• Document: Property Valuation in an economic context Peter Wyatt
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Property Valuation in an economic context Peter Wyatt University of the West of England Bristol Property Valuation This book is dedicated to my father and to the memory of my mother Property Valuation in an economic context Peter Wyatt University of the West of England Bristol © 2007 by Peter Wyatt Blackwell Publishing editorial offices: Blackwell Publishing Ltd, 9600 Garsington Road, Oxford OX4 2DQ, UK Tel: +44 (0)1865 776868 Blackwell Publishing Inc., 350 Main Street, Malden, MA 02148-5020, USA Tel: +1 781 388 8250 Blackwell Publishing Asia Pty Ltd, 550 Swanston Street, Carlton, Victoria 3053, Australia Tel: +61 (0)3 8359 1011 The right of the Author to be identified as the Author of this Work has been asserted in accord- ance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher. Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trade- marks or registered trademarks of their respective owners. The Publisher is not associated with any product or vendor mentioned in this book. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold on the understanding that the Publisher is not engaged in rendering professional services. If professional advice or other expert assistance is required, the services of a computer professional should be sought. First published 2007 by Blackwell Publishing Ltd ISBN: 978-1-4051-3045-5 Library of Congress Cataloging-in-Publication Data Wyatt, Peter, 1968- Property valuation in an economic context / Peter Wyatt p.cm. Includes bibliographical references and index. ISBN-13:978-1-4051-3045-5 (pbk. :alk. paper) 1. Commercial real estate–Great Britain–Valuation. 2. Real estate investment–Great Britain. I. Title. HD1393.58.G7W93 2007 333.33c8720941–dc22 2007018632 A catalogue record for this title is available from the British Library Set in 10/12 pt Sabon by Newgen Imaging Systems (P) Ltd, Chennai, India Printed and bound in Singapore by C.O.S. Printer Pte Ltd The publisher’s policy is to use permanent paper from mills that operate a sustainable forestry policy, and which has been manufactured from pulp processed using acid-free and elementary chlorine-free practices. Furthermore, the publisher ensures that the text paper and cover board used have met acceptable environmental accreditation standards. For further information on Blackwell Publishing, visit our website: www.blackwellpublishing.com/construction Contents Preface ix Acknowledgements x 1 The Economics of Property Value 1 1.1 Introduction 1 1.2 Microeconomic concepts 2 1.2.1 Supply and demand, markets and equilibrium price determination 3 1.2.2 The property market and price determination 6 1.2.3 Location and land use 16 1.3 Macroeconomic concepts 25 1.3.1 The commercial property market 26 1.3.2 Property occupation 28 1.3.3 Property investment 36 1.3.4 Property development 51 1.3.5 Macroeconomic cycles 55 Notes 58 References 59 2 Property Valuation Principles 61 2.1 Introduction 61 2.2 What is valuation? 61 2.2.1 The need for valuations 63 2.2.2 Types of property to be valued 65 2.2.3 Bases of value 70 2.3 Determinants of value 73 2.3.1 Property-specific factors 73 2.3.2 Market-related factors 77 2.4 Valuation mathematics 80 2.4.1 The time value of money 82 2.4.2 Yields and rates of return 94 vi Contents 2.5 Valuation process 101 2.5.1 Specific valuation standards 105

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