Running Head: PROPERTY VALUATION

Property Valuation

[Name of Institute]

[Name of Institute]

[Date]
 Property Valuation 2

Table of Contents

Introduction ..................................................................................................................................... 4
Why the Properties are Valued ....................................................................................................... 4
Establishing Market Value .............................................................................................................. 5
Council and General Taxation ........................................................................................................ 5
Insurance and Security .................................................................................................................... 5
General Valuation Method .............................................................................................................. 6
Statutory Valuation Method ............................................................................................................ 6
Property Valuer’s Roles and Responsibilities................................................................................. 8
Not to Give False Outcomes ....................................................................................................... 8
Client’s Satisfaction .................................................................................................................... 9
Unbiased Data Presentation ........................................................................................................ 9
Service in Competent Field ......................................................................................................... 9
For Third Parties ......................................................................................................................... 9
Joint Responsibility................................................................................................................... 10
Explanation of Method ............................................................................................................. 10
Agreement ................................................................................................................................. 10
Professional Conduction ........................................................................................................... 10
Service Quality.......................................................................................................................... 11
Confidentiality .......................................................................................................................... 11
Multidimensional Role of Valuer ............................................................................................. 11
Valuation Report for Residential Property ................................................................................... 12
Rental Valuation Report of Commercial Property........................................................................ 16
Procedure to Obtain Mortgage ...................................................................................................... 20
Pre-Approval ............................................................................................................................. 20
Purchase Agreement and Property Hunting .............................................................................. 20
Loan Application for Mortgage ................................................................................................ 21
Processing of Mortgage ............................................................................................................ 21
Underwriting ............................................................................................................................. 21
Final Approval .......................................................................................................................... 22
 Property Valuation 3

Flow Diagram ............................................................................................................................... 23

Simple and Compound Interest Mortgage .................................................................................... 24
Calculating Compound Interest Mortgage ................................................................................ 24
Calculating Simple Interest Mortgage ...................................................................................... 25
Effect of Interest Rate Variations ................................................................................................. 25
Conclusion .................................................................................................................................... 26
References ..................................................................................................................................... 27
 Property Valuation 4

Property Valuation

Introduction

The valuation of property is a procedure which identify the economic or financial value

of the property. This process mostly seeks to understand the “Fair Market Value”, the rate from

which a seller sells their real estate or the property to the buyer. Basically, the valuation allows

the both parties (buyer and seller) to know about the actual mean time worth of the property to be

sold or purchased. The value of the property may not the same all the time because of the

variation in “Fair Market Value” (Abidoye and Chan, 2018). The valuation of property depends

on its four pillars. The first pillar is demand, which is determined by the purchasing power of the

market in real estate. The second is utility, which is the potential of real estate to assure the use

and need of purchaser. The third one is scarcity, which shows the limitations of real estate

supply. The last pillar is transferability, which refers to the legal aspect of the property whilst

transferring to the name of any new owner (Grover, et al., 2016).

Why the Properties are Valued

Estimating the actual market value of the property is very much essential in several

aspects which includes sales listing, financing, analysis of investment, taxation and insurance.

Technically, the valued property can be defined as the mean time worth of that real estate with

having the future benefits for the government, businesses and individuals (Amidu, Boyd and

Gobet, 2017).
 Property Valuation 5

Establishing Market Value

When it is about for selling or buying the property for any purpose, the very initial step is

to analyse the actual worth of the property. The evaluation can be done by analysing the

previously sold properties in particular area or location. There are multiple methods of evaluating

the real estate of commercial or residential use. Establishing the market value is the professional

way to know the maximum range of the property which has to be sold to self-sufficient buyer

(Shapiro, Mackmin and Sams, 2019).

Council and General Taxation

Council Tax is the taxation system which is implied on the citizens of England, Wales

and Scotland. This tax is only on general properties and was introduced by the local government

in 1993. In this system of taxation, every property has assigned bands which is based on the

market value of that real estate (Abdullah, et al., 2018). According to this system of taxation, the

more valuable property has the maximum amount of tax. Whilst the properties having worth

more than £320,000 are exempted from this taxation system. Council tax has the highest ratio of

collection which is approximately 97%. General taxation is implied on all kinds of real estate

which is in use for any non-commercial purposes. General tax have to be paid by assessing the

value of “non-exempted” properties (Kucharska and Zrobek, 2015).

