RICS UK VPS 3 - regulated purpose valuation survey – summary of responses

Background

The Red Book UK National Supplement effective from 1 May 2024 includes mandatory governance requirements for a subset of valuations referred to as regulated purpose valuations (see UK VPS 3).

The most prominent and frequently asked about change is the mandatory rotation of responsible valuers and valuation firms in certain circumstances.

The survey

RICS undertook a survey in spring 2025 to understand how the UK VPS 3 valuation standards (including rotation policy) are impacting stakeholders and to provide insight into our future direction. The results were considered by our internal governance groups.

Summary of responses

Responses to the survey are summarised in the document below.

Ben Elder, RICS Global Head of Valuation welcomed the responses and made the following statement:

‘Thank you to everyone that contributed to the survey.

The RICS Professional Practice Team have shared the results of the survey with RICS Governance including, the Global Valuation Standards Expert Working Group, the Valuation PGP and the Valuation Assurance Committee. The Governance Groups have confirmed that RICS should continue to monitor the implementation of UK VPS 3 but that no amendments to UK VPS 3 should be expected before the next review of the UK Red Book National Supplement in approximately 2028.

Ben Elder

Please contact Charles Golding cgolding@rics.org with any queries.