Module: Rural Valuation

Module details

  • Module code

    4033
  • Module leader

    Nick Millard
  • Module Level

    7
  • Module credits

    15
  • Min study time

    150 hours
  • Contact hrs

    45 hours
  • Teaching Period

    Semester 2

Module content

Professional practice and valuation standards. The property market, investment, occupation and rural land interests. The mathematics of valuation. Valuation of freehold and leasehold interests. Landlord and tenant valuations. Development valuations. Valuations for statutory purposes with particular reference to agricultural valuations for tenant right and improvements. The assessment of compensation for compulsory purchase. Rating valuations and valuations for taxation purposes.

Module outcomes

To achieve credit for this module, students must be able to:

  1. Demonstrate a systematic understanding of valuation methodologies and make sound judgements in relation to the appropriate application of such methodologies to the valuation of a range of property types and interests.
  2. Prepare and present valuations of a range of property types and interests for different specified statutory and commercial purposes.
  3. Assess statutory compensation on loss or termination of interests in a range of scenarios and make sound judgements in relation to the appropriate advice which would be provided to a client in such situations.
  4. Critically evaluate the effects of legislation on property values and demonstrate systematic understating of the related property management impacts.
  5. Critically evaluate, and account for, the effect of regulatory measures, and the ethical and legal responsibilities implied in a valuation.

Assessment

Assessment Description Weighting
Coursework 1 x professional body report 50%
Examination 1 x 3 hour unseen exam 50%

Key texts

Students should be familiar with the content of the following:

  • Baum, A. (2007) Statutory valuations. 4th ed. Estates Gazette
  • Blackledge, M. (2009) Introducing property valuation. Routledge. Available as an e-book through Dawsonera (via Library website)
  • Davidson, A.W. (2013) Parry’s valuation and investment tables. 13th ed. Estates Gazette
  • Hayward, R.E.H. (2008) Valuation: principles into practice. 6th ed. Estates Gazette
  • Prag, P. (2003) The valuation of rural property. 2nd ed. Packard
  • RICS (2014) RICS valuation – professional standards 2014. (The Red Book) RICS Books
  • Williams, R. G. (2008) Agricultural valuations: a practical guide. 4th ed. Estates Gazette