The Future of AI in Valuation – Insights from the RICS Debate

The Future of AI in Valuation: Insights from the RICS Debate

On 15th November, Tim and Françoise attended the RICS Debate on AI and Valuation, where industry leaders discussed the transformative potential of artificial intelligence in the valuation profession. While AI promises to enhance efficiency and accuracy, the debate highlighted a recurring theme: AI is a powerful tool but not a substitute for human expertise. Below, we explore the key takeaways from the event and examine how AI is reshaping valuation practices.

AI as an Enhancement, Not a Replacement

AI is revolutionizing how valuers approach their work, particularly by automating repetitive and mundane tasks. Data collection, research, and report generation—once time-consuming processes—can now be streamlined with AI, allowing valuers to dedicate more time to nuanced analysis and client relationships. However, the profession remains cautious about relying solely on AI, particularly for high-risk or complex valuations where human judgment is irreplaceable.

Paul Aylott MRICS noted, “AI is there to help the valuer; but for the vast majority of valuations, it is not a viable replacement for a human professional.”  The debate reinforced that while AI may excel at data collation and pattern recognition, it cannot replicate the critical thinking, intuition, and site-specific understanding that experienced valuers bring to the table.

Data: The Double-Edged Sword

AI’s effectiveness hinges on the quality of data it processes. As more datasets become available, from platforms like CoStar, Rightmove, and LonRes, the challenge shifts from data scarcity to data integrity. Inconsistent property addresses, outdated EPCs, and incomplete planning information can lead to flawed AI outputs. Valuers, therefore, play a crucial role in verifying and contextualising data.

Additionally, much of the market intelligence that valuers rely on comes from local contacts and professional networks—insights that AI cannot access. This emphasises the importance of human diligence in corroborating AI-driven conclusions.

Shifting Skillsets and New Opportunities

The integration of AI into valuation workflows is reshaping the profession, demanding a new set of skills. Surveyors must now focus on strategic thinking, problem-solving, and client management while leveraging AI tools to support their analysis. As the reliance on automation grows, it is essential to educate the next generation of valuers on how to balance technological proficiency with traditional valuation skills.

AI’s role in valuation also presents opportunities for firms to increase efficiency. Automating administrative tasks such as data entry and report formatting not only saves time but also reduces human error. This enables valuers to focus on delivering robust, client-focused advice in compliance with RICS standards.

Ethical and Competitive Considerations

As AI adoption accelerates, it brings ethical challenges such as bias in algorithms and transparency in processes. These issues must be addressed to maintain public trust and professional integrity. Furthermore, the faster turnaround enabled by AI could intensify competition in the industry, with firms under pressure to deliver high-quality valuations more quickly than ever.

Prudent firms are already adopting hybrid approaches, combining AI with human expertise to strike a balance between innovation and reliability. This approach ensures that clients receive both the speed and rigour they demand, without compromising the quality of valuation conclusions.

Conclusion: Balancing Art and Science

The debate made it clear that valuation is becoming less an art and more a science, with AI introducing a level of standardization and precision previously unattainable. Yet, the “art” of valuation—understanding a property’s unique characteristics, assessing risk, and interpreting market conditions—remains firmly in the hands of human professionals.

As the RICS and the valuation industry navigate this technological shift, the message is clear: AI is a tool, not a replacement. By integrating AI thoughtfully, valuers can enhance their efficiency while safeguarding the expertise and judgment that clients have always relied upon. The future of valuation lies in this balance, where technology and human insight work hand in hand.

At Hickman Shearer, we specialise in delivering exceptional RICS and ASA certified capital asset valuation, management, and sales services. Our expertise span a wide range of global industries, ensuring that we provide tailored and insightful commercial valuations and equipment valuation services to meet your unique needs. Find out more here.

Sign up to our Industry Insights Newsletter to stay up to date with the latest industry updates >> Subscribe