and thus have significantly overvalued properties. In this paper, we present a model of capitalization rates and explain UK office and retail cap rates in an error correction framework. -
IPD Valuation and Sale Price Report 2011 (RICS)
Published January 2012
The RICS IPD Valuation and Sale Price Report 2011 studies data from the IPD Annual Index of France, Germany, the Netherlands and the UK and compares this against the sale prices of commercial properties in those countries. -
Coastal communities: A pro poor approach to negotiating coastal land sales (RICS)
Published December 2010
The impetus for this study is that the increased density of human activity along the coasts is resulting in adverse changes to local community life, as well as the existing and immediate future effects and alterations caused by climate change. -
Valuation of independent healthcare properties in the UK (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Originally published as Valuation Information Paper 11, the second edition information paper is concerned with the valuation of independent healthcare properties comprising nursing and residential care homes in the UK. -
RICS Valuation – Professional Standards 2012 - application in the United States
This guidance note provides assistance to RICS members on the application of the the Red Book 2012 to valuations that have to be provided in compliance with US jurisdiction.
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RICS Small Business Retail Lease (ARCHIVED)
Please note: These downloads have been archived and are available on isurv for information purposes only.
This lease is has been drafted specifically for high street retail property. It is written in plain English and provides flexible terms for a short term lease (of up to 5 years) with no rent review.
A lease is a binding contract in law and signing a lease on a property is one of the most significant financial commitments that a business can make. As a tenant it is essential that your lease matches your business requirements and that your fully understand all of its terms and conditions. -
Farm stocktaking valuations
Published December 2016
Effective from December 2016
Reissued January 2023
Farm stocktaking valuations are required to assess the closing stock value, and thereby the proper profits or losses of a farming business, for inclusion in financial statements.
The aim of this professional standard is to assist professionals providing farm stocktaking valuations to correctly confirm instructions and prepare reports to clients that are Red Book-compliant, so as to ensure the highest standards of professionalism and clarity.
This document was reissued in January 2023 as a professional standard. It had previously been published in December 2016 as a guidance note. No material changes have been made to the document. -
Valuation of intangible assets (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly published as a stand-alone guidance note, this was subsequently incorporated into the RICS Red Book 2014. -
Valuation of businesses and business interests (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly published as a stand-alone guidance note, this was included in the RICS Red Book 2014. -
TUPE: information for property managers (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
TUPE stands for The Transfer of Undertakings (Protection of Employment) Regulations 2006. New regulations to update TUPE 2006 came into force on 31 January 2014 under The Collective Redundancies and Transfer of Undertakings (Protection of Employment) (Amendment) Regulations 2014.
The purpose of TUPE is to provide employment protection on the transfer of a business from one individual to another or a change in responsibility for a contracted out service. In applying it, employment tribunals generally adopt what they call a ‘purposive’ approach, which effectively means they interpret TUPE to protect employees in line with the social objectives of the European ARD. -
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. -
IPD Valuation and Sale Price Report UK 2012 (RICS)
Published January 2013
The RICS/IPD Valuation and Sale Price Report 2012 studies data from the 2011 IPD Annual Index for the UK and compares this against the sale prices of UK commercial property. -
IPD Valuation and Sale Price Report Europe 2012 (RICS)
Published January 2013
The RICS/IPD Valuation and Sale Price Report 2012, studies data from the 2011 IPD Annual Index for French, German, Netherlands and UK markets and compares this against the sale prices of commercial property in those markets. -
Analysis of commercial lease transactions, Hong Kong (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The analysis of comparable transactions and the effect of the value of incentives is only one part of the process of considering the value of a specific property. There is no single correct approach to analysis and no 'right' answer. Methods may vary depending on the circumstances of individual cases and market practices in different areas and sectors. Changing markets can mean that an approach adopted previously may no longer be appropriate. This is particularly so in Hong Kong, which also has its own distinctive characteristics of deal structure and length of leases, which necessitates unique guidance in the form of these notes. -
Sustainability: improving performance in existing buildings (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Clients are increasingly striving to achieve the standards set for sustainability in new buildings when commissioning works to improve the sustainability of existing buildings, despite both the technical and economic constraints presented.
Sustainable buildings are resource-efficient throughout that building's life-cycle: from location, design, construction, operation, maintenance, renovation, and demolition, and aim to complement the classical building design concerns of economy, utility, durability, and comfort. -
RICS Valuation – Professional Standards global 2014 (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The Red Book is issued by the RICS Valuation Professional Group as part of its ongoing commitment to promote and support high standards in valuation delivery. It is mandatory for RICS members undertaking valuation services, but is also a useful reference work valuation users and other stakeholders.
