What is a RICS property valuation?

RICS sets professional and valuation standards for its members. Its Valuation – Global Standards, commonly called the Red Book, address matters such as instructions, investigation, reasoning and reporting. The requirements applying to an instruction must be identified rather than assumed from a report’s cover.

A Chartered Surveyor’s professional qualification, the firm’s regulation and the individual’s Valuer Registration are related but distinct matters. Ask who will undertake your valuation and whether they have the competence and experience appropriate to the property and purpose.

See our Red Book explanation for the standards themselves.

The purpose is why the report is needed: for example, an estate, tax matter, housing-scheme transaction or independent property decision. The basis of value is the definition under which the opinion is formed. Market Value is a recognised basis, but it should not be assumed to answer every specialist instruction.

The interest being valued matters too. A freehold, a leasehold interest and a property subject to a tenancy may involve different evidence and assumptions. Provide the relevant lease or tenancy details and any recipient’s instructions.

For a current residential market-value instruction, see our market valuation service.

A valuation relates to a specified date. That may be the inspection date, a recent transaction date or an earlier event such as a death or acquisition. The date the report is issued is not automatically the date at which the property is valued.

Evidence should be relevant to the required date and instruction. A current inspection cannot by itself establish the property’s historic condition, tenure or configuration. Records and clear assumptions may be needed.

Read about retrospective valuations if the required date is in the past.

The scope is agreed for the valuation purpose. An inspection can inform the valuer about accommodation, construction, condition and factors relevant to value, but it is not automatically a detailed building survey, structural investigation or test of services.

Useful information can include title and lease details, tenancy terms, floor areas, alterations, planning information and documents relevant to the valuation date. Restrictions on access or missing evidence can affect the work and assumptions.

Tell us about limitations before the appointment. Specialist investigations, measurements or advice are included only where agreed.

• The client, intended use and intended users.
• The property and interest being valued.
• The basis of value and valuation date.
• The agreed scope, information and relevant limitations.
• The assumptions, approach and reasoning appropriate to the instruction.
• The valuation conclusion and restrictions on reliance or distribution.

A report should be read as a whole. A figure separated from its date, assumptions and use restrictions can be misleading. See our residential report example for an illustration.

Our published starting fee is £600 including VAT (£500 + VAT) for a single residential unit within the M25 in the lowest applicable property-value band. Your quotation confirms the purpose, scope and fee before instruction. More complex properties, multiple units, additional research and locations outside this area are quoted individually.

Confirm what the quotation includes and whether further visits, revised instructions, specialist work or an updated report require additional agreement. The service should fit the property and recipient’s requirements.

Send the address, purpose, required date and relevant documents. We will discuss the appropriate instruction rather than assume every RICS valuation is the same product.

Read the RICS Registered Valuer guidance and our valuation fee guide for further background.