Valuation approaches and methods used to be in the same VPS, these were separated out in the 2025 Global Red Book to have approaches in VPS3 and methods in VPS5.
The majority of RICS valuation content is principles based and RICS does not prescribe valuation approaches, methods, models or methodology for analysis of comparable evidence.
In 2025 Global Red Book VPS3 Valuation approaches and methods states “
Valuers are responsible for adopting, and as necessary justifying, the valuation approach(es) and the valuation method(s) used to fulfil individual valuation assignments. These must always have regard to:
• the nature of the asset (or liability)
• the purpose, intended use and context of the particular assignment and
• any statutory or other mandatory requirements applicable in the jurisdiction concerned.
Valuers should also have regard to recognised best practice within the valuation discipline or specialist area in which they practise, although this should not constrain the proper exercise of their judgement in individual valuation assignments in order to arrive at an opinion of value that is professionally acceptable for its purpose