2.1 Professional practice in numbers
2.2 An update from Simon Rawlinson, chair of the Knowledge and Practice Committee (KPC)
2024 was a strong year of delivery and progress, as the KPC worked closely with the RICS’ executive team to achieve some important milestones. Adoption of Whole life carbon assessment standard rose significantly, member satisfaction increased in multiple areas, we exceeded our target of 250 citations by 20, and – crucially – launched six new and updated standards.
These standards included three that have been highly anticipated by the industry: Residential retrofit, Surveyors acting in respect of compulsory purchase, and Red Book. Our commitment to understanding and reacting to the needs of members, the industry and the wider public is paramount. This came to the fore with our leadership in response to the Grenfell Inquiry Phase Two Report, and our ongoing guidance in building safety.
Our trusted economic data continues to be used by European Central banks, and our influence in sustainability has also grown significantly. RICS was appointed to UN’s Building Breakthrough Steering Committee for Priority Action 1, which focuses on standards and certifications, and we advocated for sustainable practices at the UN Global Buildings and Climate Forum, New York Climate Week and COP29. For members, the successful launch of Whole Life Carbon webclass and assessment products has supported transition to the standard.
Meanwhile, members asked for the return of Modus and Journals in print form, and we delivered this within the UK with a new opt-in magazine, Modus by RICS, which was well received. We also continued to grow other member services including Modus, Journals, our library and podcasts – all to support members in delivering their professional practice to the highest standard.
2.3 Whole life carbon assessment standard for the built environment
In 2024, our flagship sustainability standard was adopted by a number of high profile organisations, including:
2.4 Updating the Red Book to reflect a changing profession
The year began with the publication of new International Valuation Standards (IVS) that reflect a changing profession. Changes included an emphasis on ESG factors, data utilisation, and valuation modelling. These new standards would become effective in January 2025, and so to keep pace, we committed to updating the Red Book - globally recognised as one of the most rigorous sets of standards for valuation and a key reference for global users and stakeholder.
We consulted with more than more than 200 stakeholders globally, including members, firms, government representatives, and industry bodies about our proposed changes to the Red Book.
The new edition focuses on practical implementation by incorporating the new IVS, best practice guidance, and updates on financial reporting. It includes updated content on modelling, methods, risk, and valuer/auditor relationships. For the first time, the Red Book also now includes mandatory requirements for the consideration of ESG at every stage of the valuation process.
Our updates we completed during 2024, ready to take effect in line with the latest IVS. Using this latest edition of the Red Book positions RICS members and regulated firms as the leading global providers of IVS-compliant valuations, fostering sustainable and responsible practices within the built and natural environment.
2.5 RICS’ response to the Grenfell Inquiry
In September, the Grenfell Tower Inquiry released its Phase 2 Report.
Prior to the report’s release, RICS communicated with members. We would play our part in ensuring that recommendations would be put into practice, and we would support our members to do the same. We invited our members two live webinars immediately following the report’s publication. The first was an opportunity to ask initial questions of the Fire Safety working group. In the second, the working group would draw out areas of the 1700-page report of most pertinence to members and provide a summary of its recommendations.
When the report was released of the Grenfell Tower Inquiry Phase 2 report on 4 September RICS issued a formal statement which is available on our Fire Safety Hub.
In addition, in October RICS was invited to update the UN on fire safety internationally as chair of the International Fire Safety Standards (IFSS) Coalition.
RICS remains committed to closely monitoring developments stemming from the Inquiry, and to collaboration with members and the industry. We will ensure understanding of the recommendations to facilitate their effective implementation. We are continuing to strengthen expertise and understanding of building and fire safety issues through continuous learning and skills improvements, alongside improving standards.
2.4 Other highlights from 2024
RICS participation at the International Federation of Surveyors (FIG) Accra
RICS delivered 11 papers, chaired four sessions, two workshops and participated in many joint sessions at the conference. With nearly 1000 delegates, RICS was proud to be at the heart of the action with the delegation of RICS members including James Kavanagh, Nigel Sellars, Gordon Johnston, David Hunt, Grazyna Wiejak-Roy and Duncan Moss.
DEFRA/Industry Farm Tenancy Forum (2024) - Code of Practice for England
RICS was engaged with the production of this voluntary Code of Practice via our representation on the Code drafting Expert Working Group alongside industry bodies. RICS are also represented on the Farm Tenancy Forum. RICS are delighted to endorse this Code as it provides RICS members and firms with a route to follow for good behaviour in this area of practice. RICS encourages members and firms to adopt this voluntary Code and embrace the good behaviours outlined within it.
Launch of UK Net Zero Carbon Buildings Standard
This launch is the result of a collaborative effort between RICS and a coalition of leading UK professional institutions, industry bodies and key leaders in the field, who all recognised the need for consistent guidelines to both mitigate unfounded net zero carbon claims and accelerate the design, construction and operation of buildings that deliver lower carbon outcomes. The standard references RICS Whole Life Carbon Assessment throughout.
