A Red Book valuation is a valuation provided by an RICS member who follows the RICS Valuation - Global Standards, which is widely known as the Red Book. This is a mandatory professional rule set by RICS for its members, rather than an Act of Parliament. If you have been told you need a Red Book valuation, it means the valuer must follow these standards.
What the Red Book is
The Red Book is the working title for a document officially named the RICS Valuation - Global Standards. RICS describes it as mandatory practices for RICS members undertaking valuation services. RICS itself describes the organisation as a globally recognised professional body that develops and enforces leading international standards, and that is its own description.
The current edition took effect on 31 January 2025. It applies to an RICS member who provides valuation services, and RICS says all its members must value in line with it. Its Red Book page also links to the Red Book UK National Supplement, which it describes as exploring the UK National Standards supplement of the Global Red Book for valuations carried out in the UK.
When someone asks you for a Red Book valuation, they are asking for a document produced under this specific professional framework rather than a general estimate. For the situations where this matters, see our guide on when you need an RICS valuation.
What a Red Book valuation means
When you instruct a professional to carry out a Red Book valuation, it means they must value your property in line with the Red Book. Sometimes a valuer cannot follow every rule in the standards. Departures from the Red Book are allowed, provided they are disclosed with reasons, and the report can still be called a Red Book valuation. By contrast, RICS says the International Valuation Standards do not permit any departures.
RICS gives its own reason for the scheme that backs the standards. It says valuations underpin nearly every financial decision in the global marketplace, from home mortgages and investments to corporate finance transactions, and that the scheme helps it uphold this trust.
What the Valuer Registration Scheme is
The Valuer Registration Scheme is a mandatory regulatory scheme for RICS members undertaking most valuation services. RICS calls it a quality assurance mechanism that monitors all registered RICS members who carry out valuations.
Membership of the scheme is mandatory in some markets, which RICS lists on its Valuer registration page. Members whose work falls wholly within the scope of the exceptions listed at Global Red Book PS1 section 5 do not need to join.
RICS says the scheme applies to any member undertaking valuation services, including any person who is responsible or who accepts responsibility for calculating and ascribing a written opinion of value. That can include people who produce valuation reports but do not sign them, and people who sign reports but do not produce them. Members who only occasionally value still need to register unless their work falls wholly within the listed exceptions.
What an RICS Registered Valuer is
An RICS Registered Valuer is an individual RICS member who has registered under the scheme and may use the RICS Registered Valuer designation. The designation is for individual members only. Firms cannot register, although a firm may sponsor its employees.
Only qualified Chartered or non-Chartered Associate members can apply. RICS sets entry requirements for each group.
- Chartered surveyors must have demonstrated one of two valuation competencies to Level 3 at final assessment, either Valuation or Valuation of Businesses and Intangible Assets
- Associate members must have demonstrated the Valuation competency at their assessment
- Those without the entry requirements can complete the Valuer Registration Assessment
Once registered, a valuer can download a certificate, is listed in Find a Member as a Registered Valuer and may use the designation on personal stationery. RICS says clients, lenders and insurers are increasingly requiring RICS Registered Valuers.
The rules registered valuers sign up to
The Valuer Registration page lists a download titled Rules for registration on regulatory schemes for individuals, Version 7, with effect from 1 September 2026. That document is the place to look if you want the formal wording of what registration involves, because this guide only summarises what RICS says on its web pages.
The RICS home page adds a little context about the wider body. Its Find a surveyor section invites visitors to connect with 40,000+ surveying firms. That figure is RICS's own marketing wording for firms, so it does not tell you how many valuers are registered under this particular scheme.
What registered valuers must keep doing
Registration is not a one-off event. RICS says registered valuers renew every year and submit a regulatory return. A valuer who is no longer practising must deregister. By joining, a member agrees to be audited by RICS Regulation under a risk-based auditing programme.
The signature matters too. RICS says a Registered Valuer carries full professional responsibility for every valuation report bearing their signature, and that the signature confirms the valuation complies with the Red Book and should not be included as a mere formality or rubber-stamping exercise.
A Registered Valuer operating outside an RICS Regulated Firm must operate a Complaints Handling Procedure that includes a redress mechanism approved by the RICS Regulatory Board. They must also make sure their valuation work is covered by adequate and appropriate professional indemnity insurance.
