Survey
RICS has undertaken a survey to understand how the UK VPS 3 valuation standards, within the 2023 edition of the UK National Supplement to the Global Red Book, are impacting stakeholders. The results will be considered by their internal governance groups and will provide insight into the future direction of RICS.
In addition to the rotation policy, the survey also covered valuation instructions, audit and administration.
It also asked questions to allow RICS to better understand who is instructing and providing regulated purpose valuations.
RICS were looking for survey responses from key industry stakeholders who use and provide regulated purpose valuations, such as valuers, valuation firms, asset managers, fund managers, investment managers, financial institutions, SMEs, large companies and those with transferable securities admitted to trading on a regulated market.
The survey closed 31 March 2025 and the results and supporting information will be published in due course.
Please contact Charles Golding [email protected] with any queries. Survey submissions could be provided through the link below only.
AREF found the survey was not suitable for a trade association, so AREF's response was by letter.
Publication
The 2023 edition of the Red Book UK National Supplement was published on 19 October 2023 and will become effective 1 May 2024. This includes mandatory governance requirements for a subset of valuations referred to as regulated purpose valuations (see UK VPS 3). The most prominent change is the mandatory rotation of responsible valuers and valuation firms in certain circumstances.
Consultation
RICS launched a public consultation on updates to the RICS Red Book UK Supplement in November 2022. The consultation sought feedback on proposals for a time-limited, mandatory rotation cycle for regulated purpose valuations, proposals to ensure an orderly transition to the policy, and proposals to standardise governance and prevent conflicts of interest in the commissioning and receiving of valuation reports.
AREF liaised with IPF while drafting it's response to the consultation, which was submitted on 16 December 2022.
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