Index
- Accessibility 32, 34, 58, 134
- Accounting 16
- Accounts 198, 199, 201, 242, 243, 461, 462
- Acquisition costs 254
- Adaptations 243
- Adverse possession 5
- Aesthetic and architectural qualities 138
- Affordable housing 54, 469
- Agglomeration 35, 56
- Agriculture 48
- Alienation 133
- Alternative use value (AUV) 408
- Amenity 49, 50, 51
- Amortisation period 275, 277
- Anchoring 501
- Ancillary space 146
- Annuity 78, 81, 82, 173, 190
- Antecedent valuation date (AVD) 457, 459, 464
- Arm’s length 132, 133
- Asking price 15, 45
- Asset valuation 401, 402
- Assignment 133, 136, 279
- Assumptions and special assumptions 109, 110, 200, 243, 302, 303, 360, 361, 409, 417, 479
- Auction 134
- Autocorrelation 160
- Automated valuation model (AVM) 150
- Balance sheet 401
- Base rent 298
- Basic loss payment 492
- Basic residual technique 246, 251, 254, 256, 362, 363, 364, 369
- Basis of value 14, 106
- Bed and breakfast 219
- Before‐and‐after valuation 488
- Benchmark land value 470, 471
- Beta coefficient 153, 159
- Betterment levy 468
- Betterment tax 452, 453, 455, 469
- Bias 501
- Bid‐rent 33, 34, 35
- Billing authority 457, 459
- Biodiversity 50
- Blight notice 483, 485, 492
- Break‐even analysis 504
- Break option 285, 286, 287, 304, 306
- Budget 47
- Budget constraint 21, 22
- Building 26
- Building control officer 459
- Building cost 65, 237, 242, 246, 249, 308
- Building Cost Information Service (BCIS) 65
- Building period, See construction period
- Building regulation fees 251
- Business rates 457
- Cadastre 120
- Capital 20, 27
- Capital contributions 277
- Capital gains tax (CGT) 452, 456, 466, 467
- Capital growth 59, 61
- Capital value 14
- Capitalisation (cap) rate 81, 173
- Care home 225
- Carrying amount 402
- Cash‐flow 87, 174, 256
- Cash margin 364, 372
- Catchup provision 377
- Central government assets 430
- Central tendency 508
- Charge 5, 7
- Chargeable gain 466, 467
- Charity asset 431
- Citizens jury 124
- Client influence 114, 124
- Coefficient of determination 152
- Coefficient of variation 153
- Collateral 415
- Collective investment schemes 429
- Commerce 56
- Community infrastructure levy (CIL) 469
- Community services 55
- Comparable evidence 104, 106, 131, 132, 138, 139, 143, 372
- Comparison method 131, 132, 149, 150, 236, 244, 361, 456
- Compartmentalisation 148
- Compensation 14, 15, 289, 477, 478, 480, 485, 491, 492, 493, 494
- Compensation code 483
- Complementarity 35, 56
- Composite hereditament 457
- Compounding 76
- Compulsory purchase 40, 477, 482, 483, 493
- Compulsory works orders 483
- Concept of value 112
- Conduct standard 113, 114, 123
- Conflict of interest 102, 103, 114, 416
- Contaminated land 249, 398
- Contingency 237, 250, 372
- Contract out 289
- Contractor’s test 464
- Construction 66, 70
- Construction cost, See building cost
- Construction period 252, 256
- Construction procurement 66
- Consumers 21
- Contract rent 175
- Cook’s distance 160
- Core and top‐slice 178, 179, 192, 294, 305
- Core rent 295
- Corporate identity 135
- Corporation tax 466
- Correlation 503, 508, 511
- Corruption 123
- Cost approach 235, 243, 424
- Cost model 405
- Cost‐to‐correct 398
- Costing 65
- Council Tax 465, 466
- Covariance 151
- Covenant 8
- Cultural value 8, 108, 109
- Current value 401
- Customary land/tenure/rights 5, 11, 15, 109, 120, 480, 481
- Data centre 230
- Deliberative inclusionary process (DIP) 124, 125
- Demand 20, 22, 21, 25
- Depreciation 187, 188, 199, 236, 237, 238, 239, 241, 242, 244, 303, 304, 307, 410, 411
- Depreciation amount 412
- Depreciation charge 402, 412
- Deprival value 236, 244
- Derived demand 20, 23, 75
- Design 64, 65, 135, 238
- Deterioration 62, 237, 238, 239, 244, 410
- Deterministic variable 506
- Developer 63, 64, 255
