RICS Valuation Reports 

A valuation is defined as "a professional opinion on the value of an asset or liability on a stated basis, at a specified date."

 

Market value is defined as "the estimated amount for which an asset or liability should exchange on the date of valuation between a willing buyer and seller in an arm's length transaction after proper marketing and where in both parties have acted knowledgeably, prudently and without compulsion." 

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There are three globally recognised approaches to valuation. These are market, cost and income approaches. Within these approaches there are five methods of valuation. These methods of valuation are the comparable method, investment method, profits method, depreciated replacement cost method and residual method. 

 

The comparable method of valuation is most commonly used to assess the market value or market rent of residential property.   

An RICS "Red Book" valuation establishes the formal opinion of the market value of a property, undertaken by a member (AssocRICS, MRICS and FRICS) of the Royal Institution of Chartered Surveyors (RICS) who is also an RICS Registered Valuer, in strict accordance with RICS standards, rules, guidelines and best practice. This is known as the RICS Valuation - Global Standards (Red Book). 

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The RICS "Red Book" valuation report will adhere to these RICS standards and best practice to ensure the valuation is robust and reliable. The RICS Valuation - Global Standards (Red Book) helps build consistency and public confidence. 

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These RICS standards set out rigorous criteria to comply with covering a range of factors, such as the minimum content of the valuation report, terms of engagement, duty of care, ethics, qualifications, valuation method, professional indemnity insurance, and comparable evidence amongst other requirements. 

Goodby Martyn provide RICS Valuation (Red Book) reports for a variety of purposes including:

• Help to Buy Redemption Valuation

• Probate Valuation (Inheritance Tax Valuation) 

• Shared Ownership / Staircasing Valuation

• Right to Buy Valuation

• Matrimonial / Divorce Valuation

• Independent RICS Red Book Valuation.

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We also carry out independent valuation and reinstatement costs (insurance valuation) as part of our RICS Home Surveys.  

Tom and Gareth are regulated and qualified professionals. As RICS Registered Valuers, you can have confidence that we have the expertise to deliver high-quality and credible reports. 

 

We are Regulated by RICS (Royal Institution of Chartered Surveyors) which means we adhere to high standards, RICS rules and regulation and committed to continuing professional development for your peace of mind and protection.