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What is today's blog about?
In this week’s blog, we look at the RICS’ consultation on the RICS Valuation – Global Standards (Red Book Global).
This is essential reading for all RICS APC and AssocRICS candidates with Valuation as a competency, as well as any qualified RICS Registered Valuers.
You can view full details of the consultation here.
Since writing and recording this blog and podcast, the RICS have released the full version of the updated 2022 Red Book Global. You can download a copy here.
If you would like to learn more about the updated Red Book Global, join us for an interactive workshop in January 2022.
What are the key dates?
The consultation closed on 8 November 2021, with the changes planned to take effect from 31 January 2022.
What is the aim of the update?
RICS have confirmed that this is only an update to the Red Book Global 2020, rather than a full new edition.
The aim of the update is to reflect changes to the International Valuation Standards 2022, as well as clarifying certain sections of the existing Red Book Global.
What are the key changes?
Emphasising the need to agree clear and unambiguous terms of engagement, even when valuations are undertaken for excepted purposes (i.e., VPS 1-5 do not apply) under PS 1 Section 5.
The terms quasi, partial or non Red Book should not be used in terms of engagement or reporting. Instead, the exception should be specifically stated and explained in the terms of engagement and valuation report.
Requiring more detailed commentary on sustainability/resilience and environmental, social and governance (ESG) matters in VPGA 8 Valuation of Real Property Interests. These terms are defined in Part 2: Glossary. There is also a reference to the proposed RICS Guidance Note Sustainability and ESG in Commercial Property Valuation and Strategic Advice 3rd Edition, also due to be published in 2022.
Various amendments are made to the VPGAs, in particular VPGA 4 Individual Trade Related Properties and the reference to IVS 230 Inventory.
What do valuers need to know?
Valuers must refer to the latest RICS valuation guidance, as well as being aware of the changes and how they affect their valuation work. This will require careful consideration of the new RICS Red Book Global and amending any valuation templates or proformas used, including reports and terms of engagement.
How can we help?
Book onto our interactive workshop on the RICS Red Book Global Update 2022.
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.