Red Book valuation
A short, practical note on Red Book valuation, with the public definition from IVS / Red Book (effective 31 January 2025).
Note. The Red Book has no glossary entry titled “Red Book valuation”. The quotations below are the nearest normative text; my explanation is a paraphrase, not a definition.
In my practice, a Red Book valuation is one carried out in compliance with RICS Valuation – Global Standards, which adopt and apply IVS and add RICS requirements and guidance. The current edition has been effective since 31 January 2025. A valuation either complies or it does not: the Red Book forbids terms such as ‘quasi-Red Book’ or ‘partial Red Book’. Any exception must be identified and explained in the terms of engagement and the report — and I treat that line as binary.
“Valuations are either compliant with Red Book Global Standards or not. Terms such as ‘quasi–Red Book’ or ‘partial Red Book’ – or even ‘non-Red Book’ – must not be used […]”
Source: Red Book Global Standards, PS 1 para 5.7
“This edition adopts and applies the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC).”
Source: Red Book Global Standards, Part 1 Introduction, para 3
Common confusion
Red Book valuation ≠ ‘partly Red Book’: there is no partial compliance (PS 1, 5.7).