Scottish Property Federation chairman Ken Ross today warned against changes to valuation practice in the current collapsing market.

Ross, chairman and chief executive of developer Elphinstone, told 200 delegates at the SPF's annual conference in Edinburgh that no one should 'tamper' with the valuer's Red Book.

There have been calls from some investors for valuers to take a longer-term view or even for valuations to be suspended.

Ross said: 'People should leave well alone. We are struggling to say what will happen tomorrow, let alone what will happen in six months.'