Following the RICS Review of Real Estate Investment Valuations by Peter Pereira Gray, RICS have issued a new UK National Supplement to the Red Book Global Standards. Full guidance is available on the RICS website Red Book UK National Supplement and we would note some of the key points below:
- The Supplement is effective from 1 May 2024 with a 2 year transition period up to 30 April 2026.
- A mandatory rotation policy for firms and valuers will apply in respect of private sector regulated valuations only.
- A maximum valuation period of 10 years for the same property and any valuation contract cannot be more than 5 years.
- A 3 year break is required between valuation periods.
- Valuers should be willing to engage with external auditors.
- A valuer must not be identified as the responsible valuer for the same asset, for the same regulated purpose, for a period of more than 5 years.
For more information on how we can assist with Commercial Property Valuations, contact our Head of Valuation, Iain Gove at Iain.firstname.lastname@example.org