ABSTRACT
The primary purpose of valuation is to assess market value (MV). The RICS has formally adopted the International Valuation Standards (IVS) definition of MV in the 2012 Red Book (RICS Valuation – Professional Standards) (see Chapter 1) and the full definition must always be referred to when undertaking a market valuation. There is, however, nothing complicated about this definition as it conforms to the commonly held understanding of MV as being the price at which an interest in a property would have sold on a given date as between a willing seller and a willing buyer, both being fully informed regarding the interest in question.
