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Valuation Review Implementation Committee

Valuation Review Implementation Committee

A dedicated sub-committee has been set up by the independently led Standards and Regulation Board (SRB) to oversee the implementation of the recommendations of the Review of Real Estate Investment Valuations.

Chaired by Richard Waterhouse FRICS, a senior chartered surveyor and member of the SRB, the Valuation Review Implementation Committee will manage the development of specific reforms to implement the recommendations in a staged approach over the next 18 months.

Chair, Richard Waterhouse FRICS

Appointed as VRIC Chair March 2022

Richard is a Chartered Surveyor by career, joining the RICS Standards and Regulation Board in March 2020. He leads on thought leadership for sustainability, diversity and placemaking. Initially practising as a valuation surveyor with office, retail and industrial properties, Richard later specialised in contractors and profits-based valuations before moving into policy roles. He is passionate about the public interest role of the RICS and driving professionalism within the built environment. Working previously with the Cabinet Office to establish the Government Property Profession, he focused on diversity, capability growth and building networks across the UK including, different devolved governments and public sector spheres.

He is a strong advocate for widening accessibility to the profession, making it more representative of the people it serves. Richard has extensive public sector experience within the land & property markets, developing and driving policy across residential, commercial and infrastructure. He has served across several departments including, Communities & Local Government, Cabinet Office, HMRC and Treasury and in areas including litigation, policy development, risk & assurance, and introduction of new legislation. He also maintains a keen interest in the historic property, environmental conservation, lithics and kayaking.

More widely, he holds judicial office as a Valuer Chairing London, on the First Tier Tribunal (Property Chamber), dealing with residential disputes, and teaches valuation at the University College of Estate Management.

Members of the group

  • Appointed May 2022

    Ian has a diverse commercial real estate background in both internal client-side and client facing advisory roles, with experience in commercial real estate valuation, lending, development, transaction management/underwriting. His current role is as director of UK risk and compliance at the global real estate advisory business, Colliers International.

    Ian has worked extensively in the UK real estate lending sector in property valuation and underwriting roles for both lenders and real estate advisors including Eurohypo AG, Westdeutsche Immo Bank, CBRE Finance, JLL and Savills. Ian's professional career spans 26 years and began in a valuation advisory capacity working for major institutional fund clients including Prudential Property Investment Managers; RSA/ISIS Property Asset Managers; Scottish Mutual Assurance plc; Royal London Asset Management Ltd; British Land plc; ING Real Estate; Credit Suisse Property Investment Management Ltd. Over the course of Ian’s career he has worked with the main UK lenders across all the main asset classes in the UK markets including the commercial, healthcare and retirement sectors.

    Ian has high profile consultancy and client-side valuation experience. His expertise spans the Commercial, Healthcare, Retirement and Mixed use residential real estate markets. Skills include property investment, business trading and development capital valuations; loan security valuation reporting; market and asset specific risk analysis; cash-flow underwriting; development feasibility analysis; regulated financial reporting investment portfolio valuation; acquisition reporting; strategic asset business planning and auditing; asset management; transaction/finance underwriting and due diligence.

    Over the years Ian has worked on some notable lending transactions including Liverpool One, Liverpool - Grosvenor, Kings Cross, London - Argent; Spinningfields, Manchester - Allied London and Heron Tower, London – Heron and in delivering advice in respect of £2.5 bn of finance transactions. Ian has also undertaken numerous mixed use portfolio reviews for NPL loan workout strategy, valuation and underwriting purposes. He has also been responsible for the delivery of significant portfolio valuations to large publicly listed funds with total capital valuations in excess of £4bn.

  • Appointed May 2022

    Jonathan is Head of Investment Analytics at Derwent London Plc, the largest London focused real estate investment trust (REIT).  This role includes reviewing value add opportunities from within the Groups property portfolio as well as sourcing potential new acquisitions.  With extensive experience in real estate valuation, part of his role involves the overseeing of the Groups bi-annual valuation process, liaising with the external valuers and production of the investor results.  In other areas of the role Jonathan has expanded his experience in development projects, undertaking the development management of a number of office and mixed-use schemes.  This has involved working with consultants and design teams from concept implementation and planning through to construction practical completion.  Jonathan has been with Derwent London for 10 years.

