Our Comments

RICS Updating Red Book UK Supplement

RICS has issued a "Call for Views" to canvas opinion on what currently works within the UK Supplement of the standards, and what may need to be updated or removed.  Some changes may be required as a result of recommendations in the recent Pereira Gray review of investment valuation but the project is not limited to these.  Indeed, the Pereira Gray report included the following general observation:

 

 

 

 

 

For RICS valuers in the UK the Red Book has grown from about 200 pages to over 450 pages over the past 20 years. We therefore have considerable sympathy with this comment.   However, others may see value in having a single, weighty document which provides all rules a valuer must follow and guidance of how they should value many different types of asset for different purposes.  It is therefore important that as many members, member firms and those who rely on valuations let RICS know what they think.

However, RICS have only allowed in short period to do this.  The closing dates for comments is 20 May 2022.

We have set out our thoughts on some strategic issues which we believe RICS should be considering as part of this review.  These can be seen by clicking on the five headings below.  We have included questions which may help prompt you to tell RICS what YOU think, whether you agree or disagree with our comments.

 

 

 

 

 

 

 

A copy of the Call for Views is can be accessed via the RICS website at:

https://consultations.rics.org/ukredbookpreconsultation2022

As part of this consultation "round table" discussions are being organised on specific subjects, albeit with short notice.  The topics and dates are:

Public sector 25th April 2022       11:00

Financial reporting 29 April 2022   09:30

Valuation Review – Rotation (Recommendation 3) 4th  May   14:00

Valuation Review – Procurement and instructions (Recommendations1 & 7)   5th May 15:00

Valuation Review – Separation of valuation and advisory (Recommendation 2) 6th May    11:00

Details on how to join the sessions are in the adjoining pdf or via the website link above.

It was noted that the current Red Book is a daunting document, especially for clients, and that the reader might benefit from its structure being simplified to make it more accessible.