Insurance and Security

The insurance of property provides the security against any kind of risky situation for the

property such as theft, disaster damage etc. For the insurance of real estate, there exists many

other categories of insurance like flood insurance, earthquake insurance, house insurance and
 Property Valuation 6

boiler insurance (mostly used for the commercial properties) (Crosby and Hennebery, 2016). The

companies providing the insurance services may have different policies which have to be read

before signing the contract of security or insurance.

General Valuation Method

The valuation of property is the main area which might create the dispute between buyers

and sellers. Everyone have their different perspectives and approaches of property valuation.

Generally, it is suggested for the evaluation of property to compare the asset with the similar

properties having the like locations and their market worth (French and Gabrielli, 2018). Using

the “Discounted Cash Flow Formulae” to generate the estimated values of the property is widely

used by the professionals. Most of the times, the valuation is performed by the government

officials, corporates and individuals to evaluate the commercial properties, residential properties

and business premises to know the ratio of profit according to the location and nature of the

property. For the properties which are having less evidences of comparisons, the cost of land and

rebuilding is evaluated to obtain the actual value of the real estate (Michl, et al., 2016).

Statutory Valuation Method

For evaluating the property by statutory method, one must have to follow the principles of

valuations according to the international standards. Statutory valuations are done by implying the

accepted and appropriate method (Klamer, Bakker and Gruis, 2017). In this method of valuation,

there are some legislations which needs the specific information of the property which asses in

implementing the valuation process and techniques. The method involves the use of mass

appraisal techniques which derive the valuation process of the property (Ghent, Miltersen and
 Property Valuation 7

Torous, 2016 ). Following are the considerations and values which have to be taken whilst

performing the statutory valuation:

 Building construction cost

 Taxes and rates during the period of development

 Interest on the monies

 Depreciation allowances

 Functional obsolescence

 Value of lease

 Infrastructure credits

Improvement of structure must have to be in the consideration when evaluating the site. This

valuing principle shows the amount which is paid by the person during the process of

“improvement”. Added value of the resultant and development should not have to be considered

without the approval of Development Department, whilst the approval of Development

Department depends on the value in which the property has to be sold or purchased (Kulikova, et

al., 2015). In the statutory method, mass appraisal technique is used which is helpful for

obtaining the derive values and all the derived values has to be appropriately authorised by the

Land Court.

To identify the particular market of property, sub market area is used which is basically the

category or grouping of properties according to the local governmental boundaries and premises.

Within the sub market area, there is a practice of benchmarking which is mostly used for the

understanding and identification of some typical properties (Aliyu, Hassan and Sipan, 2019).

Benchmarks are the most important and critical area of statutory valuation because there are

several properties under the one umbrella of benchmark. To finalise the valuation, it has to be
 Property Valuation 8

analysed that there should not be the value which is considered without the approval of

development because as the requirement of Construction Act, the land or premises has to the

costed on the real time assumptions, not on the on-site development or improvement (Iroham, et

al., 2017).

Property Valuer’s Roles and Responsibilities

An individual who determines the worth of real estate asses the value of property

according to the condition of market at the time of evaluation. A valuer must have the knowledge

and understanding of the factors and aspects which influence the market value of property

(Amato, 2018). The professional has to fulfil each and every responsibility and obligation to

ensure his/her quality of service deliverance. In the valuation process, there are many areas of

methodologies and values, and it’s the duty of the valuer to identify the relevant area of property

valuation (Shapiro, Mackmin and Sams, 2019). Following are the basic roles and responsibilities

of the property valuer

Not to Give False Outcomes

The professional and ethical valuer will never give the false amount ratio of the property.

There are two reasons by which the valuation results comes up with wrong values. The first

reason might be that the gross value is estimated inappropriately and second is that there occur a

mistake by the professional during the numerical calculations (Eilers and Kunert, 2017).
 Property Valuation 9

Client’s Satisfaction

It is the primary duty of the professional to obtain the accurate, pertinent and

comprehensive outcome of the evaluation. However, morals and work ethics have the very wide

part in the obligations of the valuer (Eilers and Kunert, 2017).

Unbiased Data Presentation

During the process of property valuation, the valuer may have to get involved with the

both parties (buyers and sellers) and during the communication with the second party, the valuer

should not have to share the financial data to them or he/she must not have to come up with the

results in favour of second party for their personal interests (Shapiro, Mackmin and Sams, 2019).