The RICS Valuation - Professional Standards January 2014 took effect in 6 January 2014. IVS 2013 was reproduced in its entirety as an annex in both hard copy and digital versions.
A correction to Red Book January 2014 was issued in December 2013. The June reprint of the global Valuation Standards consolidated the December 2013 correction and minor errata. References only relevant to the UK portion were removed and pages on other publications were removed.
RICS Valuation - Global Standards took effect from 1 July 2017 following the publication of IVS 2017.
The Red Book (UK portion) is now held separately on isurv.
Red Book is also translated into several languages following the publication of each edition.
On 28 November 2019, a new edition of RICS Valuation - Global Standards was published, to take effect from 31 January 2020, the same date as the new edition of IVS.
See www.isurv.com/redbook -
EUGN 1: EU directives and regulations relevant to valuation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note draws valuers’ attention to the need for particular care when undertaking valuation work on which various EU directives and regulations may impact. It is essential that the work is undertaken in the light of knowledge of the existence of the directives or regulations, as the case may be, and with an understanding of how they are to be implemented in individual Member States.
Care must also be taken to ensure that valuation reports draw attention to any aspects of the directives or regulations – or, more particularly, their implementation – of which the client needs to be aware in order to understand and use the report for its intended purpose. -
RICS regulation PII guidance on risk, liability and insurance in valuation work (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This has been superseded by Risk, liability and insurance, 1st edition (April 2021). -
RICS Brazil – Valuation Standards (BRVS) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Members providing valuation services in Brazil shall comply with the relevant legal and regulatory requirements. This National Association Valuation Standard expands the requirements of PS 1 and PS 2 of the Global Standards of the Red Book 2014, in accordance with PS 1 paragraph 5, where valuation services are provided in Brazil. -
The calculation of surveyors’ fees relating to the exercise of statutory powers in connection with land and property
Published April 2017
Effective from April 2017
Surveyors advising in respect of compulsory purchase and statutory compensation, UK, 1st edition, derives from the 2012 guidance note, The Calculation of Surveyors’ Fees Relating to the Exercise of Statutory Powers in Connection with Land and Property, 1st edition, for Scotland. Both this professional statement and the Appendix supersede the 2014 guidance note, The calculation of surveyors’ fees relating to the exercise of statutory powers in connection with land and property, 1st edition, for Scotland. -
Valuation of development land, Hong Kong
Published May 2014
Effective from 1 August 2014
A valuation of property that is considered to be suitable for development, or redevelopment, may be required for many reasons. These may include, among others, advice on loan security, acquisition, sale, valuation of options, capital taxes, planning purposes and appraisals.
This guidance note discusses the approach to the valuation of property where the proposed development is of a cleared, or greenfield, site, or where the site is to be redeveloped by removing all, or substantially all, of the existing buildings and constructing new buildings. These various scenarios are referred to throughout as 'development land'. -
Capital and rental valuation of hotels in Asia (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Hotels are among those types of property generally referred to as 'trade related property'. They are normally bought and sold having regard to their trading potential. This information paper relates only to the valuation of an individual property (or properties) that is valued having regard to its trading potential, including properties valued on the basis that vacant possession is available as well as those to be valued as investments (i.e. without vacant possession). -
Technical due diligence of commercial, industrial and residential property in Continental Europe (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Technical due diligence reports, which detail the physical condition of a property, are increasingly in demand throughout continental Europe, as financial institutions, investors and owner-occupiers look ever more closely at the risks of buying and selling property. -
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. -
BIM for beginners
The built environment sector is full of debate about BIM. In these times it is crucial to be clear on the current and future state of BIM.
This document is based on key points from the RICS guidance note 'International BIM implementation guide'. It gives a brief introduction to BIM for those who have yet to work with it. It looks at:
- what BIM is
- the technology behind BIM
- how BIM is used in project delivery and
- the implications of BIM on organisations. -
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. -
RICS Valuation – Professional Standards January 2014 UK (revised April 2015) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The RICS Valuation – Professional Standards as they apply in the UK have been updated with effect from the date of publication in April 2015.
In summary the April 2015 changes are:
- UK appendix 3 was revised to reflect the changes to UK GAAP effective from 1 January 2015 and to the International Standards and Auditing (UK and Ireland).
- UK appendix 5 was updated to reflect the changes to UK GAAP and the Code of Practice on Local Authority Accounting in the UK, published by CIPFA.
- A minor change was made to UKGN 7 to reflect the new UK GAAP (FRS 100–103 and FRSSE 2015) application to the financial statements of charities.
- In UK appendix 10, the Unexpired lease term assumption adjusted from 70 years to 85 years (applies when it is not possible to inspect the lease).
- Where appropriate references to UK content and to RICS publications have been updated.
For more detail, see pages 6-9 of the PDF.
