What is an RICS valuation?

An RICS Valuation is a professional assessment of the market value of property or land, taking several factors into account. It is often carried out for mortgage purposes, financial matters, building insurance purposes or as part of a building survey to ensure that the property is a sound investment.

Guided by a strict set of guidelines, best practices, ethics and professional standards as set out in the RICS Valuation Standards, often referred to as the ‘Red Book’, it ensures that properties are valued as accurately as possible by considering several factors.

Different from the valuations offered by estate agents, RICS valuations are carried out by experienced Chartered Valuers, who are registered members of the Royal Institute of Chartered Surveyors (RICS).

Whether you’re buying or selling a home, applying for a mortgage, applying for probate or working through a property dispute, you could need an RIC Valuation, it calculates the market value of your property or land and provides a valuation report.

Keep reading to find out more about RIC valuations, including who needs one, how much they cost and how long they are valid for.

How much does an RICS valuation cost?

The cost of a property valuation carried out by an RICS surveyor usually costs from £450. This will depend on a variety of factors including the property value, size and location.

reinstatement cost of the property

RICS Valuation Quote

How long does an RICS valuation last?

Residential property valuations are valid for a three-month period due to changing market conditions.

Do I need an RICS valuation?

A formal valuation of a property or building should be carried out when required for taxation purposes or legal proceedings. This includes the following:

  • Buying or selling a home
  • Getting a mortgage
  • Probate or transfer of estate
  • Tax planning purposes
  • Calculating Capital Gains Tax
  • Transferring assets into a SIPP pension fund
  • Court proceedings such as divorce (Matrimonial Valuation Report)
  • Shared ownership
  • Disputes being resolved through mediation or arbitration
  • Rent reviews or negotiations
RICS Valuation London

What is a Red Book valuation?

A red book valuation is simply another name for RICS valuations. The name refers to the RICS code of practice, the ‘red book’ that explains the rules, guidelines, best practices and ethical standards that chartered surveyors must adhere to when creating their valuation report.

Why can’t my estate agent carry out a valuation survey?

When buying or selling a property, your estate agent may offer to provide you with a property valuation. Although they are professionals and should act accordingly, they will have their own business interests at heart and are not likely to be impartial. Generally speaking, they’ll be most focused on making a sale, earning a commission or earning you as a client so will may be biased.

A Chartered Valuer, on the other hand, is guided by strict rules, regulations and best practices that ensure they remain impartial at all times and provide you with a professional, trustworthy service.

Summary of an RICS Valuation

An RICS valuation provides you with a professional valuation of your property or land. Following strict RICS guidelines and standards and calculated followingusing one of five methods, they provide you with a market value analysis you can trust. For an accurate, professional RICS valuation on your property or land, contact us today.

About Harding Chartered Surveyors

At Harding Chartered Surveyors, we aim to be direct, open, and honest. As members of the Royal Institution of Chartered Surveyors (RICS), we must abide by strict ethical standards.  We benchmark ourselves against the client feedback we receive. We deal with complex matters but interpret all the jargon for you to give you a common-sense opinion.

Contact our professional and RICS registered valuers to arrange the valuations that will save you time and money, and make the whole procedure smooth and easy.