What registration proves and what it does not
Members must tell clients in their terms of engagement that their files may be reviewed by RICS. The table below sets out what the scheme tells you and what it leaves out.
|
What it proves |
What it does not |
|---|---|
|
The person is an individual on the scheme and may use the designation |
That a firm is registered, because firms cannot register |
|
Their work is monitored under a quality assurance scheme |
That reviews follow a timetable, because there is no fixed frequency |
|
Reviews examine documents, processes and audit trails |
That the valuation figures are correct |
|
Only qualified Chartered or Associate members can apply |
That every kind of valuation work is covered |
How reviews work
Reviews of registered valuers are selected on a risk basis, and they can be off-site or on-site. On-site reviews normally take 1 or 2 days. The reviewers are RICS staff who are experienced Fellows or Members with specialist valuation backgrounds.
After a review the valuer receives a written report with recommendations. RICS can escalate a review to further investigatory action where it finds widespread non-compliance or an un-cooperative member.
What the scheme does not cover
Some work falls outside the scheme. If a professional provides a service in one of these groups, they are not acting under the scheme for that particular job.
- Agency or brokerage valuation advice, except a purchase report that includes a valuation
- Valuation advice provided for negotiations or litigation
- Expert witness work
- Statutory functions
- Internal-only valuations provided on express terms that exclude liability and are not shared with third parties
How to check a valuer or a firm
RICS says its member database enables you to search for all active qualified RICS professionals globally. The page has search fields for First Name, Last Name, Town and Country/Region, and refine options for Member grade, Expert Witness and Accreditation.
- Open the Find a Member page on the RICS website.
- Enter the professional's first and last name.
- Add a town or country if you need to narrow the results.
- Use the Accreditation refine option if you wish. The page does not list its options.
- Read the result to confirm the membership grade and whether the person is listed as a Registered Valuer.
Firms are checked separately. They are listed at ricsfirms.com, and individual registered valuers appear in their firm's entry.
Beware fraudulent websites
RICS says it has become aware of fraudulent, AI-generated websites that falsely claim links to RICS or to RICS-regulated members. The genuine RICS website is its home page, and the Find a Member search is the place to confirm who is a member.
Why the terms of engagement matter
RICS requires members to tell clients in their terms of engagement that their files may be reviewed by RICS. That is the statement about the scheme that the terms of engagement must contain.
A reviewer looks at the documents, processes and audit trails behind a valuation, and RICS says the review does not test whether the valuation figures are correct. Reviews are selected on a risk basis, with no fixed frequency.
Reading the wording on a report
Because the wording on valuation reports can look similar, it helps to separate three ideas. The first is the standard, meaning the Red Book that members must follow. The second is the individual designation, meaning the RICS Registered Valuer title that a person holds once registered. The third is the firm, which cannot hold the designation but may be listed at ricsfirms.com.
A report that mentions the Red Book is telling you which standards the valuer worked to. If it also names a Registered Valuer, it is naming an individual who has joined the scheme. Neither statement tells you what figure the valuer reached, and neither replaces the check in Find a Member.
Common questions
Is a Red Book valuation a legal requirement?
No. It is a rule set by RICS for its members, not an Act of Parliament.
Can a surveying firm be a Registered Valuer?
No. Only individuals can register, though a firm may sponsor its employees.
Does the scheme check that a valuation figure is right?
No. Reviews look at documents, processes and audit trails and not at whether valuation figures are correct.
How long does a registered valuer stay registered?
Registered valuers renew every year, and one who is no longer practising must deregister.
Can an occasional valuer avoid registering?
Only if the work falls wholly within the exceptions. Occasional valuing alone is not enough.
Does the scheme apply in every country?
RICS says membership is mandatory in some markets. It lists them on its Valuer registration page and this guide does not repeat that list.
Can a valuer use the designation on a business card?
RICS says a registered valuer may use the RICS Registered Valuer designation on personal stationery.
Does the scheme cover someone who signs a report without writing it?
RICS says it can. The scheme covers any person who accepts responsibility for ascribing a written opinion of value, including people who sign reports but do not produce them.
What does a registered valuer receive once registered?
RICS says a registered valuer can download a certificate and is listed in Find a Member as a Registered Valuer.
Does a Registered Valuer without an RICS Regulated Firm have any extra duties?
RICS says they must operate a Complaints Handling Procedure with a redress mechanism approved by the RICS Regulatory Board, and have adequate professional indemnity insurance for their valuation work.
Next steps for your valuation
Search for the individual in Find a Member, and look up their firm at ricsfirms.com. Read the terms of engagement for the clause saying that files may be reviewed by RICS. These checks show who is registered. They do not show that a valuation figure is right.
When you are ready to proceed, you can find a surveyor near you to discuss your property.
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