RICS vows to publish January report into valuation practices
The Royal Institution of Chartered Surveyors has maintained it will publish its independent review on real estate investment valuation practices in January next year.
Originally it was expected the report would be published this autumn, before it was postponed to early January.
However, the institution has still not yet set a date for publication. According to correspondence seen by EG, the RICS said in recent weeks that its standards review board wanted to consider the report in full first before committing to a date.
The Royal Institution of Chartered Surveyors has maintained it will publish its independent review on real estate investment valuation practices in January next year.
Originally it was expected the report would be published this autumn, before it was postponed to early January.
However, the institution has still not yet set a date for publication. According to correspondence seen by EG, the RICS said in recent weeks that its standards review board wanted to consider the report in full first before committing to a date.
The RICS has also postponed a briefing with the Property Advisors Forum (formerly known as the Windsor Group) – which comprises the leaders of the biggest advisory firms – on the outcome. This was initially set to take place this week, ahead of the report’s publication.
Despite this, the RICS maintains the report will be published in January.
A spokeswoman for RICS said: “As we communicated earlier this year that it would be, the review was delivered to the RICS Standards and Regulation board this month. The board is now considering the report and it will be published, in January, along with the board’s initial response.”
The report is understood to contain around 15 recommendations on valuation practices, some of which suggest stronger control on data and ethics.
The call for evidence ended on 31 March this year.
Peter Pereira Gray, chief executive of the Wellcome Trust’s investment division, is heading up the review. He was appointed as its lead by RICS’s standards and regulation board in September last year.
Pereira Gray set up an advisory panel on the review in December 2020.
The review aims to examine how property valuations are conducted, with four areas of focus: the methodology behind valuation, identifying risk, maintaining independence and how value is measured.
Views were also sought on a valuer’s objectivity and independence.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
Image © Jeff Blackler/Shutterstock