For the current edition of the global standards see www.isurv.com/redbook -
RICS property measurement
Published January 2018
Effective from 1 May 2018
RICS property measurement comprises the following two elements:
1. Professional statement: property measurement
a) Application of this professional statement
b) Technical definitions
c) IPMS: Office Buildings, as applied under the professional statement
d) IPMS: Residential Buildings as applied under the professional statement (applies to office measurements and residential measurements only – download these below).
2. RICS IPMS data standard
This document reflects the IPMS standards (IPMS: Office Buildings and IPMS: Residential) and will be updated over time to comply with other IPMS standards, including industrial, retail and mixed use, as they are published.
For all building classes except offices and residential buildings, the bases of measurement contained within the Code of measuring practice, 6th edition (COMP) may still apply though the application of this professional statement applies to all building classes. The COMP was effective globally from 18 May 2015, though early adoption of IPMS is recommended on publication of the new standards.
Software developers and those requiring the use of structured data are advised to follow the schemas as defined, and those wishing to pursue RICS software certification must demonstrate compliance with this data standard. This data standard is an XML schema and is available to download.
A user guide to the standard, intended for implementers, is available for download. For more information please email datastandards@rics.org. -
Valuation of intellectual property rights
Published March 2020
Effective from 1 June 2020
Reissued May 2023
This professional standard discusses the valuation of intellectual property (IP), a subset of intangible assets. Its purpose is to expand on the International Valuation Standards (IVS) and RICS Valuation – Global Standards (Red Book Global Standards) in order to clarify the legal, functional and economic characteristics of IP that should be considered and reported on in an IP valuation.
IP is a legal concept that refers to creations of the mind that are derived from intellectual or creative effort and for which exclusive rights are recognised at law. These rights enable the owner to prohibit others from using their property without permission.
IP can be categorised as registered or unregistered, and includes:
- trademarks
- patents
- copyright
- design rights
- plant breeders’ rights and
- trade secrets, which in this document mean confidential information that has commercial value.
This professional standard describes how the legal, functional and economic characteristics of IP influence the definition of the IP that is the subject of the valuation (subject asset), the extent of investigation, the choice of valuation methodology and the valuation analysis.
The 2nd edition of this professional standard is effective from 1 June 2020.
This document was reissued in May 2023 as a professional standard. It had previously been published in March 2020 as a guidance note. No material changes have been made to the document. -
Application of RICS Valuation Professional Standards in Russian Federation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Professional Standards (the 'Red Book') to valuations that have to be provided in compliance with Russian legislation.
It covers application, bases of value, and other compliance matters in the Russian jurisdiction. -
RICS Valuation – Global Standards: Germany national supplement
The purpose of this document is to assist valuers who are members of RICS in ensuring that a valuation undertaken in accordance with Red Book Global Standards is also compliant with applicable legislation, regulation and professional practice in Germany.
Members are reminded to ensure, when conducting their professional activities in Germany, that they are also following any appropriate country-, state- or municipality-specific regulations and guidance. -
Canadian jurisdictional applications of valuation standards 2015
This document is intended to assist RICS members who are also AIC members in ensuring that a valuation report that is compliant with Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) is also compliant with the RICS Valuation – Professional Standards 2014 (RICS Red Book).
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Application of the RICS Valuation - Professional Standards in France
The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.
The French RICS Valuation Professional Group has developed this guidance note, which covers mandatory application in France, where members must comply with, in addition to French regulations, the Charte de l’Expertise en Evaluation Immobilière, 2012 (the Charter). This is the national valuation standard. -
Valuation of shopping centres, Italy
Published December 2015
Effective from December 2015
The purpose of this guidance note, issued by the RICS Italy Shopping Centre Valuation Working Group, is to assist retail real estate firms and professionals when undertaking shopping centre appraisals and investment assessments and to recommend best practice and actions aimed at standardising the specialised valuation of shopping centres.
Valutazione di centri commerciali – Linea guida RICS, 1a edizione:
Esperti professionisti RICS hanno redatto la Linea Guida con l’obiettivo di offrire assistenza ad aziende e professionisti del settore che si apprestano a valutare un centro commerciale e il relativo investimento, illustrando best practice e procedure raccomandate per standardizzare la valutazione specialistica di simili immobili. -
Surveyors acting as experts in commercial rent determinations (Hong Kong)
This joint HKIS and RICS guidance note is designed primarily to assist those who are appointed by the President, or directly by the parties, to act as experts in disputes as to rental value for commercial properties. It is also intended to assist the parties themselves, and those acting for them, by making them aware of the procedures likely to be followed and issues involved.
The guidance note is not intended to provide guidance to those acting as arbitrators where other specific procedures will be relevant. A surveyor may also be called upon by the parties to a lease to determine other matters in dispute, such as a valuation in connection with an option to purchase.
