RICS Valuation –Global Standards 2024 (Red Book Global)
Updated to “support high standards in valuation delivery worldwide and future-proof practices in the public interest” - Effective 31 January 2025
We are excited to share the release of the latest edition of the Red Book, issued by the Royal Institution of Chartered Surveyors (RICS). As a trusted firm of Valuers, we utilise the Red Book to provide you with the highest standards of property valuation and secure lending practices.
The Red Book continues to offer clear and authoritative guidance on valuation standards and methodologies. By adhering to these updated standards, we ensure that our valuations are accurate, reliable, and compliant with the latest regulations. This enables us to support your informed lending decisions, mitigate risks, and foster trust and confidence among your stakeholders. We are confident that this new edition will enhance our ability to serve you effectively. Should you have any questions or require further information, please do not hesitate to reach out.
Thank you for your continued trust and support.
Eva Gascoigne Associate
Callum Wooff Senior Surveyor
What’s new in this edition?
New International Valuations Standards 2024
A new International Valuations Standards has become effective on 31st January 2025. It has an increased focus on ESG, data and valuation modelling.
Environmental, Social and Governance (ESG)
The impact of significant ESG factors, such as biodiversity, air and water pollution, and carbon and other gas emissions, should be considered in determining value and commentary will be included in our reports.
Artificial Intelligence (AI)
The use of AI is not prohibited; however, it is mandatory for us to be transparent in its use and be consistent in our professional judgement in its application.
Valuation Modelling
We will use our professional judgement on what valuation models and methods are appropriate on a case-by-case basis. Where a complex valuation model is used, we will ensure it is suitable for the valuation purpose.
Audit
Trails
We will continue to keep a proper audit trail of inspections, investigations, and other key inputs.
