A RICS valuation is one of the most requested services at Pimlico Surveyors. Yet many clients aren't quite sure what differentiates a proper RICS valuation from a rough online estimate — or why some situations specifically require one from a qualified professional.

Let me explain everything clearly, from what a RICS valuation is, to the different types, how much they cost, and when you actually need one.

What Is a RICS Valuation?

A RICS valuation is a formal assessment of a property's market value, carried out by a RICS Registered Valuer in accordance with the RICS Valuation – Global Standards (commonly known as the Red Book). The Red Book sets strict standards for methodology, independence, and reporting to ensure valuations are credible, consistent, and defensible.

Unlike a mortgage lender's automated valuation model (AVM) or a quick estate agent appraisal, a RICS valuation involves a physical inspection of the property by a qualified professional, analysis of comparable sales data, and a written report that can be relied upon for legal, financial, and mortgage purposes.

Types of RICS Valuation

There are several different types of RICS valuation, each designed for a specific purpose:

Mortgage Valuation

Carried out for mortgage lenders to confirm that a property provides adequate security for a loan. Note that this is different from a buyer's survey — a mortgage valuation is minimal and does not protect the buyer.

Help to Buy Valuation

Required when you want to redeem or increase a Help to Buy equity loan. The government requires an independent RICS valuation to establish the current market value of the property.

Shared Ownership Valuation

Required when buying additional shares in a shared ownership property (known as "staircasing"), or when selling a shared ownership home.

Probate Valuation

Required when dealing with the estate of someone who has died, to establish the market value of property for inheritance tax and estate administration purposes. Our RICS valuations are accepted by HMRC for probate purposes.

Lease Extension Valuation

When you're extending the lease on a flat — whether informally or through the statutory route under the Leasehold Reform Act — an independent RICS valuation is essential to determine the premium payable. Our surveyors have extensive experience in London leasehold valuations.

Matrimonial / Legal Proceedings Valuation

An independent RICS valuation is often required when a property forms part of a financial settlement in divorce proceedings or other legal disputes.

Capital Gains Tax (CGT) Valuation

If you're selling a property that has increased in value since you acquired it (or since a particular date, such as April 1982), an RICS valuation can establish the base cost for CGT calculation purposes.

"The thing about a RICS valuation is that it's not just a number — it's a defensible professional opinion backed by evidence. That's what makes it accepted by courts, HMRC, mortgage lenders, and government bodies." — Oliver Chen, Pimlico Surveyors

How Much Does a RICS Valuation Cost?

RICS valuation fees in London typically range from £250 to £500 for a straightforward residential property, depending on size and type. Specialist valuations (lease extension, probate, large portfolios) may cost more. We always provide a clear, fixed-fee quotation upfront. Request a free quote here.

Automated Valuation vs RICS Valuation

Online tools like Zoopla estimates or Rightmove price trackers use historical sales data and algorithms to produce a rough estimate. These can be useful for a quick sense of the market, but they have significant limitations:

  • They can't account for a property's specific condition, improvements, or unusual features
  • They're based on historical data and may lag the current market
  • They are not accepted for legal, mortgage, or tax purposes

A RICS valuation is always based on a physical inspection and current market analysis — and carries the weight of professional liability behind it.

FAQ: RICS Valuations

The physical inspection typically takes 1–2 hours. The written valuation report is usually delivered within 3–5 working days of inspection.

No. A RICS Registered Valuer provides an independent, objective opinion of market value. This may be higher, lower, or equal to the purchase price — it is based on the evidence available at the date of valuation, not on the price you paid.

No. A valuation tells you what the property is worth in the market. A survey tells you the condition of the property. You may need both — and they can sometimes be combined in a single instruction.