Market appraisal or Red Book valuation: which do I need to sell?

What is a market appraisal?

A market appraisal is an informal, usually free estimate by an estate agent of the likely selling price of a home in the current market. Its purpose is to help you set an asking price that attracts buyers.

Many agents say "valuation" in conversation and in their marketing when they mean a market appraisal. That is where the confusion starts: the word describes the same free service, not a formal report.

What is a Red Book valuation?

A Red Book valuation is a formal, paid assessment of a property's market value by an RICS Registered Valuer. It follows RICS Valuation: Global Standards, known as the Red Book, which sets out the mandatory practices for RICS members. The current edition took effect on 31 January 2025.

Surveyors set their own fees, so the cost depends on the property and the firm. Ask for a written quote before you book.

Which one do I need if I am thinking of selling?

For selling, the market appraisal is the one you need. It shows you the price range local buyers are likely to pay, and it costs nothing.

Paying for a Red Book valuation does not make a home sell for more. Buyers pay what the market will bear, whatever a report says.

When would I need a formal valuation instead?

• Probate and Inheritance Tax: you have to value the estate of someone who has died before you apply for probate, and a formal valuation is the usual evidence for the property figure.
• Divorce settlements, where both sides need a figure that can be defended.
• Capital Gains Tax in some cases: HMRC says to use market value for gifts, for assets sold for less than they were worth to help the buyer, and for inherited assets where you do not know the Inheritance Tax value. HMRC can check your valuation afterwards.
• Loan security: a lender may arrange its own valuation of a property it lends against. That is the lender's check, separate from anything you commission.

How do I get a fair market appraisal?

1. Ask for the appraisal in person. A walk-round gives a better estimate than a figure produced from a desk.
2. Ask each agent which recent sales they used to reach their number.
3. Ask for two figures: the price to list at and the price they expect the home to sell for. The gap between them tells you how the agent is thinking.
4. Compare the responses side by side before you speak to any one agent.

ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents. You see every response on one screen, you stay anonymous until you choose to connect with an agent, and homeowners never pay.