The public sector includes central government, local government and public corporations.

There are many RICS valuation professionals who are employed both internally by public sector organisations and by external consultancies, who specialize in providing independent, impartial valuation and professional property advice across the entire public sector, and where public money or public functions are involved.

This dedicated page brings together useful information for those involved in public sector matters. Whilst most of the content is currently focused on the UK, our hope is to develop this further on a global basis going forward. As a reflection of this, RICS was pleased to co-operate with the International Public Sector Accounting Standards Board in respect of their recent international public sector valuation measurement project.

Professional Standards and Practice Information

RICS Valuation – Global Standards (Red Book)

The new edition of RICS Valuation - Global Standards (Red Book) will become effective on 31 January 2025.

Red Book UK National Supplement

Explore the UK National Standards supplement of the Global Red Book for valuations carried out in the UK.

IFRS 16 principles for UK real estate professionals

This paper gives high-level principles of IFRS 16 and talks abut how this impacts on real estate leases.

Depreciated replacement cost method of valuation for financial reporting, 1st edition

The purpose of this UK guidance note is to draw attention to matters relevant to the use of the depreciated replacement cost (DRC) method of valuation

Existing use value (EUV) for UK public sector financial statements, 1st edition

A standard to create clarity on the interpretation and application of Existing Use Value (EUV)

Valuation of medical centres and surgery premises 3rd edition

This standard will enable surveyors to learn about common approaches and benchmarks across the medical centre and surgery premises sector.

Journal articles

UK public-sector valuers must brace for change

ICAEW article: The future of public sector operational property valuation methods

New guidance brings medical centre valuation up to date

RICS property journal article

Public sector valuer rotation working group – December 2024 final report

This report considers recommendation 3 of the Valuation Review, related to the requirement for valuer rotation (which is the process of changing the responsible valuer and/or firm engaged to undertake valuation services in respect of a particular asset) in the public sector.

The report’s recommendation has been approved by the Standards and Regulation Board, the recently established Valuation Assurance Committee and the Knowledge and Practice Committee.

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RICS’ response to HMT’s thematic review of non-investment valuations consultation

With member input, RICS responded to HMT’s thematic review of non-investment valuations which consults on changes that will affect Financial Reporting Manual adaptations and interpretations of the International Accounting Standard 16 relating to property and plant equipment and International Accounting Standard 38 in respect to the measurement of assets. The Treasury was seeking views on alternative valuation options and proposed changes to due process and invited comment on all options presented. You can read the RICS comment here.

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