News & Insight

RICS UK regulated purpose valuation survey (covering the implementation of mandatory rotation)

17 March 2025

Background

The Red Book UK National Supplement effective from 1 May 2024 includes mandatory governance requirements for a subset of valuations referred to as regulated purpose valuations (see UK VPS 3).

The most prominent and frequently asked about change is the mandatory rotation of responsible valuers and valuation firms in certain circumstances.

The survey

RICS is undertaking a survey to understand how the UK VPS 3 valuation standards (including rotation policy) are impacting stakeholders and to provide insight into our future direction. The results will be considered by our internal governance groups.

In addition to rotation, the survey also covers valuation instructions, audit and administration.

It also asks questions to allow RICS to better understand who is instructing and providing regulated purpose valuations.

Your help is needed

If you use or provide regulated purpose valuations subject to UK jurisdiction, you can help by completing the survey and sharing it with other regulated purpose valuation providers and users (clients).

We would like survey responses from key industry stakeholders who use and provide regulated purpose valuations, such as valuers, valuation firms, asset managers, fund managers, investment managers, financial institutions, SMEs, large companies and those with transferable securities admitted to trading on a regulated market.

The survey closes 31 March 2025 and the results and supporting information will be published in due course.

Please contact Charles Golding cgolding@rics.org with any queries. Survey submissions are through the link below only.

Take part in the survey

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