RICS launches new valuer registration scheme

A bid to assure the quality of home valuations, raise the credibility of valuers and provide homeowners with a clear guide to the subject is about to be launched by a leading professional body.

The Royal Institution of Chartered Surveyors (RICS), an organisation for professionals working in the land, construction and property sectors, is introducing a valuer registration scheme after just over a year of consultation, development and testing.

RICS says the scheme, set to go live on October 20, aims to provide clients with a clearly-identifiable designation for the best-regulated and qualified professionals in the field, to reinforce professional standards and to raise consumer confidence.

It received more than 800 separate written responses during a 10-week consultation last year and then opened discussions to members.

The scheme is due to become mandatory in the UK from 30 April 2011 when it will apply to all members undertaking valuations carried out under RICS Valuation Standards (the Red Book).

This provides a regulated framework and practice guidance and standards, including compliance with International Valuation Standards which are now recognised and adopted in most parts of the world.

David Rushholme, RICS director of valuation, said: “The new scheme will increase quality, and accuracy in the profession raising even further the credibility of valuers among clients and public authorities.

“This advance will ensure that RICS continues to undertake better regulation and provide increased value to valuers and their clients while acting in the public interest.”

Mark Gerold, chair of the RICS Valuation Professional Group, added: “We have been delighted with the enthusiasm of our members for this scheme, which will reinforce the pre-eminence of Chartered Surveyors as the leading valuation professional wherever they practice in the world.

“The events of the last two years have clearly demonstrated the value of sound, independent and consistent advice delivered to globally accepted standards. That is just what the Chartered Surveyor does and Valuer Registration further underpins this with effective and practical self-regulation.’’