RICS annual review 2025

2.1 Professional practice in numbers

• 6 new or updated standards 

• Customer satisfaction score of 8.4 for training, events and professional development products

• Member satisfaction in RICS’ leadership in sustainability rose from 57% to 70% 

• 6% rise in satisfaction that RICS influenced issues affecting society

• 27 adoptions of Whole life carbon assessment

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:

• The UN – Buildings Breakthrough Priority B1 – Standards and Certification

• DEFRA specified the use of the standards in the UK government’s timber in construction roadmap

• The Welsh government committed to adopting the standard to meet Welsh Development Quality Requirements 2021 and has updated their guidance to direct social landlords to use the standard to meet carbon calculation requirements

• Queen’s University Belfast has specified the standard to be used in all new and refurbishment projects over £1m.

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.

The RICS Dispute Resolution Service (DRS) continued to provide impartial, professional solutions for resolving disputes in the built environment in 2024. We maintained our status as the leading Adjudication Nominating Body (ANB) and focused on improving service and user experience to keep up our good reputation.

3.1 DRS in numbers

DRS held around 60% of the market share

The Appointment Team processed more than 461 individual applications for appointments

Our Education Team trained more than 460 delegates internationally

3.2 Education and training

The DRS Education Team ensures top-quality and up-to-date training programmes, maintaining high standards for dispute resolvers and expert witnesses.

In February 2024, RICS issued a global Practice Alert, reminding expert witnesses of their legal, professional and regulatory obligations, prompting DRS to invite nearly 100 RICS Accredited Expert Witnesses for reassessment interviews to uphold high standards. Additionally, DRS reassessed over 80 construction adjudicators and arbitrators on the President’s Panel in the UK. 

New Party Representative training was launched with 34 delegates, which relied on RICS professional standards.

The Women in Construction Scholarship continues to be a key initiative in RICS’ commitment to diversity and inclusion in the sector. In 2024, a distinguished panel of judges reviewed over 30 applications, narrowing them down to five finalists who submitted essays on topics related to the

3.3. Discussing the Arbitration Bill in the House of Lords

In February, John Fletcher, executive director of DRS, gave evidence to the House of Lords Committee on the Arbitration Bill. John was invited by the UK Law Commission to discuss an amendment to the bill, which would tightly interpret foreign parties’ contracts to make the law of their arbitration the Law of England, even where they may have expected it to be that of their own country.

The amendment presented a challenge for DRS, particularly in relation to a panel of eminent construction arbitrators in India that we have created, which includes some of our most senior Fellow members, former judges of the Indian High and Supreme Courts, and DRS’ leading UK construction arbitrators. DRS also has a memorandum of understanding (MoU) with the Indian government’s India International Arbitration Centre. This work has catapulted RICS centre stage in the fast-growing Indian arbitration sector, but was threatened by the amendment which could deter parties abroad from using London as the seat of their arbitration.

The oral evidence provided before the House of Lords Special Public Bill Committee by our executive director further strengthened DRS’s influence in shaping ADR policy. Our work in this field is crucial to the success of RICS’ strategic goal to strengthen trust in the profession and uphold professionalism.  

3.4 Other 2024 highlights for RICS DRS

• We worked to bring our appointment services and existing and bespoke training programmes to the global market, focusing on India, UAE, Saudi Arabia, Canada and China.

• DRS took a leading role in the inaugural Conflict Avoidance Conference at the Houses of Parliament in October 2024. The sold-out event, organised by the Conflict Avoidance Coalition, highlighted the importance of collaboration in the construction industry and saw growing adoption of the Conflict Avoidance Pledge.

• We contributed to the UK government’s consultation on the Landlord and Tenant

• Act 1954.

• The Dispute Resolution Appointments Board (DRAB) was revitalised in 2024 with the appointment of new members, including Amanda Clack, former RICS President, as DRAB Chair.

Overseen by and reporting to the SRB, Regulation continued to work to maintain public trust and confidence in the profession throughout 2024.

4.1 2024 Regulation operations in numbers

We monitored:

• 10,066 Regulated Firms 

• 142,117 Individual professionals and trainees

• 15,902 Valuer Registration Scheme members

• 1726 Client Money Protection Scheme firms (UK only)

• 540 Designated Professional Body Scheme firms (UK only)

We assessed 5,223 concerns, of which 2,091 related to RICS members or regulated firms from members of the public, RICS members or their clients

• 644 cases opened 
• 659 cases closed
• 479 member support or regulatory review visits conducted
• 3691 regulated members and firms reached, and reviews undertaken against £787,410,753.03 million client money
• 53 regulatory compliance workshops and webinars held
• 97% of RICS members complied with their CPD obligations