What is the RICS Red Book?
You may have heard of the ‘RICS Red Book’. It sounds very mysterious, but in reality, it’s a basic set of guidelines. It governs all our actions as RICS members, valuers and chartered surveyors.
When we carry out a valuation or a home survey, we’re bound by the rules and explanations found in the Red Book. As such, we know when we’re meeting the expected standards. As a customer, you can also check our work next to these guidelines.
We’re always happy for you to ask as many questions as you like. If you’d like more clarification on the RICS Red Book, we’d be more than happy to walk you through it and explain how to understand it.
What is RICS?
The Royal Institution of Chartered Surveyors is the governing body for all UK chartered surveyors. It was officially formed in 1868 in London as the Institute of Surveyors but can trace its roots back to 1792.
The founding mission was simple. As the Industrial Revolution continued to spur the country’s (and the world’s) economies, it became increasingly necessary to ensure homes, buildings and infrastructure were built to an acceptable standard. This serves to protect public health interests as well as financial security.
Several name changes, adaptions, and growth periods later, RICS governs the lion’s share of the home surveying market. It’s also responsible for setting global standards in all areas of property and construction development and management.
Today, anyone can complete a home survey. However, only certified RICS members can call themselves chartered surveyors. The term is protected under British law.
What is the RICS Red Book (Global Standards)?
The RICS Red Book is the colloquial term for the global standards governing the moral and professional expectations of a ‘valuer’ member. Its full title is the ‘RICS Valuation – Global Standards’, or ‘Red Book Global Standards’.
As the full name suggests, the RICS Red Book details how a member carrying out a valuation (or home survey) is expected to behave. It also sets out rigorous requirements to demonstrate professional competency.
This serves two purposes:
- Chartered surveyors know what is expected of them and how to deliver a high-quality service.
- Customers (homebuyers) understand what they can expect from a chartered surveyor.
Anyone not meeting the standards would be subject to an internal investigation. Why is it called ‘the Red Book’? Well, it’s literally handed out as one.
How is the RICS Red Book implemented?
Here in the UK, we receive a separate Red Book from the rest of the world. This is purely down to the diverse economic and legal situations in which RICS finds itself. Here, with its Royal Charter, expectations are arguably even higher.
Every couple of years, the RICS Red Book sees updates and clarifications. We’re currently working from the January 2022 UK version and expect to see another release in 2023.
Currently, the authority of the Red Book is upheld by a critical eye from peers and customers. If somebody is not meeting the set standards, they’ll be reported and could face disciplinary action.
The upcoming 2023 update will clarify how customers and clients know the standards set out in the Red Book. This increases transparency around the organisation and will further boost homebuyers’ trust.
If a chartered surveyor has given you a dishonest home survey, or you feel something was missed that shouldn’t have been, the first step should be to contact the surveyor (or their manager). Failing this, you could go to the RICS regulatory body and lodge a formal complaint.
Thankfully, breaches of the standards set out in the Red Book are very rare. Chartered surveyors are qualified, competent, and bound by strict ethics and morals.
Instruct a chartered surveyor from GB Home Surveys
GB Home Surveys is a company with chartered surveyors spread throughout our many British offices. Instructing one of our surveyors means you can be sure that a dedicated RICS member with attention to detail inspects your potential future home.
We offer three levels of home surveys: Valuation, Level 2, and Level 3. Whether you’re in Three Counties or the West Midlands, the Cotswolds or South Wales, Bristol or Bath, Devon or Taunton, we have somewhere near you.
Why not use the form below to get in touch with GB Home Surveys?
If you prefer, you could contact your local office directly. You’ll find all the relevant information on the Our Locations page.
We hope the RICS Red Book offers you reassurance, and if you have any questions, please don’t hesitate to ask.