Service in Competent Field

When there comes a situation in which there are more than one parties seeking the

valuer’s services for the same property, in this scenario a valuer have to deny his/her services to

both of their clients (Amato, 2018).

For Third Parties

The property valuers have to understand their roles and responsibilities to the third-

parties other than their actual client because when the client share their valuation report with

third party, they have complete rights to rely on this report which has been previously generated

by the professional valuer (Iroham, et al., 2017).

 Property Valuation 10

Joint Responsibility

If there occurs the situation in which more than one valuers are assigned to prepare a

single “joint valuation report”, than both of the valuers are responsible for the authenticity and

reliability of this report. Also, both of the valuers are required to have same understanding and

perspective of property valuation (Aliyu, Hassan and Sipan, 2019).

Explanation of Method

The method of valuation which is followed by the valuer has to be stated in the valuation

report and the method have to be discussed with the potential client before implying the

particular methodology of real estate valuation (Kulikova, et al., 2015).

Agreement

As a duty of care for the client, it is preferred to generate the written agreement of

contract in which every detail of the valuation has to be written (Ghent, Miltersen and Torous,

2016 ).

Professional Conduction

The valuer of property preferably acquire the degree in this particular area of studies with

the good skills and experience. Most of the clients only rely on the professionals who are having

good abilities of property analysing and have the decent feedbacks from their prior clients

(Klamer, Bakker and Gruis, 2017).

 Property Valuation 11

Service Quality

The practices and services provided by the valuer has to be done by the professional

himself/herself. Every professional who is working for the valuation of property has to perform

tirelessly to ensure the standards and quality of valuation (Michl, et al., 2016).

Confidentiality

The actions of third parties who are interested in the same property may affect the client’s

basic purpose of valuation. It is the moral and professional duty of the valuer that they should not

allow any kind of engagement from the third party and keep the record and values confidential

from them (French and Gabrielli, 2018).

Multidimensional Role of Valuer

In past years, the accountability and responsibility of the valuer has increase due to large

investments in the sector of real estates. Now a days, the valuation report of a certain property

can be shared with different peoples in different areas where the rate of property is different, so

the valuers are required to support their valuation report with relevant supporting evidences to

increases the reliability and integrity of the report (Crosby and Hennebery, 2016).
 Property Valuation 12

Valuation Report for Residential Property

Client

[Client Name]

[Address]

Subject Property

[Address of Property to be evaluated]

Tenure and Occupation

This property was vacant for last five months and the landlord is out of the town. At the

time of official inspection of the property, it is observed that the property was fully furnished.

Inspection Date

[Date]

Situation/ Location Description

This property is located in the rural location of England which is 25 miles outside the

Liverpool City. The house is surrounded by the villas which has the same structure as this house.

There is a footpath in front of the house which also has the bus stand in the left corner of it. The

shape of house is the same as all other houses in the society. There is a good service of

electricity, gas, water and sewage and the property is in elevated position by which a resident can

have a good view of outside neighbouring from the windows (Kucharska and Zrobek, 2015).

Improvement
 Property Valuation 13

The construction of this house is of a metal-tile roof and also have a plastic and metal

system of rainwater. All the linings which has been done internally are plastered and walls and

ceilings are having timber framing with the covers of tiles and carpets on concrete. The layout

design of the property is entry, garage, living room, toilet, bedroom-1, bedroom-2, bedroom-3,

laundry. There is also an indoor outdoor accesses through the landings of terrace to the bedroom-

3. Additional improvements of the property are concrete path to the entrance and the walls with

the retaining of timber wood (Abdullah, et al., 2018).

Market Commentary

In the March 2017, the sale price of this house was $25, 4000 (+9.2%) as compare to the

March 2016. When compared to the May 2016, the value of sale has reduced 7% across the

whole society. According to the reliable values of real estate statistics, the “House Price Index”

indicates that the residential property values for May increase 4.7% since the past 2 years

(Shapiro, Mackmin and Sams, 2019).

Current Offer/ Previous Sale

This property was officially purchased in October 2016 at the price of $23,000 with some

maintenance and repair, also the fittings of bathrooms have been updated. After the valuation of

property, the reports comes up with the amount of $29,000 (Amidu, Boyd and Gobet, 2017).

