The RICS has recently launched a public consultation for the new global edition of the RICS “Red Book” which will reflect a number of changes, bringing it in line with the International Valuation Standards (IVS).
The update for the Red Book will also reflect recent progress in the development of international standards for ethics and for measurement and will be known as ‘RICS Valuation – Global Standards 2017’.
In aligning the new Red Book to IVS 2017, it offers the opportunity to improve the format and update the technical content, such as to ensure it includes the latest guidance on conflicts of interest.
The main changes reflected in the new global edition of the Red Book are as follows:
In terms of technical content, much of the existing text within the 2014 edition of the Red Book is thought to be contained in the new edition. However, there are a few amendments that RICS valuation professionals will want to note:
Reference to “oral” valuations has been added in PS 1 1.4 – as these feature in a number of national standards, it is helpful to acknowledge both their use and their limitations
PS 1 incorporates the additional descriptive material on exceptions first published outside the Red Book in Question and Answer form on the RICS website in 2016
A new, very short PS 3 clarifies how the valuation practice guidance – applications (VPGAs) should be viewed
VPS 1 and VPS 3 have an additional heading regarding limitations on liability that may be agreed
VPS 2 has been modified to highlight the key principles and it also now includes material on “valuation records”, to reflect the new requirements of IVS 2017
VPS 3 now recognises that the “natural” order of headings when reporting may differ from that implied by Red Book B 2014, though it is deliberately not prescriptive
A new, short VPS 5 on valuation approaches/methods is included, to link with the new IVS 105
The text from the existing VPGA 8 (portfolios and collections) has been moved into VPS 1 and 3
The text of the existing VPGA 9 (valuation certainty/uncertainty) has been moved into to VPS 3
A new VPGA 8 has been created from the real estate inspection checklist material previously included in VPS 2, the latter now more obviously of general application across all forms of asset
What changes in its format:
To improve readability and better reflect alignment to IVS 2017, the following changes have been made the to 2014 edition format. Notable formatting changes include:
The latest RICS conventions for standards and guidance material have been adopted throughout such as the term ‘RICS Professional Statement’ replaces ‘RICS Professional Standard’
The use of summary “text boxes” at the start of each Red Book section make explicit how the IVS are reflected in and implemented through the RICS material
Throughout the VPSs, the key principles are highlighted by the use of bold type, with supporting material on implementation in ordinary type
The running order of the material in PS 2 has been changed to make the flow more logical
As valuation professional’s, our insight, expertise and practical knowledge is crucial in shaping the new RICS Valuation – Global Standards 2017, with the key aim of striving to continue to deliver credible, transparent and high-quality valuations.
[team-member name=”David Cooper”]
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We have moved house several times over the years so feel well qualified to recognise good efficient service when we see it. All the way through, from the initial valuation to the day of completion, everyone at GSC Grays made us feel our sale really mattered. We were kept well informed of the progress of the sale and any questions we had were answered promptly and clearly. We would definitely recommend GSC Grays to anyone planning to buy or sell a property.
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The team at GSC Grays went above and beyond for us. The sale of our property was a tricky one and the team managed it with professionalism, kindness, and enthusiasm. We cannot recommend them enough.
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Thank you once again for the excellent care you have taken of us during the sale and now the purchase of our house. We have felt all along that you really cared and were really interested. A wonderful service.
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Thank you for all your help during our move. It all got quite stressful towards the end and it was great to have you at the end of the phone offering reassurance and advice. We got there in the end and we are delighted with our new home! Just wanted to let you know how much your help was appreciated!
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I just wanted to pass on my appreciation to the whole team for the fantastic job they did for me. The Sales Progression team had a particularly tricky job as the sale was less than easy but they were all amazing.
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GSC Grays were recommended to me and in the years which I have worked with them, I have found their approach excellent. They take a long term view and provide exactly the right balance between pushing things on whilst keeping me informed – I am delighted to have them on board.
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Excellent HomeBuyer Report service. Survey completed promptly and initial comments delivered by telephone within twenty-four hours with comprehensive written report received by post shortly after. Clear, concise documentation, which includes advice on rectifying defects and issues that legal advisors may wish to investigate, all professionally presented in a bound booklet enabling a timely informed decision to be achieved in respect of the purchase of the property. Thoroughly recommended.
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GSC Grays have always provided a professional and friendly letting service for me. Their regular updates and communication have meant total peace of mind that my properties are being managed with the up most of care. I would definitely recommend GSC Grays to other landlords.
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When your largest cost in selling/purchasing a new house is the estate agent fees it is a rather large cost to accept, especially with things like Rightmove been involved. However, once my sale was agreed and it was passed over to Catherine in the sales progression team I do believe the fee was easier to stomach as her role in the sale/purchase was worth its weight in gold, and without it, there is no doubt in my mind that things would have not got done in the timescales we and our seller wanted. I really do appreciate all of Catherine’s advice and help in keeping the whole process moving.
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Thank you to everyone at GSC Grays for your friendly professionalism over the past two years and especially in more recent weeks. I greatly appreciated all you do and would have no hesitation in recommending you to anyone!
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GSC Grays were recommended to me and in the years in which I have worked with them, I have found their approach excellent. They take a long term view and provide exactly the right balance between pushing things on whilst keeping me informed – I am delighted to have them on board.
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Theakston Land has worked with Calum and his team for many years. That work has included a detailed analysis of costs to maximise value. The development appraisal work undertaken with GCS Grays means that I am confident we are getting the best possible price. They make a positive contribution at all levels and help to drive forward long term and complex development projects.
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