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
The role of construction in tackling the biodiversity crisis
New CIOB Nature of Building digital series available now.
The Nature Towns and Cities initiative
Grants of up to 1 million for local councils and partners.
The continued ISG fall out October updates
Where to look for answers to frequently asked questions.
Building safety remediation programme for Wales
With 2024 October progress updates.
In major support package for small businesses.
Conservation and transformation
Reading Ruskin’s cultural heritage. Book review.
Renovating Union Chain Bridge.
AI tools for planning, design, construction and management
A long, continually expanding list, any more to add?
Robots in the construction industry
From cultural characterisations to construction sites.
Empowering construction with AI integration
New horizons with a human touch.
Key AI related terms to be aware of
With explanations from the UK government.
A Better Hiring Toolkit for construction
Tooling up to hire under best practice standards in the sector.
Recharging Electrical Skills in Wales
Step by step collaborative solutions.
Ireland budget announcement 2025
CIOB responds with positivity, criticism and clarity.
New HES national centre for traditional building retrofit
Announced as HES publishes survey results which reveal strong support for retrofit.
Retrofit of Buildings, a CIOB Technical Publication
Expected to become one of the largest activities in the global construction industry.