What should a property valuation report include?
Under the RICS Red Book a report must address 17 matters (VPS 6 para 2.1); under IVS it must convey 18 (IVS 106 para 30.06). The core is shared: valuer, client, purpose, property, basis of value, valuation date, extent of investigation, assumptions, approach, value and reasoning.
Which items do readers most often miss?
The basis of value with its definition in full, the valuation date (which can differ from the report date), the special assumptions, and any commentary on material valuation uncertainty. They decide what the figure means. See The basis of value comes before the number.
What about ESG?
Both standards now ask for significant environmental, social and governance factors to be covered: VPS 6 para 2.1(q) and IVS 106 para 30.06(m).
Is the edition important?
Yes. Check the edition that applies at the valuation date. The current IVS and Red Book Global Standards have been effective since 31 January 2025; the next IVS edition is due to take effect on 31 January 2028.
Read next
- What is a Red Book valuation?
- What are the International Valuation Standards?
- What is a basis of value under IVS?
- Valuation glossary