The guidance note sets out, in general terms, the basic principles that would apply. -
Life cycle costing
Published April 2016
Effective from 1 July 2016
This guidance note summarises what is meant by a life cycle costing and whole life costing service for both new construction works and for the refurbishment of existing assets.
Covered in this guidance note:
- standards and definitions
- essentials of life cycle costing
- worked examples.
This is part of the RICS QS and construction standards (the 'Black Book'). -
Green roofs and walls
Published April 2016
There are many green roofs and walls guides; however this guidance note has been prepared to assist building owners, tenants and their advisers in the processes involved in understanding the various steps that will need
to be considered if a green roof or wall is to be installed on a new building, or retrofitted onto an existing building. This guidance note looks at green walls and roofs from the property and surveyor’s point of view, encompassing the technical, value and community impacts that green walls and roofs can bring. This guide is aimed primarily at commercial and medium to high-density residential buildings.
This guide aims to provide information on green roofs and walls to:
- surveyors
- owners
- tenants
- property managers
- builders and developers
- project managers
- facility managers
- services consultants and
- local and national government. -
Application of the RICS Valuation - Professional Standards in Sweden
The purpose of this guidance note is to create clear and consistent guidance for both valuation providers and valuation users. It has been prepared primarily for financial reporting purposes, to comply with International Financial Reporting Standard 13 and for reporting to the Sweden Annual Property Index.
The effective date of this guidance note is 1 May 2016.
The Swedish language version will be published here once it becomes available. -
Application of the RICS Valuation - Professional Standards in Poland
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Professional Standards January 2014 (the ‘Red Book’) to valuations that have to be provided in compliance with Polish law. This guidance note is effective on publication.
The English language version published 27 June 2016. The Polish language version published 2 August 2016. -
Application of the RICS Valuation - Professional Standards in Greece
Procedures are in place in Greece to have the valuation profession regulated by law in the near future. This guidance note is intended to respond to the new regulatory regime, with the aim of clarifying potential ‘grey areas’ between the Red Book and Greek law.
This guidance note covers:
- Context and definitions;
- Foreshore: Effects of the foreshore and beach delimitation regime on seaside plots;
- Archaeology;
- Key money;
- Residual building coefficient (RBC)
- Unauthorised structures;
- Valuation certainty and uncertainty. -
Application of the RICS Valuation – Professional Standards in Portugal
This RICS national association valuation standard covers the application of the Red Book 2014 in Portugal. It is provided in both English and Portuguese.
RICS publishes, separately from the RICS Valuation – Professional Standards global (the ‘Red Book’), a number of RICS national association valuation standards and national guidance material. They are designed to cover specific statutory or regulatory requirements in local jurisdictions, while being consistent with relevant international standards.
This professional statement covers:
- PTPS 1: Compliance with Law no. 153/2015 of 14 September – Property Valuation Experts (Peritos Avaliadores de Imóveis – PAIs); and
- PTPS 2: Guidelines for RICS members who perform valuations in Portugal. -
Application of the RICS Valuation – Professional Standards in Cyprus
In Cyprus, the valuation profession is regulated by the Cyprus Scientific and Technical Chamber Law No. 224/1990.
Even though specific procedures, standards and methodologies are not in place, it is widely recognised and accepted that the RICS Red Book must be adopted when undertaking written valuations.
This guidance note aims to address several market practices that may differ due to market peculiarities and to clarify potential ‘grey areas’ between the Red Book and the Cyprus law and/or standard practice.
The guidance note is effective from the date of publication. -
Conflicts of interest – global
Published March 2017
Effective from 1 January 2018
Reissued July 2023
The global professional standard on conflicts of interest provides clear rules for RICS members and regulated firms to identify and manage potential conflicts of interest.
Effective identification and management of conflicts of interest is an essential component of professionalism. The professional standard provides confidence to clients and consumers that RICS members and regulated firms are operating to the highest ethical standards.
Following extensive industry consultation and feedback, RICS developed this professional standard to provide clarification on:
- competing bidders
- effective date/transition
- conflicts arising during professional assignments
- passing confidential information to insurers and legal advisers.
The conflicts of interest professional standard, which supports the RICS Rules of Conduct, places an overarching mandatory requirement on all RICS members and regulated firms and specifies RICS’ expectations of how compliance with the Rules of Conduct should be achieved.
This document was reissued in July 2023 as a professional standard. It had previously been published in March 2017 as a guidance note. No material changes have been made to the document. -
Conflicts of interest: UK commercial property market investment agency
Published May 2017
Effective from 1 January 2018
Reissued July 2023
This professional standard provides RICS members and RICS regulated firms with mandatory requirements when acting on the open market sale or acquisition of a commercial investment real estate opportunity in the UK in order to avoid conflicts of interest prejudicial to their clients’ best interests.