- Developer’s profit 237, 253, 255, 257, 362, 369, 409
- Development 36, 47, 59, 63, 245, 359, 360, 362, 369, 417, 420, 502
- Development charge 468
- Development feasibility 64
- Development gains tax 469
- Development industry 68
- Development land tax 469
- Development land value 241, 245, 478
- Development plan 67
- Development potential 235
- Development process 63, 64, 68
- Development site 64
- Development timing 38
- Diminishing returns 21, 27, 37
- Disability allowance 461
- Discontinuance order 493
- Discount rate 76
- Discounted cash‐flow (DCF) 174, 183, 184, 185, 186, 187, 191, 192, 194, 195, 255, 257, 306, 307, 362, 364, 367, 370
- Discounting 76
- Diseconomies 36
- Dispute resolution 124
- Disturbance compensation 289, 290, 292, 478, 479, 482, 491, 492
- Disturbance payment 492
- Divisible balance 200, 461
- Downside risk 507
- Dual rate 90
- Due diligence 500
- Dummy variables 158
- Easement 5, 8
- Ecological value 40
- Economic cycle 71
- Economic indicators 304
- Economic life 39, 239, 242, 410
- Economic rent 24, 450, 452
- Economic value 40
- Economics 20
- Effective market rent 274, 275, 276, 277
- Efficiency ratio 248
- Eigenvalues 160
- End allowance 147
- Energy efficiency 135, 136
- Energy Performance Certificate (EPC) 135
- Energy production and distribution 51
- Environmental impact assessment 65
- Environmental value 8
- Equity IRR 373, 374, 375
- Equity multiple 373, 374, 375
- Equivalent reinstatement 485
- Equivalent replacement 239, 409
- Equivalent yield 284
- Estate 7, 8
- Event‐based tax 455
- Exchange price 45, 131
- Existing use value (EUV) 430, 431, 455, 456, 471
- Exit value 189, 190, 306
- Exit yield 190, 306
- Expropriation 122, 235, 477, 478, 480, 482
- External works 249
- Factor(s) of production 19, 26, 75
- Fair maintainable operating profit (FMOP) 198, 200
- Fair maintainable trade (FMT) 197, 198, 201, 462
- Fair value 401, 403, 404, 406, 407, 430
- Fair value model 405
- Finance 48, 65, 66, 237, 241, 252, 253, 257, 259, 307, 363, 364, 367, 373
- Financial appraisal 372
- Financial institutions 60, 430
- Financial mathematics 75
- Financial reporting 124, 235
- Financial Reporting Standards (FRS) 402, 403
- Financial statement 401, 402, 408
- Fisheries 48
- Fitting‐out period 148, 275
- Fixed profit rent 180, 181
- Flexibility 135, 499, 511, 513
- Forecast 259, 303, 471
- Forests 49
- Four‐quadrant model 70
- Fragmentation of ownership 40
- F‐ratio 153, 159
- Free prior informed consent (FPIC) 482
- Freehold 3, 7, 60, 136, 174, 175, 190, 193, 195
- Friction, cost of 32, 33
- Frontage 144
- Full repairing and insuring (FRI) lease 238, 281, 282
- Functionally equivalent 236, 464
- Future value (FV) 76
- Future value of a single sum 77
- Geared profit rent 280
- Gearing 373
- General vesting declaration 484
- Generally Agreed Accounting Principles (GAAP) 402, 406
- Goodwill 174, 197, 198, 199, 289, 478, 480, 484, 493
- Government intervention 138
- Greenfield land 361, 366
- Gross development value (GDV) 248
- Gross internal area (GIA) 248
- Gross rent 282
- Ground lease 174, 283
- Ground rent 181, 281, 283, 299
- Grounds for possession 289
- Growth explicit 175
- Growth implicit 175, 184, 185, 191, 192
- Guest house 219
- Guidance Note 117
- Head‐lease 180, 182, 283
- Head‐rent 181, 183
- Head‐tenant 180
- Headline rent 274, 275, 276, 287
- Hedonic regression method 131, 150
- Hereditament 457, 458, 459, 460, 461, 464
- Heterogeneity 36, 46
- Hierarchy of evidence 132
- Highest and best use (HABU) 406
- Historic cost 401
- Holding over 289
- Holding period 63, 189, 306, 307
- Home loss payment 492
- Homogeneity 273
- Homoscedasticity 154
- Hope value 479
- Hotel 61, 219, 432
- Housebuilder 255
- Hypothetical tenant 459
- Illiquidity 62, 502
- Impairment loss 402, 411
- Improvements 236, 297, 452
