The RICS Red Book is the official valuation standard set by the Royal Institution of Chartered Surveyors (RICS). It provides a framework for professional property valuations that ensures accuracy, consistency, and ethical compliance. Whether for mortgages, tax assessments, legal disputes, or probate, a Red Book valuation guarantees a reliable and impartial assessment of property value.
The RICS Valuation – Global Standards, commonly referred to as the Red Book, is a set of guidelines that govern how property valuations are conducted. These standards apply to RICS-accredited surveyors and valuers, ensuring that their valuations are independent, evidence-based, and legally compliant.
The Red Book ensures that valuations meet:
A Red Book valuation is legally required in several situations, including:
Only RICS Registered Valuers—fully accredited by the Royal Institution of Chartered Surveyors—are authorized to conduct Red Book valuations. These professionals are held to the highest industry standards and must remain independent and impartial in their assessments.
A Red Book valuation report typically contains:
The cost of a Red Book valuation varies based on:
Generally, Red Book valuations start from £300–£600 for a standard residential property but can be higher for complex cases.
Type of Valuation | Conducted By | Legally Recognized? | Purpose |
---|---|---|---|
Red Book Valuation | RICS Registered Valuer | Yes | Official valuations (e.g., tax, legal, mortgage) |
Estate Agent Valuation | Estate Agent | No | Market estimate for selling |
Mortgage Valuation | Lender’s Surveyor | Sometimes | Confirms property value for mortgage approval |
Online Valuation Tools | Automated System | No | Rough property estimate based on data trends |
A RICS Red Book valuation is the most reliable and legally recognized property valuation available. Whether you need a valuation for a mortgage, tax assessment, probate, or a legal matter, a RICS Registered Valuer ensures accuracy, compliance, and transparency.
If you need a trusted, professional property valuation, always choose a RICS-accredited surveyor to guarantee industry-standard results.