VPS 6 Compliance Guide (Red Book 2025)
RICS Valuation — Global Standards (the "Red Book") sets mandatory requirements for RICS members undertaking valuations. The current edition is the Red Book Global Standards effective 31 January 2025, which incorporates IVS 2025.
Under the 2025 Red Book the structure of the Valuation Practice Statements (VPS) was reorganised — VPS 6 now covers the content of valuation reports (the equivalent of VPS 3 under the 2022 edition). VPS 3 in the 2025 edition is Valuation Approaches and Methods. Here is how Redbook Assist helps you comply with VPS 6.
What VPS 6 requires
VPS 6 mandates that every valuation report must include specific minimum-content items. The exact requirements depend on the type of report, but for a standard written report, the following must be included:
- Identification and status of the valuer — Name, RICS designation, and confirmation of independence
- Identification of the client — Name and, where relevant, other intended users
- Purpose of the valuation — What the valuation will be used for
- Identification of the asset — Clear description including address and title details
- Basis of value — The definition of value adopted (Market Value, Market Rent, etc.)
- Valuation date — The effective date of the valuation
- Extent of investigation — What inspection was carried out and any limitations
- Nature and source of information — Data relied upon and its provenance
- Assumptions and special assumptions — Clearly stated
- Restrictions on use, distribution, and publication
- The valuation approach and reasoning — Methodology and evidence used
- The valuation figure(s) — Expressed in words and figures
- Date of the valuation report — When the report was issued
- Commentary on any material uncertainty
How Redbook Assist supports compliance
| VPS 6 Item | Redbook Assist feature |
|---|---|
| Valuer identification | Set in Practice Settings — auto-included on every report |
| Client identification | Linked from your Clients database |
| Purpose | Selected during valuation creation |
| Asset identification | Property record with address, type, tenure |
| Basis of value | Selected during valuation creation |
| Valuation date | Set during valuation creation |
| Extent of investigation | Template section in report — customisable |
| Information sources | External data sources are listed with dates fetched |
| Assumptions | Entered during valuation creation |
| Restrictions | Standard clause in report template |
| Approach and reasoning | Calculation approach with workings |
| Valuation figure | Calculated and displayed in words and figures |
| Report date | Set to generation date |
| Material uncertainty | Template section — flagged if applicable |
What you still need to do
Redbook Assist provides the framework and automates many items, but the valuer remains responsible for:
- Professional judgement — The choice of approach, yield selection, and comparable weighting
- Inspection — The system does not replace a physical inspection
- Verification — Confirming that external data is consistent with your own findings
- Commentary — Writing appropriate commentary on market conditions and uncertainty
- Independence — Declaring any conflicts of interest