We also have a YouTube Short of Red Book Valuations!
A Red Book Valuation is a comprehensive and legally compliant valuation designed by the Royal Institution of Chartered Surveyors (RICS).
RICS Valuation standards underpin property Valuations, ensuring Valuers adopt a robust, considered and transparent Valuation approach.
In completing the Valuation, the Valuer will uphold and comply with RICS Valuation Global Standards which incorporates the International Valuation Standards.
Who can undertake a Red Book Valuation?
Red Book Valuations can only be completed by Surveyors who are within the various member categories of the RICS, including;
- Fellows of the Royal Institution of Chartered Surveyors (FRICS)
- Members of the Royal Institution of Chartered Surveyors (MRICS)
- Associate Members of the Royal Institution of Chartered Surveyors (AssocRICS)
The Surveyor will also need to be a current member of RICS’ Valuation Registration Scheme.
When is a Red Book Valuation Required?
Given their seniority over conventional Valuations, Red Book Valuations will cover more technical and complex property matters. These include, however are not limited to;
- Matrimonial Matters (Divorce Proceedings)
- Tax Planning Purposes (Required by His Majesty’s Revenue and Customs (HMRC))
- Calculating Capital Gains Tax (CGT)
- Probate Matters (Deaths of a Property Owner)
- Retrospective Date (Valuing the property at a historic date)
How will the Property be Valued?
This will be completed in three steps:
Inspection
The Valuer will visit and inspect the property both internally and externally. During the inspection they will undertake measurement or check measurements and assess the overall condition of the property.
Analysis
Post inspection, the valuer will analyse the property and undertake comparable property sales research. In doing this, they will apply the sales figures of comparative properties to the subject property. Adjustments will be made to account for differences in location, condition, characteristics, tenure, size, date of sale and market conditions.
Reporting
Once the Valuer is fully confident of their analysis, they will prepare their report and Valuation. It will itemise the comparable property sales research and applicable adjustments concluding with the Valuer’s property valuation and reasoning.
As the saying goes, Valuation is an Art, not a Science. Our Valuers take an arm’s length approach to valuing property. We ensure that all aspects of the valuation are well considered, taking account market trends and any influencing factors.
We have a full price list for our Valuations available on our Valuation page.