Methodology

It is believed that most suitable valuation method for this kind of property is to make a

comparison amongst the like properties after performing the adjustments for the variations of
 Property Valuation 14

location, construction material, dwelling size, condition, quality of accommodation, site factors,

presentation and overall appearance (Grover, et al., 2016). The recent market value of the

property has been assessed by comparing the locality with the subjected property.

Calculation

In preparing this valuation report, the physical features and the condition of recent market

in the locality has also been taken into the consideration. The market value of “Birkhall Grove

Strathmore Park” is also assessed for the purpose of mortgage (Abidoye and Chan, 2018). It is

analysed that for the good ratio of profit, the most suitable period for selling this property is 27

days.

Disclaimer

The completion of this valuation has been done for the purpose of client. So the valuer

have no responsibility in case of any event where this herein is used for any kind of illegal or

unethical purpose. Any kind of publication of any part of this report is completely prohibited

unless the valuer allowed to do so (Abidoye and Chan, 2018). All the copy rights of reports are

the property of “ABC Valuers Inc.” Providing the report to the third party will be considered as a

crime according to the copyright act. Whilst surveying the property for valuation, it is considered
 Property Valuation 15

that the property is legal and has no debt to the bank or the government (Amidu, Boyd and

Gobet, 2017). This report is produced for the purpose of real estate valuation only so it does not

contain any type of structural, site or the engineering survey. The valuer has no responsibility for

the defect in building or site unless the specific services are requested to the valuer.

During the process of valuation for sale of the property, it is considered that the property

has the proper design and building material and have no serious defects which might come up

with result in ceasing building. Also, the Building Act 1992 and 2004 are also complied during

the construction process of the property (Kucharska and Zrobek, 2015). Sale value obtained in

the in the valuation report is the valuer’s opinion for the market value of real estate on a willing

seller/willing buyer. The sale valuation is only for the current date, the variation of sale amount

due to the fluctuation of market value is possible (Michl, et al., 2016). “Land Information

Memorandum” of this residential property is not been sighted by the valuer and it is taken into

the consideration that there are no dues and outstanding orders which are not been followed by

the owner of the property (Abidoye and Chan, 2018).

 Property Valuation 16

Rental Valuation Report of Commercial Property

Client

[Name of Client]

[Address]

Property Address

[Address]

Type of Property

[Commercial]

Zoning

This commercial property is in Business 8 zone in the “North Shore City” which was

officially notified in September 1990. The business 8 zone is implemented on the areas which are

industrial. This zone excludes the normal traffic population and the roads are made suitable for

the heavy vehicles for an industrial use (Eilers and Kunert, 2017).

Location

This property is located in “North Harbour Industrial Park” which is new established

industrial society in the very central position of “North Shore City”.

 Property Valuation 17

Land Description

The land is associated with the D-Unit which comprises with the unit of accessory with

the registered car parking area. Turning areas and driveway landscaping are the common

properties for the D-unit (Amidu, Boyd and Gobet, 2017).

Building Floors

Ground floor area is approximately 80sm with the warehouse, doorways, showroom and

store room. The area of first floor is 75sm with kitchen and toilet facilities and vinyl flooring.

Valuation Method

The method of rental valuation is based on the land value of the property and the cost of

improvements and developments. For the commercial and industrial properties, the rental value

is always more or less than the calculated value because of the frequent fluctuation in market

value of rental spaces (Abidoye and Chan, 2018).

 Property Valuation 18

Calculations and Table

Figure.1 Calculations
 Property Valuation 19

Figure.2 Rental Income

Disclaimer

The completion of this valuation has been done for the purpose of client. So the valuer

have no responsibility in case of any event where this herein is used for any kind of illegal or

unethical purpose. Any kind of publication of any part of this report is completely prohibited

unless the valuer allowed to do so. All the copy rights of reports are the property of “ABC

Valuers Inc.” Providing the report to the third party will be considered as a crime according to

the copyright act. Whilst surveying the property for valuation, it is considered that the property is

legal and has no debt to the bank or the government (Grover, et al., 2016).This report is produced

for the purpose of real estate valuation only so it does not contain any type of structural, site or
 Property Valuation 20

the engineering survey. The valuer has no responsibility for the defect in building or site unless

the specific services are requested to the valuer (Shapiro, Mackmin and Sams, 2019).