    Prior to joining Derwent London, Jonathan spent 11 years at CBRE predominantly within the Central London Valuation Advisory department where he undertook portfolio and loan security valuations for large London focused property companies and investment banks.  This time included a period in Sydney, Australia where he specialized in valuation advisory work for commercial assets within the central business district, particularly shopping centres and mixed-use commercial schemes.

    Jonathan qualified from the University of Reading with a BSc Hons in Land Management and is a Professional Member of the RICS, general practice division.

  • Leigh Miller
    Leigh Miller

    Appointed VRIC member May 2022

    Leigh Miller is a Partner based in Ernst & Young’s New York office and has been the firm’s Global Conflicts Leader since January 2021.  Prior to his current role, Leigh was the Global Leader of EY’s Valuation Valuation, Modeling & Economics group from 2016 to 2020, National Director of the Valuation & Business Modeling group in the United States between 2010 and 2016 and the Northeast US Valuation Practice Leader between 2001 and 2010.

    Leigh is a member of various professional bodies, including membership on the Standards & Regulation Board of the Royal Institution of Chartered Surveyors (RICS) and the Independent Panel for Implementation of the Certified in Entity and Intangible Valuations Credential.  Previously, Leigh had been a member of the Governing Council and Americas Board of RICS, and the Standards Review Board of the International Valuation Standards Council.

    Leigh has more than thirty years of experience in the valuation of intangible assets, financial instruments and closely-held business interests. These valuations have been prepared for financial reporting, buy-side and sell-side acquisition analyses, estate and gift tax purposes, income tax purposes and litigation support.  Leigh has valued businesses across many industries, including diversified industrial products, consumer products and retail, life sciences, media and entertainment, technology, hospitality, mining and metals, banking and capital markets and financial services.

  • Appointed May 2022

    Mark is a RICS Registered Valuer with over 25 years’ experience advising banks and other financial institutions, private equity, charity and private investor clients. Mark was a partner at a leading firm of property consultants and chartered surveyors where he sat on the firms Valuation Panel, ensuring best practice and compliance. For the last 7 years he has run his own property advisory practice.

    With extensive experience in the valuation of both commercial and residential investment property, he has a keen interest in investment valuation methodology, its application and performance measurement.

  • Appointed VRIC member May 2022

    Nick is a recognised expert in the area of property valuation, investment and appraisal. Previously, he has worked at as a professor at various Universities in the UK, Europe and the USA teaching extensively in the areas of valuation, investment and corporate real estate on BSc, MSc and MBA programmes.

    He is a member of the Royal Institution of Chartered Surveyors (RICS) and, in spring 2021, he was appointed as the Chair of the RICS Global Valuation Standards Expert Working Group. He was also a member of the Professional Board of the International Valuation Standards Council (IVSC).

    In 2018, Nick set up Real Estate Valuation Theurgy, a vehicle that allows him to continue writing papers, presenting conference papers and working with the real estate profession at home and abroad. His research interests concentrate upon the interface of property legislation and regulation and its impact on value and valuation models. In 2018, he was awarded a "Lifetime Achievement Award" by the International Real Estate Society.

    Nick is the Editor of the Journal of Property Investment & Finance, the award winning academic international journal of the real estate industry. He has published over 300 articles and still writes regularly for the Journal of Property Investment & Finance, the Property Chronicle, the European Journal of Real Estate Research and other professional and academic journals.

    In 2020, he was the principal author of the European Group of Valuers’ Associations (TEGoVA) Report – Pricing to Market: An Investigation into the use of Comparable Evidence in Property Valuation.

  • Appointed VRIC member May 2022

    Roy is currently employed as a Lead Surveyor at the Valuation Office Agency as part of the Wales and West team where he joined the Check, Challenge team in 2020 post qualification and his role focuses on Check, Challenge Appeal on non-domestic rates.

