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RICS Investment Valuation Review -

In September 2020 the RICS Standards & Regulation Board commissioned an independent Review of real estate investment valuation practices.  The Board appointed a Chairman for the Review, Peter Pereira Gray, and an Expert Working Group was appointed to undertake the review and make recommendations.

The terms of reference for the  review covered four main areas:


  1. Valuation methodology: This included examining whether current valuation methodology is fit for purpose and in line with market practice, and more controversially whether RICS should actively specify the methodology to be adopted in certain circumstances.

  2. Property risk analysis:  This was to examine if valuations are provided in a manner which gives clients sufficient forward-looking information on risks in addition to the current value.

  3. Independence and objectivity: In the light of concern about the independence of the audit and consulting activities of large accounting firms, to consider if RICS needs to revise its requirements in respect of valuer independence for financial reporting and investment portfolio valuations.

  4. Measuring confidence:  To consider how RICS can measure market confidence in RICS valuers on a continuing basis.

Following a "Call for Evidence" in writing and virtual round table discussions based on the above four topics in the first quarter of 2021, the working group undertook further consulations and issued its report to RICS in late 2021.  It was released on 12 January 2022 along with the SRB's response.

Quick Links:

Review Webpage.

Terms of Reference

Call for Evidence

Our Responses to the Call for Evidence 


The Pereira Gray Report

The SRB's repsonse

Our Comments on Report Recommendations

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