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2 NOV 2022

Red Book UK Supplement update

RICS is seeking views on updates to the UK National Supplement to the Global Red Book. This update will have two main purposes:   

  1. Regulated purpose valuations(UK VPS 3) updates in light of the Review of Real Estate Investment Valuation.
  2. Technical updatesto all relevant sections reflecting market and other changes. 

RICS ran a ‘Call for Views’ in Q2 2022 to gain insight on what the market would like to see in this update. For further information on the Call for Views, click here. Following the feedback received, expert working groups were established and we are now consulting on the proposed updates.

The sections of the UK National Supplement being updated are:

  • financial reporting
  • public sector valuation
  • residential valuation.
  • UK VPS 3 – changes regarding rotation policy; rotation transition policy; terms of engagement and instructions; and preliminary advice, draft reporting, and client discussions

We are looking for feedback from Valuers/valuation firms, end users of valuations, those involved in the valuation process, and those who have an interest in the Valuation Review implementation of recommendations.

The consultation is open for 6 weeks and closes Wednesday 14th December at 23:59 UK time.

Click here to have your say