A look at the professional standards and practice information documents RICS are looking to produce in the Valuation sector over the short and medium term.
Further down this page you will find information on:
- how RICS propose new or updated standards
- how you can make your own proposal to RICS
- what topics RICS are engaging on in valuation
- how you can engage with RICS
- how you can get involved in RICS standards development.
Do you think RICS should produce a new, or update an existing, standard? If it’s not covered in the table below, let us know. You can download the form at the bottom of this page, complete it and submit it to standards@rics.org. All proposals will be considered by RICS and the Global Valuation Standards Expert Working Group.
Please note: This pipeline is a guide only and is subject to change due to evolving best practice and/or legislation. The development and publication process of all standards and practice information is subject to review by the Global Valuation Standards Expert Working Group and approval by the by the RICS Knowledge and Practice Committee and the RICS Standards and Regulation Board. This pipeline is reviewed and updated approximately every two months.
Topic |
Professional Standard |
Practice Information |
Other e.g. alert / notification |
New |
Update |
Geographical applicability |
Short term (0-2 years) |
||||||
X |
|
|
|
X |
Global |
|
Valuation of residential property (separated out from the Red Book UK National Supplement |
X |
|
|
X |
|
UK |
Sustainability and residential property valuation |
X |
|
|
X |
|
UK |
X |
|
|
|
X |
UK |
|
Surveyors advising in respect of compulsory purchase and statutory compensation (overseen by the Land and Nautral Resources Professional Practice and Development team) |
X |
|
|
|
X |
UK |
Affordable housing developments - valuation considerations (replacing Valuation of land for affordable housing (overseen by the Land and Nautral Resources Professional Practice and Development team) |
X |
|
|
|
X |
UK |
Bridge foundations from RICS Global Valuation Standards (incorporating IVS) to USPAP |
|
X |
|
X |
|
U.S. |
|
|
|
|
X |
UK |
|
ESG in commercial property valuation and advice |
X | X | Global (with UK and EU Appendices) | |||
AVMs for secured lending valuation |
X | X | UK | |||
| Leasehold reform in valuation (England and Wales) |
X | X | England & Wales | |||
| Procurement and rotation in public sector investment valuations for financial reporting purposes | X | X | UK | |||
| Client guide for instructing valuations | X | X | UK | |||
| Valuation of properties in multi-storey, multi-occupancy residential buildings with cladding 2nd ed | X | X | UK | |||
Medium term (2-4 years) |
||||||
Valuation of residential leasehold properties for secured lending purposes |
X | X | UK | |||
X |
|
|
|
X |
UK |
|
Valuation of un-registered land (collaboration with UN and FIG and RICS Land & NR professional practice and development team) |
X | X | TBC | |||
The receipts and expenditure method of valuation for non-domestic rating |
X | X | UK | |||
X |
|
|
|
X |
Global |
|
|
|
|
|
X |
UK |
|
X |
|
|
|
X |
Global |
|
Valuation of individual new-build homes |
X | X | UK | |||
| Valuation of independent healthcare properties |
X | X | UK | |||
Valuation of historic buildings |
X | X | UK | |||
Other topics the Valuation Standards team are engaging on:
- AVMs, AI and data
- Global Red Book adoption
- International Valuation Standards
- Prudent Value
- Rating reform in the UK
- Valuation Review implementation
- Valuation software principles
Proposing a new or updated professional standard or practice information paper
The questions/points below are those we consider at RICS when proposing a new or updated standard. If you would like to make a proposal to RICS, please fill out the form and send to standards@rics.org.
1. What is the proposed title of the standard to update/create?
2. Summary of the proposed standard.
3. Which sector(s) of the profession does this relate to?
4. Which surveying activity(ies) does this relate to? And specifically how will this proposed guidance project assist in these areas?
5. Please detail any regulatory risks that this standard is mitigating and the market evidence for this.
6. Is this standard going to support the public interest and the work of members, if so how and what is the evidence for this?
7. Please include details of why a standard is needed and why training, CPD or other options will not suffice. Be aware that a standard can often create RICS and external regulatory considerations that can impact members and the public interest. Careful consideration is needed as to what the impact of the standard will be.
8. Are there any other standards that cover this area by other providers e.g. BSi.
9. What is the jurisdiction/geographical coverage of this guidance? Consider what jurisdictions this is realistically likely to have an impact in.
10. Are there sustainability / ESG factors that should be considered as part of this standard?
11. Are there any external or market drivers that dictate when this should be published?
12. Please could you comment on how diversity and inclusion will be considered as part of the standard’s development and its impact.
Equally, if you have any comments you’d like us to consider regarding the table above, please feel free to get in touch.
The contact email address is standards@rics.org.
If you’d like to engage with us further on developing our standards, please see the How to get involved with standards development page or join the discussion on the myRICS community.
