Are Public Sector Investment Valuations for Financial Reporting Purposes Defined as Regulated Purpose Valuations?

Jen Lemen
Jul 29
3 min read

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What is this blog about?

In this week’s blog, we consider whether public sector investment valuations for financial reporting purposes are defined by RICS as Regulated Purpose Valuations (RPVs).

This was the subject of a RICS Report on Public Sector Valuer Rotation, published in May 2025.

You can download the full report here.

Why do I need to know about this?

This is recommended reading and a hot topic for all valuers, as well as surveyors working within commercial or corporate real estate in the public sector. This is essential knowledge for both AssocRICS and APC candidates, as well as qualified Chartered Surveyors.

Why is this an issue?

Our previous blog provided an overview of the RICS Independent Review of Real Estate Investment Valuers.

Recommendation 3 related to valuer procurement and rotation;

‘RICS should develop a time specific, mandatory procurement and rotation process for valuers'.

This was actioned for RPVs in the private sector within the updated 2025 Red Book and UK National Supplement. Appendix B of the Report detail recommended rotation policy in the UK.

However, the issue had not yet been addressed in the public sector – thus this Report being published. This relates to valuations carried out by both internal and external valuers (i.e., external consultancy or valuation firm).

The following questions were considered:

Does the same risk exist in the private and public sectors?
Is the private sector solution adequate and proportionate for the public sector?
Do existing regulations or processes negate the need for mandatory rotation in the public sector?

What was the outcome of the Report?

The working group determined that public sector investment property valuations did not fall under the definition of RPVs. Thus, additional regulation and rotation requirements were not required.

This was based upon the following reasons:

Public sector valuations are not relied upon by third party investors, instead public sector debt is considered as an overall figure
Public sector procurement is already heavily regulated
Existing oversight mechanisms already exist, e.g., by the Government
Annual external audits are already undertaken, usually by third-party valuers

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