Residential property plays a vitally important role in the global economy. In addition to its primary purpose of meeting the housing requirements of the population it is also a growing investment asset class. Occupation of residential property ranges from rental through intermediate forms of tenure, including shared ownership, through to full owner occupation. Residential property’s use as an investment asset is growing rapidly. Direct investment is undertaken at all levels, ranging from large institutional investors through to private individuals.
Valuation acts a core pillar of financial reporting, investment analysis, public policy, secured lending and property acquisition/disposal/renting decisions. Its importance extends not just to those preparing valuations, but also to those who rely heavily on them, which includes investors, auditors, regulators, owner occupiers and renters.
Given the importance of housing, allied to the pace of change in technology playing a greater role in the residential valuation industry, continuing government intervention in the property market and continued housing shortages – having a suite of market informed professional standards that provide a framework to the valuation of residential property therefore is of significant benefit to society as a whole.
There are many RICS valuation professionals who are employed both by private and public sector organisations of various sizes who specialize in providing independent, impartial residential property valuation related advice.
This dedicated page brings together useful information for those involved in residential property valuation matters. Whilst most of the content is currently focused on the UK, our hope is to develop this further on a global basis going forward.