It covers:
- dual agency, including related firms
- multiple introductions and
- incremental advice.
This document was reissued in July 2023 as a professional standard. It had previously been published in May 2017 as a professional statement. No material changes have been made to the document.
See also RICS' global professional standard 'Conflicts of interest' at: www.isurv.com/downloads/download/2140/conflicts_of_interest_–_global -
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. -
The Contractor's Basis of valuation for rating purposes
Published August 2017
Effective from August 2017
This guidance note is intended to be applicable for Contractor’s Basis rating valuations effective from 1 April 2017 and thereafter. The purpose of this guidance note is to aid the understanding of the Contractor’s Basis for the general rating practitioner while providing a common framework of the basis for the more experienced practitioner.
It covers:
- scope and application
- the approach to valuation
- stages of the valuation approach
- material change of circumstances. -
RICS Valuation – Professional Standards Hong Kong
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Global Standards 2017 (the Red Book) to valuations that have to be provided in compliance with the jurisdiction requirements in Hong Kong.
It covers:
- departures;
- effective date;
- compliance with RICS Red Book and Hong Kong legal requirements. -
Real estate risk management under the Alternative Investment Managers Directive (AIFMD)
The Alternative Investment Fund Managers Directive (AIFMD) has made risk management one of the fundamental functions for real estate investment funds. Given the importance of real estate for Europe’s alternative investment fund industry, RICS Europe has produced this guidance note to provide guidance to AIFMs on risk management for real estate.
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Risk, liability and insurance
Published April 2021
Effective from 1 April 2021
Reissued October 2022
This document is intended to assist both members and their clients in understanding the main risks and liabilities associated with surveying. It guides members in the negotiation of equitable contracts with clients and the avoidance of major risks and pitfalls.
In October 2023, a new Appendix F was added to the publication, this appendix addresses the particular risk profiles that arise when construction projects are involved. In many cases, the provisions of the construction project are ‘tied’ contractually to the appointment of and obligations that exist for the surveyor, in particular with the requirement to enter collateral warranties and the like.
This document was reissued in October 2022 as practice information. It had previously been published in April 2021 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
RICS national or jurisdictional valuation standards
RICS also publishes - separately from the global standards - a number of national standards (see PS 1 section 4) and national guidance material. They are designed to cover specific statutory or regulatory requirements in local jurisdictions, while being consistent with relevant international standards. This approach is fully in accord with United Nations voluntary guidelines encouraging jurisdictions to enhance transparency and overall consistency in valuation.
The following national association valuation standards are published on isurv (based on the 2014 edition of the Red Book): -
Bank lending valuations and mortgage lending value
Published March 2018
Effective from 1 June 2018
Reissued October 2022
This professional standard is primarily directed at those providing valuation services within or subject to EU jurisdictions for bank-lending purposes, in particular where the provision of a mortgage lending value (MLV) is requested. While designed for reference by RICS members, it may also assist understanding of the underlying issues by users and other stakeholders – borrowers, lenders, and regulatory authorities.
The standard covers:
- ’Sustainable’ or ‘long-term’ value methods (section 2 and Appendix A)
- the main definitions of MLV: EU, Germany and Spain (section 3) and
- the role of the RICS valuer (section 4).
In addition, this standard identifies some of the current developments in Europe concerning long-term valuations that are not currently part of the bank lending valuation process but may be required in the future.
This document was reissued in October 2022 as a professional standard. It had previously been published in March 2018 as a guidance note. No material changes have been made to the document. -
Valuation of assets in the commercial renewable energy sector
Published April 2018
Effective from April 2018
Reissued January 2023
This professional standard was prepared with regard to valuation practices in the UK. It is intended to assist the valuer in highlighting the main factors that affect the valuation of commercial renewable energy installations and to outline the valuation process and approaches.
This document was reissued in January 2023 as a professional standard. It had previously been published in April 2018 as a guidance note. No material changes have been made to the document. -
Environmental risks and global real estate
Published November 2018
Effective from December 2018
Reissued April 2024
Both in real terms and in the growth of legislation, environmental considerations affect real estate in all sectors. Increasingly, there are implications for how we buy, sell, use and value real estate.
This first edition professional standard is aimed principally at the land and property acquisition, disposal and asset management stages of the property life cycle. It aims to provide guidance to chartered surveyors who are not specialists in environmental considerations and management or in the preparation of environmental reports including Land Quality Statements and Environmental Screening Reports. -
Depreciated replacement cost method of valuation for financial reporting
The purpose of this UK guidance note is to draw attention to matters relevant to the use of the depreciated replacement cost (DRC) method of valuation.
