RICS has confirmed that it plans to revise the Red Book, which offers valuation guidance for new-build flats to its members.

The changes are set to occur, following complaints from the Council of Mortgage Lenders that its members could not rely on the current valuation guidelines, which refer to new-build but-to-let properties.

Andrew Gooding, RICS Valuation Faculty Director said: "Valuation of newly built residential property is not always as straight forward as it may appear, especially in situations where localised excess of supply over demand encourages developers to offer sales incentives. RICS valuers need to be wise to these issues.’