During the process of rental valuation of the property, it is considered that the property

has the proper design and building material and have no serious defects which might come up

with result in ceasing building. Also, the Building Act 1992 and 2004 are also complied during

the construction process of the property. Rental Value obtained in the in the valuation report is

the valuer’s opinion for the market value of real estate on a willing seller/willing buyer. The

rental valuation is only for the current date, the variation of sale amount due to the fluctuation of

market value is possible. “Land Information Memorandum” of this residential property is not

been sighted by the valuer and it is taken into the consideration that there are no dues and

outstanding orders which are not been followed by the owner of the property (Iroham, et al.,

2017).

Procedure to Obtain Mortgage

Pre-Approval

This process is a kind of pre-screening of the financial statement of the client. It is when a

person who lend mortgage have to review the assets, debts and income of the client to assure that

he/she can pay back to them with all the interests (Abidoye and Chan, 2018).

Purchase Agreement and Property Hunting

Once the client have been “pre-approved” for the requested amount, the client can go for

purchasing the property within the allotted range of amount (Grover, et al., 2016).
 Property Valuation 21

Loan Application for Mortgage

When the client has the pre-approval and have found the property which he/she wants to

buy, then the further step is to submit the “Loan Application” for the process of mortgage

approval. The lenders of mortgage are mostly the banks or insurance companies and they use the

standardise application form which is known as “Uniform Residential Loan Application”

(French and Gabrielli, 2018).

Processing of Mortgage

After the completion of loan application, processing stage begins. The professionals who

process the application required the several documents which might relate to the client and the

property. The documents are then reviewed for ensuring the authenticity of the information

provided in document. The mortgage processors can also order the reports of credit, verify the

yearly income and determine the market value of the real estate (Michl, et al., 2016).

Underwriting

Underwriting is the process in which the underwriter analyse all the documents closely

to ensure that the all the requirements of lending mortgage are meeting properly. The

responsibility of the underwriter is to evaluate all the risk factors related to the loan and analyse

the ability of client of paying back the amount of mortgage in due time (Eilers and Kunert,

2017).
 Property Valuation 22

Final Approval

After the complete satisfaction of the underwriter, the mortgage loan can be given to the

client. Technically, this step is considered as the final step of approval and after this process, all

the documents and information of client and the property to be purchased has been sent to the

titled company for the closing of the case (Amidu, Boyd and Gobet, 2017).
 Property Valuation 23

Flow Diagram

Figure.3 Flow Chart

 Property Valuation 24

Simple and Compound Interest Mortgage

Simple Interest Mortgage is a loan which is provided to the clients for buying their house.

In the simple mortgage, the interest is calculated daily. The interest rates are calculated by

dividing the rate of interest with 365 (days in a year) and then the value is multiplied by the

balance of outstanding mortgage (French and Gabrielli, 2018). The borrowers of simple- interest

mortgage have to pay the total interest but they are provided more days to pay back and at the

same rate of interest. In the Compound Mortgage, the calculation of the interest rate is calculated

on the monthly bases whilst the rate of interest remains same for every month. The rate of

interest may vary according to the days of month (Shapiro, Mackmin and Sams, 2019).

Calculating Compound Interest Mortgage:

Total Amount = £60,000

APR = 4.5 %

Duration = 10 Years.

Compound Interest Mortgage = £16,090

 Property Valuation 25

Calculating Simple Interest Mortgage:

Total Amount = £60,000

APR = 4.5 %

Duration = 10 Years.

Simple Interest Mortgage = £14,540

Effect of Interest Rate Variations

The focus on the mortgage rate is essential for the person who is investing in the real

estate because this directly effects the current and future price of real estate property. The rates

of interest on the exchanges of interbank have the notable effect on the real estate. The reason is

that these interest rates also have the high influence on the person’s ability to buy the property

(Amato, 2018). The interest rate of mortgage have the influence on the market value of real

estate properties because of its effects on the flow of capital. It is necessary to have the

understanding of income approach to analyse the interest rates and their effects which are mostly

generated by the governmental influence on the interest. However, the market values of the real

estate properties are variable because of the supply and demand ratio in the local area. The

variations of interest rates highly influence the financing cost and the rates of mortgage by which

the future cost of the property may vary (Abidoye and Chan, 2018).
 Property Valuation 26

Conclusion

The valuation of property is a judgmental activity to evaluate the ratio and interest on the

property and its investment. There are several valuation procedures to evaluate the market value

of real estate and examine the extents which may affect the value of property. The business of

real estate and its investment is spreading rapidly all over the world by which the concept of

property valuation it highly increased. There are several corporations who are providing their

valuation services to their customers and providing assistance regarding to the investment on the

real estate business. This study examines several structures and mythologies of the valuation

process.

