Red Book Valuation: A Guide to RICS-Accredited Property Valuations

A Red Book valuation is a professional property valuation conducted in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Global Standards—commonly referred to as the RICS Red Book. This type of valuation ensures consistency, transparency, and accuracy in property assessments for various purposes, including mortgages, taxation, probate, and legal disputes.

What Is a Red Book Valuation?

A Red Book valuation is a formal, independent assessment of a property's value, carried out by a RICS-registered valuer. It follows strict professional and ethical guidelines to ensure an accurate and impartial valuation.

Why Is It Called the "Red Book"?

The term "Red Book" comes from the RICS Valuation Global Standards, which is published in a red cover and outlines the mandatory procedures and best practices that RICS surveyors must follow when conducting property valuations.

When Do You Need a Red Book Valuation?

Red Book valuations are required in a variety of situations, including:

• Mortgage Applications – Lenders often require a Red Book valuation before approving a mortgage.
• Tax Purposes – Capital Gains Tax, Inheritance Tax, and Stamp Duty calculations may require an RICS valuation.
• Probate and Estate Settlements – Valuations are necessary to determine the value of a deceased person’s estate.
• Divorce Settlements – Courts may require a Red Book valuation for fair asset division.
• Lease Extensions and Enfranchisement – Leaseholders buying their freehold or extending a lease need a professional valuation.
• Legal Disputes – Disagreements over property value in litigation or arbitration cases often require RICS-approved valuations.

Who Can Carry Out a Red Book Valuation?

Only RICS-accredited surveyors (known as RICS Registered Valuers) can conduct Red Book valuations. These professionals follow strict guidelines to ensure unbiased and accurate property assessments.

How a Red Book Valuation Works

1. Property Inspection – The surveyor visits the property to assess its size, condition, location, and any unique features.
2. Market Analysis – The valuation includes a comparison with similar properties in the area.
3. Red Book Standards Compliance – The surveyor follows RICS Red Book regulations, ensuring accuracy and professionalism.
4. Detailed Valuation Report – The final report includes the market value, methodology, and supporting data.

How Much Does a Red Book Valuation Cost?

The cost of a Red Book valuation varies depending on:

• Property size and type
• Location
• Complexity of the valuation

Generally, prices start from £300 to £600+ for a standard residential property but can be higher for complex valuations.

How Is a Red Book Valuation Different from Other Valuations?

Final Thoughts

A Red Book valuation is a crucial step in property transactions, tax assessments, and legal proceedings. It provides a trusted, RICS-approved valuation that ensures fairness and transparency. If you need an accurate property valuation, always consult a qualified RICS Registered Valuer to get a professional Red Book valuation.