Recent Reviews

Jonathan Biggs
13:25 31 Aug 21
Incredibly efficient and professional service. Survey report was very through and helpful in identifying areas of work needed to be undertaken urgently, together with a ball park cost. Speed with which they undertook the survey and turned around the report ensured the transaction kept to the tight timeline set by the vendors. Can 100% recommend them.
Juriana Spierenburg
13:34 02 Jul 21
Very good communication and fast turnaround! I highly appreciated their service.
Alex Durbidge
13:09 10 Jun 21
Professional, helpful, friendly, prompt, value-for-money. I cannot speak highly enough of their thoroughly excellent and efficient service - in particular I really commend Kate's quick and friendly service (I always heard back same day on any query), and Jason's thorough but clear survey (he also phoned me to talk through report as well as submitting formal in writing).
Umar Manzoor
03:11 02 Jun 21
A very helpful, competent and customer-oriented team. Thank you for a great job.
Ilian Walker
08:28 24 May 21
timely & friendly service. thank you
Vishal -
12:20 23 Apr 21
We received a a very detailed and informative survey report and were very happy with the service provided by the friendly and knowledgeable team!
Sara Thomas
09:07 19 Jan 21
The homebuyer's report carried out by Harding Chartered Surveyors was clear informative and timely. The level of detail was just what I needed in order to appreciate what the property needed doing and to help me with my decision to proceed with the purchase process.
Aimee Glensor
19:09 08 Jan 21
Really helpful, made the process easy and really efficient service even though it was over the holiday period. Would def recommend / use again
Claudio Mascolo
18:24 30 Nov 20
Kate is very responsive and also took time to advise me on the phone at the very beginning. Scott Ingham did our report. It was thorough and informative. Felt in safe professional hands throughout.
John Simmons
15:53 29 Oct 20
Martina Glaser
17:56 28 Oct 20
Scott completed a survey for me on a flat purchase and both he and Kate were great - very quick to respond, knowledgeable, thorough and happy to address any additional questions I had. Would definitely recommend and use them again.
Bene Walters
10:47 05 Oct 20
I requested Harding to provide a valuation for a lease extension. Albert Wellington was in charge of my property and he was extremely professional and helpful in addressing all my concerns. I would recommend him and the company with no hesitation.
Claire Brown
14:17 19 Aug 20
A very efficient, timely and thorough service for us, as we go through the house buying process. I'd definitely use them again.
Nicholas R.
10:05 23 Jul 20
Very satisfied with service. Report was delivered promptly and provided the information we needed.
Richard Denison Gay
14:49 02 Jun 20
Excellent service; professional, helpful, communicative and courteous as well as relatively quick. I would highly recommend.
Marianna Ciampa
14:25 30 Jan 20
Very efficient and professional. I had my survey few months ago before buying my house and I am still following the advice from the survey to fix and repair what needed. I dealt with Scott Ingham and I think he worked very accurately and checked everything very carefully. Highly recommended.
Amel Ahmed
16:15 13 Nov 19
Needed a valuation for a property purchase and can honestly say the service was 1st class from start to finish. Queries were dealt with promptly and followed up via telephone to make sure I was happy with the responses.The team are extremely knowledgeable.Thank you Kate, Albert, David and the rest of the team I will definitely use the company again.
Millie Jones
16:07 30 Oct 19
Harding's were great - very responsive, gave a very clear and detailed report and were happy to run through their comments with me over the phone.
Emma Goldschmidt
16:21 01 Oct 19
Brilliant thorough service!
Jennifer Smith
11:12 30 Aug 19
Harry Coaker
09:46 22 Aug 19
Dealt with James Brook, very efficient and professional, James had the report sent out to us within 24hrs. would highly recommend.
Karen Royal
21:33 14 Aug 19
David Good
10:34 20 Jul 19
Harding Chartered Surveyors are a very professional business who handled a challenging task for us with ease. I highly recommend them and will be using their services again.
Karen Ng
22:30 01 Jul 19
Very efficient service and very detailed report. We are very satisfied.
Lily Kwong
10:38 24 Jun 19
Really quick turn around and professional service.
Sue Hodgkins
16:42 20 Jun 19
tom binks
17:56 09 Apr 19
Kevin Loughlin
20:27 28 Mar 19
The surveyor turned up on time as planned to survey the roof, both inside and out, then was happy to discuss it all with us afterwards. Bit tricky in high winds. Report arrived 2 days later, just what we needed. Professional and thorough. Recommended.
Jon Brennan
09:44 01 Mar 19
Quick, responsive and very thorough. Would definitely recommend Hardings to others, and will come back to them the next time I need a survey completed.
Abi and Andy La Fontaine
20:57 20 Feb 19
Quick, efficient and excellent service. Came as a recommendation from a friend and we’d happily recommend too.
Bradley Roth
01:56 16 Feb 19
Giulio Pepe
16:25 16 Dec 18
Thorough and professional surveyors. Very happy with their service. Highly recommended.
Margaret Rowley
16:09 03 Dec 18
Simon Wilson
15:54 10 Nov 18
Good, thorough, and promptly scheduled homebuyer survey in Fulham. The surveyor called me and explained everything clearly.
Daniel Vernazza
10:41 29 Apr 18
I highly recommend David. Very good technical knowledge. He was always available for our questions, which included a detailed call on the same day as the survey. The written survey report was clear, detailed and included pictures and estimates of the cost of repairs.
James Palairet
11:16 09 Jan 18
David gave us a fantastic service and has been a huge help during our property purchase process. We have had 2 surveys carried out, both of which were arranged very promptly. Thorough and extremely useful telephone calls and full written reports were received shortly afterwards. David's reports and advice have been invaluable to us.
Sarah Dixon
14:13 08 Jan 18
I have worked with David and his team as a buying agent for many years now. The service they offer is an excellent one, timely with a commonsensical approach. I would recommend them to anyone.
William Sharples
08:57 05 Oct 17
James provided a very professional and thorough service, highly recommended.
Elif Erdine
14:30 04 Oct 17
Very experienced firm and friendly staff. Highly recommended.

What are the five methods of valuation?

There are five methods of property valuation that are globally recognised. Each considers a variety of factors in order to assess the value of a property as accurately as possible. These are as follows:

Method 1: Comparative Method

This is the most common method used when professionally valuing residential property, shops and offices. The valuer uses a selection of carefully chosen factors including comparable evidence and local knowledge to analyse similar properties and calculate an estimated market value. This is the method used for homebuyer reports.

Method 2: Investment Method

For buy-to-rent or commercial properties, the investment method can be useful. It determines the market value of a property based on its potential to generate future income using discounted cash flow techniques.

Method 3: Residual Method

If a piece of land is vacant and/or under development or with development potential and there are no comparable properties available, this method will be used. It uses the gross development value minus the cost to create a valuation report and can vary according to fluctuating costs.

Method 4: Profits Method

As the name suggests, this method estimates the business’ gross profits then deducts expenses. It’s most often used to provide property valuations for pubs, hotels, nursing homes, cinemas and other unique properties without comparable variables.

Method 5: Replacement Cost Method

The replacement cost method is often used by surveyors for specialist properties where other valuation methods cannot be used. This includes buildings such as churches and schools. It considers how much the property would cost to rebuild to its current state, the cost of the land and any other relevant factors.