Every nature of real estate have their own kind of procedures for valuation according to

the requirements of the potential client. For the purpose of buying real estate properties, many

potential companies and banks are now providing the mortgage to their clients with suitable

interest rates in the due time period. The importance of valuation reports for the rental and sale

properties can never be denied as it determines the current market value of the property

according to the location, zone, structure and mean time variation of rates.
 Property Valuation 27

References

Abdullah, L., Mohd, T., Pin, S.F.C. and Ahmad, N., 2018, October. Green building valuation;

from a valuers’ perspective. In AIP Conference Proceedings (Vol. 2020, No. 1, p.

020064). AIP Publishing.

Abidoye, R.B. and Chan, A.P., 2018. Improving property valuation accuracy: a comparison of

hedonic pricing model and artificial neural network. Pacific Rim Property Research

Journal, 24(1), pp.71-83.

Aliyu, B.A., Hassan, M. and Sipan, I., 2019. AN OVERVIEW OF THE QUALITY OF

PROPERTY VALUATION REPORT IN KADUNA METROPOLIS,

NIGERIA. International Journal of Built Environment and Sustainability, 6(1-2), pp.75-

82.

Amidu, A.R., Boyd, D. and Gobet, F., 2017. A descriptive analysis of valuers’ cognitive

reasoning during a commercial property valuation task. In European Real Estate Society

24th Annual Conference. ERES & TU Delft.

Crosby, N. and Henneberry, J., 2016. Financialisation, the valuation of investment property and

the urban built environment in the UK. Urban Studies, 53(7), pp.1424-1441.

d’Amato, M., 2018. Supporting property valuation with automatic reconciliation. Journal of

European Real Estate Research, 11(1), pp.125-138.

Eilers, F. and Kunert, A., 2017. Automated Valuation Models for the Granting of Mortgage

Loans in Germany. In Advances in Automated Valuation Modeling (pp. 61-83). Springer,

Cham.
 Property Valuation 28

French, N. and Gabrielli, L., 2018. Pricing to Market-Property Valuation Models in the context

of Regulatory Definitions (No. eres2018_285). European Real Estate Society (ERES).

Ghent, A.C., Miltersen, K.R. and Torous, W.N., 2016. Second Mortgages: Valuation and

Implications for the Performance of Structured Financial Products. Real Estate

Economics.

Grover, R., Törhönen, M.P., Munro-Faure, P. and Anand, A., 2016. Property valuation and

taxation for fiscal sustainability and improved local governance in the ECA region. Land

Tenure Journal, 15(2), pp.7-27.

Iroham, C.O., Okagbue, H.I., Ogunkoya, O.A. and Owolabi, J.D., 2017. Survey data on factors

affecting negotiation of professional fees between Estate Valuers and their clients when

the mortgage is financed by bank loan: A case study of mortgage. valuations in Ikeja,

Lagos State, Nigeria. Elsevier, 12, pp.447-452.

Klamer, P., Bakker, C. and Gruis, V., 2017. Research bias in judgement bias studies–a

systematic review of valuation judgement literature. Journal of ProPerty research, 34(4),

pp.285-304.

Kucharska-Stasiak, E. and Źróbek, S., 2015. An attempt to exemplify the economic principles in

real property valuation. Real Estate Management and Valuation, 23(3), pp.5-13.

Kulikova, L.I., Sokolov, A.Y., Ivanovskaya, A.V. and Akhmedzyanova, F.N., 2015. Approaches

to operations accounting regarding mortgage of the enterprise as a property

complex. Mediterranean Journal of Social Sciences, 6(1 S3), p.411.

Michl, P., Lorenz, D., Lützkendorf, T. and Sayce, S., 2016. Reflecting sustainability in property

valuation–a progress report. Journal of Property Investment & Finance, 34(6), pp.552-

577.
 Property Valuation 29

Shapiro, E., Mackmin, D. and Sams, G., 2019. Modern methods of valuation. Estates Gazette.

Shapiro, E., Mackmin, D. and Sams, G., 2019. Modern methods of valuation. Estates Gazette.