RICS Valuation Standards

RICS Valuation Standards, also known as the Red Book, are a set of professional guidelines created by the Royal Institution of Chartered Surveyors. They ensure that property valuations are conducted consistently, transparently, and ethically. These standards specify how valuers should assess property value, considering factors like market conditions, property details, and relevant laws. By following these guidelines, valuers provide reliable and impartial opinions of property worth, which are crucial for matters such as sales, purchases, mortgages, and disputes, fostering trust and confidence in property transactions.