- Improvements compensation 290
- Imputed rent 174
- In terms of zone A (ITZA) 145, 146
- Income 59
- Income approach 173
- Income capitalisation 173, 175, 183, 184, 192, 306
- Income capitalisation method 174, 185, 186
- Income gearing ratio 194
- Income return 173
- Income statement 401
- Income strip 299
- Indemnity insurance 112
- Industrial property 57, 61, 142
- Industry 56
- Inflation 59, 61, 86, 306
- Informal tenure/land/rights 6, 11, 15, 109, 120, 480
- Information Paper 117
- Infrastructure 51
- Inheritance tax (IHT) 452, 455, 456, 467
- Injurious affection 485, 487, 489
- Initial yield, See net initial yield
- Instant build 237
- Insurance 14, 16, 17, 274, 424
- Interest 27, 252, 253
- Interest cover 420
- Interim rent 289
- Internal repairing and insuring (IRI) lease 282
- Inspection 103, 104, 105
- Insurance 136, 243, 281, 282, 430
- Internal rate of return (IRR) 307, 364, 373, 375, 377
- International Financial Reporting Standards (IFRS) 402, 403, 406, 411
- International Property Measurement Standards (IPMS) 104, 141, 150, 248
- International Valuation Standards (IVS) 5, 106, 115, 359
- Investment 15, 47, 59, 60, 62, 173, 273, 274, 302, 359, 404, 417, 418
- Investment valuation 14, 302, 307, 369
- Investment value 106, 107, 108, 109, 175, 302, 359
- Inventory 403
- Investor 23
- Iteration 259, 278, 287
- Joint venture (JV) 377
- Land 13, 19, 20, 22, 28, 47, 235, 236
- Land acquisition 64
- Land administration 120, 121
- Land improvements 13, 22, 27
- Land information system 119, 120
- Land functioning 481
- Land policy 117, 118
- Land registry 118
- Land rent 29, 32
- Land use 29, 48
- Land use intensity 27, 37
- Land use regulation 138
- Land value 240, 244, 273, 359, 407, 450
- Land value capture (LVC) 455, 469, 470
- Land value tax 450, 451, 453
- Land value uplift 469
- Landlord 7
- Landlord and Tenant Act 289
- Landscape 50
- Lease 7, 402
- Lease incentives 274, 277, 460
- Lease renewal 133, 136, 306
- Lease terms 15, 136
- Leasehold 7, 60, 179, 180, 193, 411
- Leaseholder 3
- Lessee, See Tenant
- Least squares 151
- Legal factors 136
- Legal risk 188
- Legitimate property right 15
- Leisure 51, 61
- Lending 16, 17, 124, 501
- Loan security 14, 420
- Local authority assets 430
- Lessor, See Landlord
- Letting and sale fees 253
- Lettings 132, 133
- Licensed premises 200, 289
- Liquidity 59, 86, 305
- Loan‐to‐value ratio 420
- Local authority assets 432
- Local planning authority 67, 469
- Location 29, 134
- Long‐lease investments 299
- Lookback provision 377
- McCarthy rules 490
- Macroeconomic indicators 69, 137
- Macroeconomic risk 188
- Mahalanobis distance 159
- Maintenance costs 135, 136, 237, 282, 287, 410
- Management costs 62, 237, 287, 307
- Margin of building 37, 38
- Marginal cost 28, 37
- Marginal land 24, 32
- Marginal product 21
- Marginal revenue 21, 28, 37
- Market analysis 137
- Market approach 131, 361
- Market cycle 69
- Market equilibrium 22, 23, 70
- Market inactivity 501
- Market indicators 304
- Market inefficiency 501
- Market information 118
- Market knowledge 62
- Market‐related characteristics 137
- Market rent 106, 107, 148, 174, 175, 176, 177, 178, 179, 180, 183, 185, 187, 278, 280, 295
- Market transactions 14, 119, 120
- Market valuation 45
- Market value 8, 106, 107, 108
- Market volatility 501
- Masked area 146
- Mean 508
- Median 508
- Mezzanine debt finance 374, 375
- Minerals 50
- Mispricing 302
- Mode 508
- Modification order 493
- Monetary value 40
- Monocentric city 33
- Mortgage 415
- Multi‐collinearity 158, 159, 160
- Multi‐let properties 285
- Multi‐tenancy property investments 308
- National valuation standards 116
- Natural resource extraction 50
- Natural right 4
- Negative value 111, 236
- Negligence 14, 111, 112
- Net development value (NDV) 249