    The Non-domestic Rating (NDR) Directorate is responsible for NDR functions. The directorate also develops and implements strategy and policy across all aspects of NDR and is responsible for the maintenance of the rating list and the development of its use. It also drives quality and consistency through improved processes and supports local billing authorities that collect NDR rates.

    Roy joined the Valuation Office Agency in 2009 as part of an amalgamation of what was The Rent Service. His main role at The Rent Service was to make a series of valuations called ‘determinations’ to provide the Local Authority Housing Benefit department with a rent valuation to enable them to set a tenant’s benefit. He also provided Fair Rent valuations for regulated tenancies.

    He was part of the first cohort to become qualified in May 2020 via the online assessment and the first one to be qualified through the apprenticeship scheme at the Valuation Office Agency.

    Since his qualification in 2020, Roy has set out an objective to become an integral part of the RICS and the built environment beyond his current role at the VOA. In doing so he is now an APC assessor, an ambassador for the LionHeart Charity, a consultant for Property Elite and an active admin for the Surveyors Hub via Facebook and takes a significant interest as a supervisor to APC candidates within the VOA.


  • Sara Ensor
    Sara Ensor

    Appointed May 2022

    Sara is the EMEA Head of Risk & Compliance for the Global Valuation Advisory business.  She is a member of the EMEA Valuation Advisory leadership team and chair of the EMEA Regional Valuation Governance Board. 

    Sara is focused on shaping the risk & compliance and governance operating model to ensure global best practices, policies and procedures are appropriate, fully understood and properly followed in support of JLL’s commitment to providing best-in-class advice to clients.  She is responsible for assuring high quality risk management controls and processes are in place and providing subject matter expertise to new business opportunities.

    Sara is also involved with valuation advisory products and innovation and making it easier for major international valuation clients to work with JLL.

    Outside of JLL, Sara is an independent member of the Southern Housing Group Development & Investment Committee and non-executive director of SSL, a subsidiary of Southern Housing Group.  She is also a member of the RICS Global Valuation Standards Expert Working Group.

    Sara is passionate about delivering initiatives for continued operational improvement and enhanced client experiences.

  • Appointed May 2022

    John is Policy Director within ICAEW’s Reputation & Influence Department, positioning the Institute at the forefront of business thought leadership by calibrating its policy work against best practice. He ensures ICAEW’s policy work is influential in leading forums internationally, that it’s rooted in high quality academic research and that there’s collaboration across ICAEW to make our voice heard.

    He is secretary to ICAEW's Technical Strategy Board and its Technical Advisory Committee. Previously he led accounting research and policy globally for Fitch Ratings, writing credit research on emerging accounting issues and providing advice and training to Fitch’s analysts. He has experience as an analyst, preparer and auditor of listed company reporting.

    He is a former member of the FASB's Advisory Council and former Chair of the London Society of Chartered Accountants' Financial Reporting Discussion Group.


  • Appointed May 2022

    Rod was appointed CEO of LendInvest in January 2020 and led the business through its pandemic response and its scaling as lockdown restrictions lifted.  He has overseen growth in AuM from £1bn to £2.2bn and led LendInvest’s successful listing on London Stock Exchange in July 2021.

    Rod joined LendInvest in 2015 to lead the business’ Capital Markets and Fund Management divisions and led the launch of its listed bond and RMBS programmes.

    Rod is a Chartered Surveyor becoming MRICS in 2005.  He was previously a Senior Director in CBRE’s Capital Advisors division where he was involved with real estate capital raising and advisory mandates for more than 10 years.  He was a board member of the CBRE Investment Advisory Committee, advising institutional investors on direct and indirect real estate investment.

    Rod regularly presents at conferences, sits on panels, and takes part in round tables.  He has had articles published in property and finance trade press and has lectured on property development finance at the University of Reading.

    • First Class Bachelor of Science in Investment and Finance in Property, Henley Business School, University of Reading, UK, 2003
    • Professional Member of the Royal Institution of Chartered Surveyors, 2005
    • Investment Management Certificate and IMC Member of the CFA Institute, 2006
    • An Approved Person under Financial Conduct Authority Regulations, since 2007
    • Member Investment Property Forum, 2015