January 18, 2022

RICS valuations review: Real estate must act fast or risk more ‘draconian’ measures

Real estate firms and organisations must act as quickly as possible on adopting all of the changes proposed in Peter Pereira Gray’s independent report into investment valuations for the RICS, or risk facing another review down the line with a much tougher outcome for the industry, according to experts taking part in today’s episode of EG Property Podcasts.

Pereira Gray’s report has made 13 recommendations designed to boost compliance, after evidence of conflicts and their management were assessed. The RICS standards and regulation board has pledged to implement all of these at “different speeds”.

The new rules are also designed to be a “wake-up call” for the industry and establish a system fit for the “changing world”. But are they far-reaching enough to help build trust in valuations and solve the big issues facing valuers?

EG’s news editor Pui-Guan Man is joined by Andy Pyle, UK head of real estate at KPMG, Claire Magowan, head of portfolio valuation at Savills, Ollie Saunders, head of UK commercial valuation at alternatives at JLL and Charles Smith, chairman of UK and cross border valuation and advisory at Cushman & Wakefield to discuss what the industry needs to tackle next, as well as the report’s wider implications for real estate.

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