When you’re buying, selling, or refinancing a property, a RICS valuation is often a required step, but many people don’t fully understand what it includes, why it’s needed, or how it’s different from a traditional home survey.
In this blog, we break down exactly what’s involved in a RICS-compliant valuation, when and why you might need one, and what you can expect from the process. Whether you’re a first-time buyer, selling through shared ownership, or dealing with probate, this article will clarify the process from start to finish.
What is a RICS Valuation?
A RICS valuation is a formal assessment of a property’s market value, carried out by a RICS-registered surveyor (RICS stands for the Royal Institution of Chartered Surveyors). The valuation is prepared in line with the Red Book standards, which set out a consistent and reliable framework for how valuations should be conducted and reported.
Unlike an estate agent’s estimate or an automated online valuation, a RICS valuation is recognised legally and financially. It provides an objective figure that reflects the true market value of a property at a specific point in time, making it trusted by mortgage lenders, housing associations, legal professionals, and government-backed schemes.
What Does a RICS Valuation Include?
A RICS valuation is focused on answering one question: What is the property worth on the open market today?
To reach that figure, the surveyor will assess:
- Location: Including street, postcode, and proximity to transport, schools, and amenities.
- Comparable sales: Recently sold, similar properties in the local area to benchmark against.
- Property type: Detached, semi-detached, flat, etc.
- Size and layout: Number of rooms, floor area, and how space is configured.
- Fittings and Finishes: Standard and quality of kitchen, bathroom and finishes.
- Amenities: If the property has a garage, outbuilding or large garden.
- Construction and age: Materials used and whether any non-standard construction is involved.
- General condition: Any obvious issues visible from a surface-level inspection (damp, cracks, damage).
- Leasehold status: If applicable, details like length of lease, service charges, and ground rent.
The surveyor will then provide a written report, including:
- The current market valuation figure
- The comparables used to reach the valuation
- Photographs (in many cases)
- Any comments that may impact value. E.g., very short leases, non-standard construction, or proximity to commercial or industrial properties
When is a RICS Valuation Required?
There are many situations where a RICS valuation is required or highly advisable:
Mortgage Applications
Most lenders carry out their own valuation, but in cases where you’re using a broker or non-standard lender, or where the property is unusual (non-brick construction, short lease, etc.), a RICS valuation may be requested to support lending.
Shared Ownership & Staircasing
When you own a shared ownership property and want to buy more shares (known as staircasing), you’ll need a RICS valuation to determine the current market value of the property, and therefore the value of the additional shares.
Help to Buy Repayments
When repaying your Help to Buy equity loan, either when selling or remortgaging, Homes England requires a RICS valuation report to confirm how much of the property value they are entitled to.
Legal, Probate, and Divorce
RICS valuations are essential for establishing property value in legal situations, such as dividing assets in divorce proceedings, or determining inheritance tax in probate cases.
Capital Gains Tax
Investors or landlords selling property may need a RICS valuation to accurately calculate capital gains tax based on value changes since purchase.
How is it Different from a Survey?
This is where confusion often arises.
- A valuation is focused on price.
- A survey is focused on condition.
Valuations don’t include in-depth checks on structural or hidden defects.
Surveys (like RICS Level 2 or Level 3) inspect the physical condition of the property in much more detail.
So, if you’re buying a property, it’s often worth having both a survey and a valuation, particularly for older or larger homes.
How Long Does It Take?
The process is quick and efficient:
- The inspection visit usually takes around 30 to 60 minutes
- The turnaround time for most RICS reports are delivered within 48 to 72 hours
- For Help to Buy and Shared Ownership RICS valuations are typically valid for 3 months, after which a revaluation is often required
What Does a RICS Valuation Cost?
Our valuation fees are clear and competitive, with no hidden costs. For most standard homes, a RICS valuation typically ranges from £245 – £800, depending on location and property complexity. We also provide fixed quotes for Help to Buy and shared ownership valuations.
- Standard property: £250–£500
- Shared ownership or Help to Buy: Often £245–£375
- Large or complex properties: £500+
At Survey Hut, we can provide both the RICS valuation and a home survey if required, offering a streamlined service that saves you time and avoids duplicate site visits. If you’re unsure which service you need, we’re happy to advise.
Why Choose Survey Hut?
At Survey Hut, all our valuations are carried out by RICS-registered surveyors with deep local knowledge and practical experience. We’ve helped hundreds of homeowners, housing association tenants, investors, and families with:
- Shared ownership staircasing
- Help to Buy redemptions
- Mortgage and remortgage valuations
- Inheritance and probate
- Divorce and legal proceedings
Our reports are fast, compliant, and accepted by lenders and housing associations across the UK.
Final Thoughts
Whether you’re planning to buy, sell, remortgage, or repay a loan, a RICS valuation gives you the confidence that your decisions are based on a fair and accurate market value, not guesswork.
It’s more than a formality, it’s protection, clarity, and leverage in important financial decisions.If you need a reliable, RICS-qualified valuation service, get in touch with Survey Hut today, and we’ll guide you through the process!
