RICS Red Book
Whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activities, valuations are often relied upon by the property, financial and other markets.
Published by the Royal Institution of Chartered Surveyors (RICS), the Red Book is the common name for the RICS Valuation – Global Standards guide. It was devised to establish consistency, transparency and confidence in valuations by incorporating generally recognised concepts and principles that promote transparency and consistency in valuation practice.
The Red Book is primarily aimed at RICS members undertaking valuations and contains mandatory rules, best practice guidance and related commentary for global use. In the course of their work, RICS members must comply with the Red Book; it is also used by other stakeholders who may require information on valuation.
The International Valuation Standards (IVS) form a core component of the Red Book. They are formulated by the International Valuation Standards Council (IVSC) – an independent, not-for-profit, global standards organisation committed to advancing quality in the valuation profession. The IVSC sets the IVS with a key objective of building confidence and public trust in valuation by formulating standards and securing their universal adoption.
In order to ensure continuous improvement, the IVSC periodically updates the standards. So, for example, changes to IVS 2017 will take effect from January 31, 2020. Changes such as these are reflected in the Red Book which adopts and applies the IVS.
Since June 2015, the UK and global portions of the RICS Red Book have been issued separately. Copies of the Red Book can be purchased from the RICS. The Institution also runs training courses on the theory and practice of the Red Book.
Ref https://www.rics.org/uk/upholding-professional-standards/sector-standards/valuation/red-book/
[edit] Related articles on Designing Buildings Wiki
- Caveat emptor.
- Difference between existing use value and market value.
- Estate agent.
- Existing use value.
- Gross development value.
- Homebuyer Report.
- Investment Property Databank (IPD).
- Land Registry.
- Property development finance.
- Residual valuation of land.
- Site appraisals.
- Site surveys.
- Surveyor.
- Vendor survey.
- What is a valuer?
Featured articles and news
International Electrician Day, 10 June 2025
Celebrating the role of electrical engineers from André-Marie Amperè, today and for the future.
New guide for clients launched at Houses of Parliament
'There has never been a more important time for clients to step up and ...ask the right questions'
The impact of recycled slate tiles
Innovation across the decades.
EPC changes for existing buildings
Changes and their context as the new RdSAP methodology comes into use from 15 June.
Skills England publishes Sector skills needs assessments
Priority areas relating to the built environment highlighted and described in brief.
BSRIA HVAC Market Watch - May 2025 Edition
Heat Pump Market Outlook: Policy, Performance & Refrigerant Trends for 2025–2028.
Committing to EDI in construction with CIOB
Built Environment professional bodies deepen commitment to EDI with two new signatories: CIAT and CICES.
Government Grenfell progress report at a glance
Line by line recomendation overview, with links to more details.
An engaging and lively review of his professional life.
Sustainable heating for listed buildings
A problem that needs to be approached intelligently.
50th Golden anniversary ECA Edmundson apprentice award
Deadline for entries has been extended to Friday 27 June, so don't miss out!
CIAT at the London Festival of Architecture
Designing for Everyone: Breaking Barriers in Inclusive Architecture.
Mixed reactions to apprenticeship and skills reform 2025
A 'welcome shift' for some and a 'backwards step' for others.
Licensing construction in the UK
As the latest report and proposal to licence builders reaches Parliament.
Building Safety Alliance golden thread guidance
Extensive excel checklist of information with guidance document freely accessible.
Fair Payment Code and other payment initiatives
For fair and late payments, need to work together to add value.
Pre-planning delivery programmes and delay penalties
Proposed for housebuilders in government reform: Speeding Up Build Out.
High street health: converting a building for healthcare uses
The benefits of health centres acting as new anchor sites in the high street.