- Net effective rent 148, 282
- Net income 175
- Net initial yield (NIY) 84, 148, 176, 178, 181, 183, 284
- Net present value (NPV) 257, 307
- Net rent 136, 148
- New‐build housing 54, 135
- New‐for‐old policy 243
- Nightclub 221
- No‐scheme world/principle 8, 14, 40, 108, 109, 479, 484, 485, 487, 491
- Non‐market value 481, 482
- Non‐monetary value 481
- Normal P‐P plot 155
- Notice to treat 484, 493, 494
- Obsolescence 62, 66, 135, 237, 238, 239, 410, 464
- Occupancy rate 201
- Occupation tax 452, 453, 457
- Occupier 23, 47, 66
- Occupier’s loss payment 492
- Offer price 45
- Office property 56, 61, 142
- Operating costs 198
- Operational entity 196, 200
- Opportunity cost 20, 24, 75
- Optimum use 37, 63, 359
- Optimum value 360
- Option 5, 369, 499, 511, 512, 513
- Option value 511
- Over‐rented 277, 279, 294
- Overage 179, 294, 295
- Overage clause 432
- Overriding interest 5
- Owner‐occupied property 417
- Paired comparison 148
- Pareto Optimality 22
- Part 1 claim 491
- Participatory valuation process 482
- Pearson’s correlation coefficient 152
- Peppercorn rent 194
- Performance clause 297
- Perpetual annuity 175
- Perpetual rights 478
- Perpetuity 174, 177
- Petrol filling station 227
- Phasing 256
- Physical characteristics 134
- Planning 36, 62, 64, 138, 360, 361, 450, 455, 456, 502
- Planning compensation 482, 493
- Planning fees 251
- Planning gain supplement 469
- Planning obligations 469
- Plant and equipment 110, 200, 242, 282, 403, 404
- Plot ratio 141
- Portfolio 60, 61, 285, 302, 304, 413
- Postal service 52
- Preferred return (pref) 377, 379
- Premium 15, 277, 278, 279, 281
- Present value (PV) 76, 89, 176
- Price 8, 131
- Price determination 22, 23, 26
- Prime property 60, 148
- Probability distribution 506, 507, 511
- Process standard 115
- Productivity 27, 48
- Potentially exempt transfer 468
- Professional association 112, 122
- Professional fees 237, 249
- Profit‐on‐cost 372
- Profit‐on‐value 372
- Profit rent 180, 181, 182, 183, 193, 194, 278, 279, 280
- Profit sharing 374, 377
- Profits method 174, 195, 219, 420, 461, 462
- Promote structure 377
- Property cycle 71
- Property market 8, 13, 14, 15, 21, 30, 32, 45, 46, 59, 69, 118
- Property right 3, 5, 9, 10, 11, 47
- Property risk 188, 305
- Prudent lotting 456
- Public house 222
- Purchase notice 483, 493
- Rack‐rented 175, 176, 184, 185, 186, 190, 192, 284, 307
- Range 508
- Rateable occupier 459
- Rateable value (RV) 243, 289, 290, 292, 457, 458, 460, 461
- Rating 243
- Real option pricing 372
- Real property 3, 22
- Reasonably efficient operator (REO) 196
- Rebus sic stantibus 458
- Receipts and expenditure method 461
- Recreation 51
- Recurrent tax 451, 452
- Red Book 107, 117, 501
- Redevelopment 59, 307
- Reducing balance 240
- Refurbishment 239, 307
- Registered property right 6, 46
- Regression 151, 158, 188
- Regulated purpose valuation 402
- Regulation 124
- Reinstatement cost 235
- Reinstatement cost assessment 243, 424
- Relocation costs 491, 493
- Remediation 398
- Rent 7, 15, 30, 61, 131, 139, 274, 303
- Rent cover 420
- Rent review 7, 15, 87, 133, 136, 137, 177, 191, 193, 274, 278, 280, 283, 286
- Rent theory 23, 25, 29
- Rent‐free period 274, 287
- Rental comparison 460
- Rental growth 87, 184, 186, 187, 195, 303, 304, 306, 307
- Rental value 14, 132, 274, 304
- Repair 135, 136, 281, 282, 410
- Replacement cost 243, 244, 408
- Replacement cost method 235, 236, 241, 244, 407, 408, 409, 464
- Residential 53, 142, 465
- Residential purpose‐built for renting 54
- Residual land value 254, 362, 456
- Residual method 236, 245, 361, 362, 420, 456
- Residual profit 254
- Residual value 51, 412
- Residuals 154, 158, 160
- Resource 21
- Retained property rights 479
- Restaurant 221
- Restricted value 432
- Retail property 58, 61, 142