The ‘cost approach’ and DRC method are regarded as synonymous terms; both are in common use around the world to describe a method of valuation of all types of assets. This guidance note also highlights the reporting requirements outlined in RICS Valuation – Global Standards 2017 – UK national supplement (RB UK) that are particularly relevant when the DRC method has been used. -
RICS Valuation – Global Standards 2017 jurisdiction guides
The Red Book Global Edition and, where they apply, the national supplements are written
primarily for valuers. By contrast, jurisdiction guides will be of use especially to
property owners and professionals who are involved in the valuation process, either by
commissioning a valuation or by providing advice in relation to its outcome. Owners and
their advisers do not usually need to know the full detail of the valuation process and the
regulations that govern it (which are set out in Red Book Global Edition), but their understanding of the outcome of the valuation is likely to benefit from a better understanding of the key factors that will influence a valuer, and thus the value of the property. -
Valuation of development property
Published October 2019
Effective from 1 February 2020
Reissued April 2023
The aim of this professional standard is to guide the valuer in the approach to development property valuations.
A development property is defined in the International Valuation Standards (IVS) as:
‘interests where redevelopment is required to achieve the highest and best use, or where improvements are either being contemplated or are in progress at the valuation date’.
Development projects can vary from single or multiple residential projects to industrial estates, shopping centres, other retail developments, offices and mixed-use developments.
Development property valuations are often complex, have a potentially high variation and incorporate optionality. They can relate to specialised markets and therefore require a high level of expertise.
The principles set out in this professional standard apply to all valuations of development property and should be read in conjunction with the latest edition of RICS Valuation – Global Standards ('Red Book' Global Standards) – incorporating the International Valuation Standards (IVS), in particular IVS 410.
This document was reissued in April 2023 as a professional standard. It had previously been published in October 2019 as a guidance note. No material changes have been made to the document. -
Comparable evidence in real estate valuation
Published October 2019
Effective from 9 October 2019
Reissued April 2023
This professional standard discusses the use of comparable evidence in the valuation process.
It has four main purposes:
- to outline the principles of the use of comparable evidence
- to encourage consistency in the use of comparable evidence globally
- to address issues of availability and use of comparable evidence, especially in challenging market conditions and
- to consider potential sources of comparable evidence and their relative importance
The use of comparable evidence in the valuation of the principal types of real estate asset is examined. This professional standard does not discuss comparable evidence in the valuation of plant and equipment and other business assets, or personal property, but many of the principles described are also relevant to the valuation of these asset types.
This document was reissued in April 2023 as a professional standard. It had previously been published in October 2019 as a guidance note. No material changes have been made to the document. -
Valuation of flexible workspace
Published October 2019
Flexible workspace is real estate space of varying size provided for business or institutional purposes for varying periods of time, usually for shorter periods and with more inclusive benefits than a traditional lease.
While the concept of flexible workspace has been around for a century or more, in recent years it has moved from a niche part of the office space market to become a dominant sub-sector of the market. As such, there is greater interest than ever before in appropriate ways to conduct valuations of properties that provide flexible workspace.
This insight paper includes insights and reflections from key players and commentators in the flexible workspace market. These include some of the largest operators, brokers, lenders and providers of valuation services in the world, as well as smaller regional stakeholders. It has been compiled and edited to develop and enhance the understanding of this market for the benefit of the wider flexible workspace industry, reaching beyond the needs of valuers and other real estate professionals to all stakeholders, including those with no technical expertise. -
Performance metrics, required returns and achieved returns for UK real estate development
The aim of this research is to improve the understanding of the form, extent and variability of the financial returns achieved by real estate developers, focusing on the UK real estate market.
Profits or returns from real estate development vary depending on the nature, location and timing of each scheme. Development appraisal methods vary in the way that they incorporate or measure developer returns. Cash margins on cost or value are very common, while rates of return are frequently used as well. Sometimes finance is incorporated in the valuation explicitly and sometimes it is absorbed within the developer's rate of return.
This variation among market participants and across methods in the handling of developer returns raises methodological questions when it comes to development appraisal. For example, is there a relationship between expected cash margins (profit on cost or value, for example) and rates of return, what is an 'appropriate' developer return, and how do returns vary depending on scheme, timing and the way the return is measured?
This research attempts to answer these questions by (a) reviewing relevant literature, (b) examining published development viability appraisals, (c) analysing published accounts for real estate developers, and (d) undertaking a survey of developers, supplemented by a small number of confidential interviews with market participants. -
Big data, smart cities, intelligent buildings - surveying in a digital world
This insight paper considers the potential disruptive impact of big data and digital technologies on traditional surveying practice. Some of our professionals are directly engaged with the area on a day-to-day basis as data generators. Their industries have always had a strong technical basis and have been closely involved in the sector’s technological developments. Others rely on large databases and big data as users of other people’s content, and so approach this world from a different perspective. Some professionals may seem to be less directly impacted, nevertheless their sectors are steadily being transformed, even as their private practice appears to remain the same.
