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Expression of Interest - Changes to UK Supplement to the Red Book and Incorporation of Valuation Review Recommendations

Expression of Interest - Changes to UK Supplement to the Red Book and Incorporation of Valuation Review Recommendations

We recently announced how RICS plan to move forward with the Valuation Review implementation as views sought on UK Red Book changes.

Valuation expert Richard Waterhouse has been appointed to lead a group of experts that will be responsible for implementing the recommendations of the Valuation Review, with experts and investors now being asked to submit their views ahead of a major update to the valuer’s Red Book in the UK.

To ensure that the RICS Valuation Standards Team capture insight from the widest stakeholder group possible, during April and May 2022, we are hosting a series of roundtables with a focus on the UK Supplement to the Red Book. The update will have two main purposes:

  • Technical updates to all relevant sections reflecting market and other changes.
  • Regulated purpose valuation updates in light of the Review of Real Estate Investment Valuation – The Valuation Review

The roundtables will be an interactive 1.5-hour session giving each participant the opportunity to contribute their perspectives and ideas freely and fully to the conversation.

This is a great opportunity to be involved in the planning process, working on key issues that will shape the future of the valuation profession as the market insight will guide actions that will follow, enable RICS to support the valuation profession and key stakeholders through updates to the Red Book UK Supplement and supporting Guidance Notes.

The roundtables will be hosted on an on-line platform on the dates below:

Public sector 25th April 2022 11:00. More specifically at this event, we would be interested in receiving your feedback relating to the existing content contained at:

  1. UKVPGA 4: Valuation of local authority assets for accounting purposes
  2. UKVPGA 5: Valuation of central government assets for accounting purposes
  3. UKVPGA 6: Local authority and central government accounting: Existing Use Value basis of value
  4. UKVPGA 16: Valuations for compulsory purchase and statutory compensation
  5. UKVPGA 17: Local authority disposal of land for less than best consideration in England and Wales

In particular, should any of this content be removed or amended and is any further content in these regards required?

Financial reporting 29th April 2022 09:30. More specifically at this event, we would be interested in canvassing your feedback relating to the existing content contained at:

  1. UK VPGA 1: Valuation for financial reporting: general matters

In particular, should any of this content be removed or amended and is any further content in this regard required?

Valuation review - rotation (rec 3) 4th May 14:00

Valuation review - procurement and instructions (rec 1&7) 5th May 15:00

Valuation review - separation of valuation and advisory data (rec 2) 6th May 11:00

How to Apply:

Those wanting to express interest please email:standards@rics.org

  • Your name and contact details
  • The roundtable you would like to Join
  • A brief outline about why you would like to be involved in the roundtable discussion and what you can contribute

In line with the recommendations of the Review, we are keen to attract an inclusive and diverse range of stakeholders. RICS is an equal opportunity organisation committed to diversity and inclusion. We encourage qualified and suitably experienced candidates from a wide array of backgrounds to apply because we know that it’s the differences in our people that make the difference to our performance. New thinking and ideas are crucial to technical standards capable for adoption and application in a modern and fast-changing world.

Proposed Process

  • Expressions of Interest sought from the public
  • The project team selection process will be primarily based on capturing a diverse cross -section of stakeholders
  • The project team will contact and invite those selected to participate
  • Unsuccessful applicants will be informed via email
  • Sometimes due to the volume and selection process, unfortunately we are not able to provide unsuccessful applicants with individual feedback regarding their application

We look forward to engaging with you.