LAND JOURNAL

Woodlands valuation standard update

Surveyors who carry out valuations of all types of woodlands and forests need to be aware of the latest edition of RICS' Valuation of woodlands and forests, published in March

Author:

Fiona Mannix

18 May 2023

RICS standards and guidance

RICS has updated its Valuation of woodlands and forests professional standard for members working in the UK and Ireland.

The second edition, which takes effect on 1 June, sets out the main factors to be considered by the valuer carrying out such valuations, as well as outlining the process and approaches involved. All members carrying out valuations of these assets must comply with the professional standard.

New edition responds to transforming market

The market has changed significantly since the publication of the first edition in 2010, with investment in forestry and thus the size of the market expanding considerably in that time.

In addition, with net-zero carbon and climate change mitigation a priority for all, forestry is increasingly attractive to private investors not just for the production of timber and its returns but also due to its carbon sequestration potential which can be used to offset emissions. In addition, as reported in Land Journal, the government also has ambitious tree-planting targets for 2025 which will expand the sector.

The myriad other potential benefits of woodlands and forests – such as their flood alleviation potential and delivery of other ecosystem services – are just some of the new considerations that clients are looking to their advisers to understand.