RICS Knowledgebase

In answer to why has UK VPGA 18 been removed from the latest Red Book UK supplement effective from 1 May 2024 and is this still regulated by RICS:  

in the list of technical changes for the UK supplement it says “[Former] UK VPGA 18 UK Affordable rent and market rent under the Housing Acts in a regulatory Context - removed as per evidence of affordable housing experts.” . I have asked the Specialists who worked on the project if they could expand on this and the response was 

there was a working group overseeing changes to former UK VPGA 14 + 18 in co-ordination with a working group of specialists working in the affordable housing sector. As a result of these meetings it was unanimously decided to entirely remove the content of UKVPGA 18 as the content was no longer considered relevant. 
 
The definition of an affordable rent is contained in the Regulator of Social Housing Rent Standard dated April 2023. Rent Standard_April 2023 (publishing.service.gov.uk). In case of further queries in this area, I would recommend the member to seek the advice of an expert in the affordable housing sector. 

This does not mean that the matter is no longer not regulated by the RICS. If the member is on the VRS scheme, they will be subject to monitoring, as defined in that scheme. 
 
They do not need to be on the VRS scheme however, if they undertake exceptions as defined to PS1, 5. I have attached the FAQ sheet for assistance.  

if a member provided a Red Book compliant Market Rent valuation to a client in respect of providing an opinion of an ‘affordable rent’ in accordance with any statutory requirements this would not be excluded from usual Red Book or regulation requirements. 
 
 
If a firm needs to be Regulated or not, depends upon the application of the Rules of the Reigstration of Firms and Valuer registration and the facts in hand. 
 
Regardless, the Rules apply equally