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The changes to the RICS Red Book 2012 edition
The Red Book, as it is colloquially known, sets out the procedures that must be followed by RICS Registered Valuers when carrying out valuations. The full title of the current version of the Red Book is the RICS Valuation — Professional Standards, 2012 and it is effective from 30th March, 2012. It replaced the previous edition — RICS Valuation Standards 7th Edition — which was published in 2011. So why is it necessary to have a new edition so soon and what are the main changes?
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Anthony Banfield is a chartered surveyor with considerable experience as a practising valuer and asset manager and also as an academic. He runs his own training and property management consultancy, Banfield Real Estate Solutions Ltd. Anthony is author of the last three editions of ‘A Valuer’s Guide to the Red Book for the RICS’ as well as Stapleton’s Real Estate Management Practice. He is an APC assessor, edits valuation sections of isurv and has run workshops and presented papers on valuation, development, property management and investment throughout the world.