14 Jan 2022
Stricter guidelines to be implemented following concern over independence of valuers
The Royal Institute of Chartered Surveyors (RICS) is set to strengthen oversight of property valuers after a report published today recommended sweeping rule changes.
The review, commissioned by RICS’ standards and regulation board (SRB) makes 13 recommendations covering valuation practices which have already been accepted by the RICS board.
Much of the world’s wealth consists of the value of real estate. Land and buildings are therefore important global assets, against which much international financing rests. Property values can therefore literally be said to underpin the finances of society.
The valuation of investment property is therefore of the utmost importance, not just for professionals striving to provide high-quality valuations for their clients and their observers, but for society at large.
An unchecked loss of confidence in the valuation of investment properties could therefore give rise to national-level systemic risk.
This Review is therefore of real consequence, and I am pleased to make a series of recommendations that I believe will improve confidence in property investment valuations, and the process by which they are undertaken and reviewed around the world.
The Review has been commissioned by the RICS Standards and Regulation Board, but it is of course written for all the valuers working around the world, for clients instructing and receiving the reports, for investors and financiers acting upon the outputs, and for the regulators overseeing the whole system. Genuinely, it is for all of us.
Read the full report here
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