RICS Red Book Valuation

Delve into the gold standard for property valuations with the RICS Red Book guidelines.

Navigating the RICS Red Book Valuation Process

Commonly referred to as the ‘Red Book’, the RICS’s Valuation Professional Standards offer a comprehensive set of mandatory guidelines and rules that all RICS Registered Valuers are obliged to adhere to during valuations.

Published every 2 or 3 years, chartered surveyors 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.

Red Book Standards for Valuations and Reports

Whilst it doesn’t dictate what valuation methods should be used, the Red Book sets out the standards that should be followed in any valuation report. These include ethical standards, duty of care, the qualifications of the valuer and the minimum content of a valuation report.

The essence of the ‘Red Book’ lies in its assurance. Clients can confidently instruct an RICS Registered Valuer, knowing they’ll obtain a diligently researched valuation from an independent, qualified professional adhering to consistent, well-established standards. This provides peace of mind and expertise in what can often be a complex process.

At Watsons Property, we pride ourselves on providing clients around the country with local property surveyors who not only practise valuation according to the Red Book but also bring local knowledge to every case.

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. A Red Book Valuation is also specified by institutional lenders, such as banks and mortgage providers.

Similarly, where formal legal proceedings or a tax calculation is involved, such as in a property dispute, a divorce case, an inheritance tax calculation or as part of company accounting, a Red Book Valuation is usually called for by the Solicitor or Accountant dealing with the case, as they know that all the correct procedures will have been followed, and the valuation received will withstand any scrutiny it should face.

In the UK, we use two versions of the Red Book for valuations and reports:

  • Royal Institution of Chartered Surveyors (RICS) Valuation – Global Standards (commonly known as the Red Book)
  • International Valuation Standards Council (IVSC) – International Valuation Standards (IVS) (effective from 31st January 2022), and the UK Supplement. 

As with all of our other services including commercial, we are regulated by The Royal Institution of Chartered Surveyors (RICS).

Survey Services

An home survey will provide you with a clear understanding of the property’s condition.

Valuation Services

We provide a valuation service that gives our clients confidence they have the full picture.

Commercial Services

We offer a reliable and comprehensive service across all sectors of the commercial markets.

RICS Home Surveys

If you’re considering purchasing a new property, at Watsons we always recommend commissioning your own independent home survey, which will provide you with a clear understanding of the property’s condition.

By having a professional inspection completed, you’re essentially avoiding any additional costs, stress and hassle further down the line, as the survey can help you avoid surprising additional costs for repairs.

We are experts in all aspects of property in both the residential and commercial markets. We offer a wide range of surveys and competitive valuation services.

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PLEASE NOTE

Our Offices Will Be Closed Over the Festive Period From the 25th December 2024 - 2nd January 2025​

For out of hours contact/emergencies please see information below:

  • For Tenants/Landlords – Please call our main lettings number – 01603 751555 – and follow the instructions. These instructions will provide you with an out of hours contact number, plus the number of an emergency plumber.
  • For Leaseholders – Please call our main Block & Estate Management number – 01603 226500 – and follow the prompts. Listed are numbers for various contractors, depending on the type of emergency.

From all of us at Watsons, - Have a Merry Christmas and Happy New Year!​