Property Valuation

• • THE RICS CODE OF MEASURING PRACTICE (7TH EDITION) AND
  • DETERMINING VALUE IN THE CHANGING HIGH STREET

This talk will look at 2 important areas affecting valuation today:

(1)          The RICS Code of Measuring Practice (7th Edition)

In valuation and, indeed, in all property matters there is a fundamental need for the consistent measurement of space. In this regard, the RICS will be publishing a new Professional Standard in Autumn 2025. This is the Code of Measuring Practice (7th Edition – COMP). In addition to providing more clarity on the measurement criteria for Net Internal Area (NIA), Gross Internal Area (GIA) and Gross External Area (GEA), the revised code will explain the relationship of the UK COMP with the International Property Measurement Standards (IPMS).

(2)          Determining Value in the changing High Street

The impact of covid is still being felt in the UK high street. The catalytic effect of the pandemic has changed the shopping habits of consumers but not in a linear way. There is less need for retail, as online shopping develops and expands, and a greater need (if managed well) for residential and hospitality. This means that the highest and best use of individual properties is changing but the inertia of the planning system is distorting the transition and impacting upon property values.

This talk will look at:

• The importance of consistency and agreement in measurement
• The need to understand the dynamics of the high street and to allow changes that enhance the area (and property values) rather than trying to maintain a now defunct status quo
• Dealing with uncertainty in property pricing in the high street and reporting alternative use values
• The valuation of Food and Beverage (F&B) units – turnover rents?

Nick French, Real Estate Valuation Theurgy, Property Education