A Red Book valuation is a formal, RICS-compliant assessment of a property's market value that is accepted by courts, HMRC, mortgage lenders, and other official bodies. Here's what it is, when you need one, and what it costs.
The "Red Book" is the informal name for the RICS Valuation — Global Standards, the professional framework that governs how RICS-regulated valuers must carry out formal property valuations. It sets out the basis of value, the methodology to be used, the content required in the written report, and the ethical standards the valuer must follow.
A valuation carried out under these standards is described as a "Red Book valuation" or "RICS Red Book valuation". The term does not refer to a specific type of property or instruction — rather, it is a quality and compliance standard that makes the resulting report credible and legally defensible.
| Red Book Valuation | Mortgage Valuation | Estate Agent Appraisal | |
|---|---|---|---|
| Who commissions it? | You | Lender | You (free) |
| Who does it protect? | You | Lender | Neither (marketing) |
| RICS-regulated? | ✅ Yes | ✅ Usually | ❌ No |
| Accepted by HMRC/courts? | ✅ Yes | ❌ Rarely | ❌ No |
| Typical cost | £150–£500 | £150–£500 (or free) | Free |
| Includes condition report? | ❌ No | ❌ No | ❌ No |
Under RICS standards, a Red Book valuation report must include:
| Purpose | Typical Cost |
|---|---|
| Probate | £150–£300 |
| Divorce / matrimonial | £200–£400 |
| Help to Buy redemption | £200–£350 |
| Shared ownership staircasing | £200–£350 |
| CGT / IHT / HMRC | £200–£500 |
| Lease extension / freehold | £400–£700+ |
No. Only a surveyor who is a Registered Valuer with RICS can produce a Red Book-compliant valuation. When instructing a surveyor, check they hold Registered Valuer status — this is separate from general RICS membership and ensures the valuer has demonstrated competence specifically in valuation work.
There is no fixed validity period. The valuation states a specific valuation date and reflects market conditions at that date. For HMRC purposes, probate valuations are tied to the date of death. For mortgage purposes, most lenders require a valuation no more than 3–6 months old. In a fast-moving market, a valuation may become stale quickly.
No. A Red Book valuation determines market value — it does not assess structural condition. A Level 2 or Level 3 survey inspects condition. Some Level 2 reports include a valuation section, but a standalone Red Book valuation contains no structural survey content.
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