It is fair to say that no part of surveying practice will remain untouched by the impact of big data and digital technologies. This will be either through proactive adoption of new digitally based approaches to our work; being led by client demand to deliver these services; or being forced
by digitally enabled competition from existing providers and new entrants. -
Surveyors advising in respect of the Electronic Communications Code
Published November 2019
Effective from 14 November 2019
The electronic communications sector has witnessed dramatic evolution both in terms of the development of new technologies and the demand for services. This has resulted in a profound shift in the way digital electronic communications are deployed, accessed and used. The government acknowledged this by enacting the Electronic Communications Code at the end of 2017, as part of the Digital Economy Act 2017, to facilitate the delivery and maintenance of high quality digital electronic communications infrastructure and to accommodate future technological development. The Code regulates the relationship between electronic communications network operators, infrastructure providers and site providers throughout the UK and provides a statutory framework for establishing agreements to place, operate and maintain electronic communications apparatus on land and property.
The government’s objective is to achieve the right balance of interests between site providers, electronic communications providers and, most importantly, the public interest in access to a choice of high-quality electronic communications services, and a competitive and sustainable digital communications infrastructure.
The aim of this guidance note is to highlight the main factors that may influence or impact the variety of roles a surveyor may be called on to perform within this environment. Given the dynamic nature of the industry, it is not intended to provide an exhaustive body of guidance but to identify the main issues likely to arise. This ground-breaking guidance note will also provide a framework that surveyors can refer to when advising their clients in relation to electronic communications networks and installations that fall under the scope of the Electronic Communications Code. -
Home survey standard
Published November 2019
Effective from 1 March 2021
Reissued April 2024
As part of our commitment to promoting and enforcing the highest standards in the residential sector, the RICS Home survey standard will become the best practice benchmark – enabling adoptees to demonstrate consistency, deliver the highest quality of service, meet evolving consumer needs and also contribute to delivering trust in the home survey market across the UK. It brings together the views of RICS professionals, cross-industry stakeholders and consumers.
In April 2019, RICS launched an industry and consumer consultation following an extensive review of existing guidance, which identified the need for a professional standard with a set of mandatory requirements for RICS members and regulated firms.
The resulting RICS Home survey standard is a fit-for-purpose standard for RICS members and regulated firms and delivers to current market needs. It is designed to significantly increase consistency, transparency and competency across all residential surveying in the UK and will be the single standard for condition-based home surveys. The concise mandatory requirements establish ‘benchmarks’ around which firms can design and deliver services that not only meet their clients’ needs but that the public can recognise and trust.
The purpose of this professional standard is to:
• establish a clear framework that sets minimum expectations – this is to protect and maintain consistent and high-quality standards in residential property survey services that RICS members and regulated firms provide
• provide mandatory requirements for RICS members and regulated firms in the UK who deliver any level of residential property survey
• replace and harmonise previous RICS publications relating to residential surveys.
In addition to the document, RICS will be developing supporting tools and materials over the coming months for members and firms delivering condition-based survey services to clients. -
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. -
Beyond COVID-19: Reopening of commercial buildings
This document has global applicability and is designed to give support and advice on the preparations and considerations for the reopening of commercial buildings once pandemic lockdown restrictions are lifted.
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Beyond COVID-19: Inspections and visits for non-domestic properties
Recommendations on inspections and visits for non-domestic properties during COVID-19 in England.
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Client money handling for livestock auctioneers
Published February 2021
Effective from 8 February 2021
Reissued October 2022
This professional standard provides mandatory requirements and guidance for RICS firms acting as livestock auctioneers. RICS firms selling any property at auction for a third party must do so as agent, ensuring that purchase money is handled as client money. There is one exception – where the asset sold is exclusively livestock. In this instance, subject to some other conditions being met, the firm may contract to act as principle in the financial transaction.
This professional standard outlines the mandatory requirements and best practice guidance for livestock auctioneers in terms of how to deal with client money in both of the above circumstances.
This document was reissued in October 2022 as a professional standard. It had previously been published in February 2021 as a professional statement. The regulatory requirements remain the same and no material changes have been made to the document. -
Valuation of properties in multi-storey, multi-occupancy residential buildings with cladding
Published March 2021
Effective from 5 April 2021
This document is intended to help valuers undertaking valuations for secured lending purposes on domestic residential blocks of flats in the UK only, but may also be useful when undertaking valuations of such properties for other purposes. -
RICS Valuation – Global Standards 2020 – translations
The new edition of Red Book Global Standards (RICS Valuation – Global Standards) took effect on 31 January 2020, the same date as the new edition of the International Valuation Standards (IVS).
