RICS Valuation Global Standards 2023 UK National Supplement [electronic resource]

The UK national supplement augments the Global Red Book for valuations that are subject to UK jurisdiction. This edition of the UK supplement addresses recommendations found in the Independent Review of Real Estate Investment Valuations, published in January 2022. One of the biggest changes is the implementation of time-limited, mandatory rotation cycles for regulated purpose valuations, alongside measures to ensure an orderly and consistent transition to the policy, standardise its governance, and prevent conflicts of interest in the commissioning and receiving of valuation reports. The new rules will prevent valuation firms from valuing an asset for regulated purposes for more than ten consecutive years, requiring a change or "rotation" to a different valuation firm. These critical changes will improve transparency, ultimately serving the public interest. Due to this wide-ranging update, which will cause business models to change for RICS regulated valuers in the UK, RICS has set a transition period for the implementation of the rotation requirements so that clients and firms have a reasonable timeframe to rotate their business relationships. The new regulations will come into effect on 1 May 2024.

Published 19 October 2023, effective from 1 May 2024. Supersedes RICS Valuation Professional Standards UK January 2017 ISBN 9781783213276