Document downloads - Residential valuation
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Surveys of residential property (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note provides a clear, flexible framework for practitioners to develop their own services the public can trust, consistent with the quality standards expected from RICS members.
In May 2016, this guidance was updated and reissued by RICS. Changes made with immediate effect relate to:
- Liability caps: it is generally wise to include some form of limitation of liability in the contract letter, providing a cap on the amount of compensation the surveyor (or their employer) may be found liable for. This is now provided for in section 5 and Appendix A.
- Cancellation rights: members should take legal advice to ensure the Contract letter is compliant with legislation relating to a 'cooling off' period in accordance with the Consumer Contracts Regulations 2013. This is also now provided for in section 5 and Appendix A.
- Unexpired leasehold term: the assumption at 5.1.8 has been brought into line with RICS Valuation – Professional Standards UK appendix 10 with the unexpired lease term assumption adjusted from 70 years to 85 years
- The sample scope of engagement at Appendix A is not mandatory, but may help practitioners develop documentation that supports clearer client understanding. -
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Previous editions have been archived and are available on isurv for information purposes only. -
Residential valuation data card
In residential valuation it is necessary to pick comparable properties to judge the subject property against. Ideally, these will be similar styled property of a similar size in the same road.
This data card is for keeping a record of information on such properties.
This document template 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. -
Residential valuation instruction and site notes
The data that needs to be collected on inspection helps the valuer form a view of the nature of the product and what evidence is required to prove the value.
This form allows the valuer to collate the necessary information from an inspection.
Legislation and regulations change frequently. These site notes formed a good benchmark when posted in September 2010 but will need to be checked to reflect such changes. They will be updated periodically and the date given of the last update.
This document template 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. -
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. -
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. -
Transport accessibility and land value: a case study of Tyne and Wear (RICS)
Published June 2007
This study is concerned with the relationship between transport accessibility and increases in land value, motivated by a desire to inform the land value capture debate. Focusing on residential land, here land value is examined through the form of house prices, using the Tyne and Wear Region of the UK as a case study. -
Valuation of historic buildings
Published May 2014
This information paper examines the principles of valuation as they apply to historic properties, providing an overview of the issues facing valuers appraising such assets. -
Residential panel managers (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This protocol has been jointly set up and endorsed by an industry wide group comprising representatives of Royal Institution of Chartered Surveyors (RICS), lenders, insurers and panel management firms involved in the residential mortgage valuation market. It sets out professional standards for the industry and, as a model for best practice, aims to improve protection for all parties to the valuation process. The protocol does not replace any existing obligations placed on firms by their professional, statutory or regulatory bodies. -
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. -
Valuation of residential leasehold properties for secured lending purposes
Published 27 May 2021
Effective from 1 July 2021
Reissued May 2023
This professional standard is intended to support valuers undertaking valuations for secured lending purposes on residential leaseholds in England and Wales.
The guidance supplements RICS Valuation – Global Standards (Red Book Global Standards), the UK national supplement 2018, and mortgage specification in appendix 10 of the 2014 edition of the latter, as revised in 2015.
The guidance has particular application for valuing diminishing lease terms of less than 80 years remaining, when marriage value becomes payable and, in many markets, there starts to be a material impact on market value.
Although the publication refers to the process for lease extension and enfranchisement, it is not a guidance note for undertaking valuations to that end.
RICS is aware of pending government and regulatory reform of residential leasehold, and it plans to update the contents of this guidance note in due course to take account of such reform. Readers of guidance related to leasehold should therefore familiarise themselves with the latest position before applying any advice.
This document was reissued in May 2023 as a professional standard. It had previously been published in May 2021 as a guidance note. No material changes have been made to the document.