The main reason for issuing the update to Red Book Global is to take account of the changes to the IVS, which the Red Book Global adopts and applies. However, the opportunity has been taken to make some other changes and refinements to Red Book Global in the light of experience and developments since the previous edition was issued in June 2017. -
IFRS 16: Principles for UK real estate professionals
Published March 2022
Reissued October 2022
IFRS 16 Leases is an International Financial Reporting Standard for lease accounting that came into force on 1 January 2019. It was introduced by the International Accounting Standards Board as a new accounting standard that sets out the principles for the recognition, measurement, presentation and disclosure of leases on balance sheets.
A key objective of IFRS 16 Leases is to ensure that companies report information for all of their leased assets in a standardised way and bring transparency on companies’ lease assets and liabilities.
IFRS 16 is an accounting standard and as such is predominantly the domain of accountants and finance teams. However, it is beneficial if real estate professionals are aware of the high-level principles of IFRS 16 and how these impact on real estate leases. The subject matter is topical given the imminent implementation of the standard by the UK public sector.
This practice information was developed by a working group of expert valuers, accountants and other key stakeholders to explore the application of IFRS 16 Leases specifically from a UK-based real estate professional’s perspective, and in both its private sector and public sector application. As such, it refers to the views and opinions of that group as insight into this topic and its common practice only.
This document was reissued in October 2022 as practice information. It had previously been published in March 2022 as an insight paper. No material changes have been made to the document. -
Valuation approach for properties in multi-storey, multi-occupancy residential buildings with cladding
Published 15 December 2023
Effective from 1 January 2024
This document is intended to help valuers undertaking valuations for secured lending purposes on domestic residential flats, within residential blocks of 5 or more storeys or 11 metres or more tall. In accordance with the remediation schemes and qualifying lease protections, applicable to England only and those remediation schemes applicable to Wales only as set out by the respective governments. This approach will be updated to reflect remediation arrangements and schemes in Scotland and Northern Ireland once published. -
RICS Valuation – Global Standards 2020 (ARCHIVED)
Published 30 November 2019
Effective from 31 January 2020
This edition of Red Book Global (RICS Valuation – Global Standards) took effect on 31 January 2020.
The accompanying Basis for conclusions explains the rationale behind the more significant changes made in the new edition of Red Book Global Standards.
A new RICS Valuation - Global Standards takes effect from 31 January 2022 in line with the IVS. -
Valuation notification – retail (December 2018)
The valuation notification – retail that went out by RICS email service alert on 10 December 2018.
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Existing use value (EUV) valuations for UK public sector financial statements
Published July 2023
Effective from October 2023
This professional standard provides practical advice, guidance, consistency and clarity to RICS members in the UK on the interpretation and application of existing use value (EUV) valuations of owner-occupied operational properties in public sector valuations when used for financial reporting purposes. EUV is the prescribed valuation basis as defined in UK VPGA 6 of the RICS Valuation – Global Standards: UK national supplement.
The content is intended to assist members by explaining and reaffirming the principles of EUV when used in the public sector financial reporting context and to enable a more consistent approach.
While the geographic scope of this standard is the UK, many of the principles are globally applicable and may support RICS members outside the UK.
Please note: The cross references in this standard relate to the updated Red Book UK national supplement, which is due to publish later in 2023. -
Discounted cash flow valuations
Published: 9 November 2023
This global practice information addresses the valuation of real estate investment property for greater consideration and, where appropriate, adoption of explicit discounted cash flow (DCF) methods for valuing such property. -
RICS Material Valuation Uncertainty Leaders Forum (UK) (ARCHIVED)
The Material Valuation Uncertainty Leaders Forum (UK) was setup by RICS to consider the unique events relating to the global COVID-19 pandemic and its impact on valuation assignments, with a focus on financial reporting and measures for the accurate and consistent reporting of material uncertainty. It comprises a group of expert valuers covering a wide range of asset classes and specialisms. The terms of reference are attached below.
For more information, see: https://www.isurv.com/info/134/valuation/12438/rics_material_valuation_uncertainty_leaders_forum_uk -
Minimum Energy Efficiency Standards (MEES) Impact on UK property management and valuation
Published March 2018
MEES are a key part of the strategic approach of the UK government to significantly reduce carbon emissions. This insight paper is designed to inform property owners, managers and valuers of the implications of MEES, which came into force on 1 April 2018.
The scope and various exemptions of MEES for non-domestic and domestic properties is also discussed as well as advice for landlords.