- Return (rate of) 85, 87, 90
- Return frontage 147
- Return hurdle
- Return of capital 89
- Return on capital 89
- Return on equity 373, 374, 375
- Revaluation 453
- Revaluation model 405
- Reverse premium 279
- Reverse quantum allowance 461
- Reversion 174
- Reversionary 174, 175, 177, 191, 192, 284, 308
- Reversionary value 10
- Revocation order 493
- Risk 61, 86, 188, 189, 304, 305, 365, 369, 499, 502, 513
- Risk‐adjusted discount rate 305
- Risk premium 86, 305
- Risk‐free rate of return 87, 305, 372
- Royal Institution of Chartered Surveyors (RICS) 116, 117, 402, 429, 431
- Running yield 84
- Sale 132, 140, 190
- Sale and leaseback 299
- Scarcity 20, 25, 37
- S‐curve 240, 252, 363
- Secondary property 60
- Section 106 agreement 469
- Secured lending 415, 420, 432
- Security of tenure 288, 492
- Self‐catering 219
- Senior debt finance 373, 374, 375
- Sensitivity analysis 503
- Service charge 61, 252, 282
- Serviced office 229
- Severance 485, 487, 488, 489
- Scenario modelling 504
- Shared equity 3
- Shell 148
- Simulation 506
- Single rate 90
- Single‐tenancy property investment 307
- Sinking fund 80, 89, 90
- Site area 141
- Site coverage 141
- Sliced‐income approach 305
- Social factors 137
- Social housing 431
- Sociocultural value 8, 40, 108, 109
- Special levy 469
- Special purpose vehicle (SPV) 377
- Special purchaser 406, 417, 456, 457, 466
- Special suitability 485
- Specialised property 236, 420
- Specification 238
- Speculation 39
- Spillover effects 398
- Sponsor 377, 379
- Stamp Duty Land Tax (SDLT) 456, 468
- Standard deviation 508
- Standard error 153
- State‐owned land 121
- Statutory considerations 288
- Stepped rent 276
- Stochastic variable 506, 507
- Stock (of dwellings) 36, 47
- Stock Exchange prospectus 401, 429
- Straight‐line depreciation 239, 252
- Student accommodation 55, 61, 231
- Stigma 398
- Sub‐lease 181
- Sub‐tenant 180
- Substitution 236
- Supply 21, 25
- Supply curve 22
- Supply elasticity 25, 27
- Surrendered lease 274, 280
- Synergistic value 107, 299, 300, 301, 302, 361, 478, 487
- Takeovers and mergers 401, 429
- Tangible asset 404
- Target rate of return 75, 86, 87, 184, 188, 190, 195, 259, 304, 308, 367, 370, 372
- Tax 121, 304, 449, 451
- Tax capitalisation 451
- Taxation 14, 16, 59, 121, 235, 449, 482
- Telecommunication services 52
- Temporary allowance 461
- Tenant 7
- Tenant risk 188
- Tenant’s capital 200
- Tenant’s improvements 133, 196, 283, 288, 289
- Tenure 3, 4, 6, 10, 120
- Term and reversion 177, 178
- Terminable rights 478
- Terms of engagement 101, 102, 103, 501
- Tertiary property 60
- Time value of money 75, 76
- Tone of the list 460
- Total extinguishment 491
- Trade‐related property 110, 174, 195, 196, 197, 198, 199, 201, 203, 417, 418, 501
- Transactions 14, 132, 134, 150
- Transfer costs 62, 307
- Transfer earnings 24, 25
- Transfer tax 452, 455, 466
- Transport 29, 30, 32, 134
- Transport costs 34, 35
- Transport infrastructure 53
- Triple net lease 282
- T‐test 153
- Turnover lease 296
- Turnover rent 296, 298
- Valuation 13, 101, 111, 131
- Valuation accuracy 499, 500
- Valuation capacity 121, 123
- Valuation governance 112
- Valuation instruction 102
- Valuation method 110
- Valuation Office Agency (VOA) 457, 458, 459
- Valuation practice 118
- Valuation report 110, 111, 112, 418
- Valuation standard 14, 101, 102
- Valuation system 117, 118, 119
- Valuation variance 499, 500
- Value 8, 13, 32
- Value in‐exchange 8, 45
- Value in‐use 8, 14, 45
- Value jury 124
- Value pluralism 40
- Value significant characteristics 134, 138, 139, 149, 150, 198, 485
- Valuer 45
- Variable profit rent 180, 181
- Variance inflation factor (VIF) 160
- Viability 245, 470
- Void period 253, 285, 286, 287, 305, 306
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