A Red Book Valuations meets the criteria set out by the Royal Institution of Chartered Surveyors (RICS). In reality, as a firm of Chartered Surveyors and RICS Registered Valuers, nearly all of the valuations we undertake are Red Book Valuations – to use the title Chartered Surveyor, we must adhere to the RICS code of conduct at all times, which includes following the guidelines as set out in the latest edition of the RICS Red Book.
The ‘Red Book’ is the name given to the RICS’s Valuation Professional Standards. Published every 2 or 3 years, the valuation standards are a set of mandatory rules and guidelines for RICS Registered Valuers to follow when they are undertaking valuations.
Whilst it doesn’t dictate what valuation methods should be used, the Red Book sets out the standards that should be followed. These include ethical standards, duty of care, the qualifications of the valuer and the minimum content of a valuation report.
The main reasons for the ‘Red Book’ is to ensure that clients instructing a RICS Registered Valuer can be sure that they will receive a properly researched valuation, prepared by a qualified and independent valuer, working to a set of established and consistent standards.
Each year, firms of Chartered Valuation Surveyors and RICS Registered Valuers are required to submit an Annual Return to the RICS, to confirm how many ‘Red Book’ Valuations have been undertaken.
